We are always thinking about the majesty in gold, that yellow metal that we all desire in one presentation or another. But few thoughts go to those organisations that are dedicated to the extraction of gold ore and further process.
These colossal companies are responsible for keeping the industry running, one that generates trillions in revenue every year.
Today, we are going to talk about Goldcorp, which is the biggest gold producer in the world. This company focuses on gold mining and related operations like exploration, extraction, procession, and reclamation.
Please, consider that Goldcorp is the largest gold producer in terms of market capitalisation, not by production tonnes. If we focus on this factor, Goldcorp would be the fourth biggest, after Barrick Gold, Newmont Mining, and AngloGold Ashanti.
The History Behind the Name
Despite its massive size as a company, Goldcorp is a recently-founded gold mining company, at least in comparison with others in the top 10. It began operating back in 1994 and used low-risk strategy by choosing locations with low political risk, low-cost production techniques, and responsible practices.
By keeping with this low-risk strategy consistently and for many years, Goldcorp achieved outstanding growth with few upside-downs. Less than a decade later, in 2000, this company decided to do something quite original: launch the Goldcorp Challenge.
This challenge allowed people to access the company's geological data, offering at the same time rewards to those who used the data to locate Red Lake's next six million ounces of gold. This move alone was responsible for incredible success for the company.
Active Operations Around the World
Goldcorp is focused exclusively on America, having all its operations in the region. Both active operations and development projects can be found in Canada, the US, Mexico, Chile, and other countries in Central America.
Here you a short list of those active operations, where they are located, and interesting facts.
- Red Lake, Canada: For Goldcorp, Red Lake is probably the most valuable asset of all. This gold mine is one of the richest in the region, producing record numbers.
- Élénore, Canada: Recently opened, this mine is reporting outstanding numbers. The expectations for the Éléonore operation is to reach 7,000 tonnes per day by 2018.
- Porcupine, Canada: Also located in one of the richest areas in Canada and the world, this mine continues to grow in performance and profitability.
- Musselwhite, Canada: The fourth and final operation in Canada, this mine produced over 270,000 ounces during 2015.
- Peñasquito, Mexico: As an operation fully owned by Goldcorp, the company can proudly say that Peñasquito is the biggest gold mine in Mexico, producing over 860,000 ounces in 2015.
- El Sauzal, Mexico: This operation ceased production in 2014 and now is in the remediation process.
- Marlin, Guatemala: One of the oldest Goldcorp's production, it's now an underground mine.
- Pueblo Viejo, Dominican Republic: Very close to Santo Domingo, the country's capital, this gold mine represent a joint venture with Barrick Gold, one of the titans of the industry.
- Alumbrera, Argentina: This operation began in 1998 as one of the earliest for Goldcorp. Right now, it's about to enter into maintenance.
- Cerro Negro, Argentina: As a recently-born operation, Cerro Negro just began commercial production in 2015, representing one of the most valuable assets for the company's future.
More information and commentary on GoldCorp, and other subjects can be found via the Bullion & Gold Suppliers study group at the Gold Silver Markets Poland website.