Goldcorp Inc. (GG) said that its Porcupine Gold Mines has entered into a Resource Development Agreement with four First Nation communities. The agreement creates a framework for continued consultation on existing and future operations in the Timmins area and also sets long-term benefits for the four First Nation communities. The four First Nation communities include Mattagami First Nation, Wahgoshig First Nation, Matachewan First Nation and Flying Post First Nation.
Per the agreement, Goldcorp recognizes the Aboriginal rights and interests in the area of the Porcupine Gold Mines operation, while the four First Nation communities acknowledge and support Goldcorp's rights and interests in the operation and future development of the mine. The agreement is built on trust and respect, and will deliver long-term benefits to the four First Nation communities.
The agreement will also provide prerequisites for training, employment, business and contracting opportunities, along with a consultation framework for regulatory permissions. Further, scholarship and bursary opportunities will be provided for the youth of Mattagami, Wahgoshig, Matachewan and Flying Post First Nations.
The agreement lays an important milestone for the First Nations, providing them with a chance to become self sufficient in order to ensure a better future for their families and children.
Goldcorp, one of the leading gold mining companies along with Barrick Gold (ABX), Newmont (NEM) and Kinross Gold (KGC), released third-quarter 2014 results in Oct 2014. The company’s adjusted earnings (excluding one-time items) decreased 63.2% to $70 million or 9 cents per share from $190 million or 23 cents a share earned in the year-ago quarter.
Earnings per share also missed the Zacks Consensus Estimate of 18 cents. The results were impacted by non-cash reduction in the value of low-grade stockpiles at the Penasquito mine.
Net loss, as reported in the quarter, was $44 million or 5 cents per share, in contrast to net earnings of $5 million or a penny per share in the year-ago quarter.
Goldcorp posted revenues (as adjusted) of $1,088 million in the quarter, down 6.2% year over year. It missed the Zacks Consensus Estimate of $1,111 million. Average realized gold price for the reported quarter declined 5.5% to $1,266 per ounce from $1,339 per ounce recorded in the prior-year quarter.
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