The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Tuesday, 23rd January 2007 (3244 views)

Goldcorp has announced that it received all the permits that are required before it can begin building its next project in Mexico.

The firm has plans for the Penasquito project, which is several months ahead of schedule at the moment, to be the biggest mine in the country.

It is estimated to contain some 9.98 million ounces of gold plus large amounts of silver, zinc and lead.

This amounts to some 17 years of production.

Initial production of oxide ore will commence by the middle of 2008 with full operation of the mill and flotation circuit expected by late 2009.

The company will then update reserves and resources in the second quarter of 2007.

Kevin McArthur, the president and chief executive officer, said: "The earlier-than-expected receipt of construction and operating permits is a great milestone in the development of this world-class project."

He added that the firm anticipate a 2007 start of commercial production at Los Filos mine in Guerrero State will be an important year for the Luismin division in Mexico.

 

« Back to Gold News stories