Goldcorp Inc. GG yesterday reported the occurrence of a fatal accident at its Musselwhite mine in Northern Ontario. It informed that a rock unexpectedly descended on a scoop operator who was working underground, leading to his death. Goldcorp immediately launched search and rescue operations. However, the scoop was found to be covered with material, which resulted in the tragic incident.
The company’s authorities notified that operations at the mine would be suspended until investigation is completed. Goldcorp is further reviewing and strengthening safety procedures to prevent recurrence of such incidents in the future.
Goldcorp reported a net loss of $192 million or 23 cents per share in the third quarter of 2015 compared with a net loss of $44 million or 5 cents per share a year ago. Gold sales increased around 47% year over year to 942,600 ounces in the reported quarter, while production went up 42% to 922,200 ounces. Gold production at Musselwhite in Ontario increased over the prior quarter to 71,000 ounces as a result of increased mill throughput and grades.
Goldcorp, which is a prominent gold miner, along with Barrick Gold Corporation ABX, Kinross Gold Corporation KGC and Newmont Mining Corporation NEM, reaffirmed its production guidance for 2015, and expects it to be at the high end of the range 3.3–3.6 million gold ounces. All-in sustaining costs are anticipated to be between $850 and $900 per gold ounce; $500 and $550 per ounce on a by-product basis; and $625–$675 per ounce on a co-product basis.
Musselwhite is expected to produce between 250,000 and 270,000 ounces of gold this year.
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