Goldcorp

From Wikipedia, the free encyclopedia

Goldcorp Inc. (TSX: G, NYSE: GG) is one of the world’s largest gold mining companies. Headquartered in Vancouver, Canada, Goldcorp has 12 operations and 6 development projects in the Americas ^[1]. The company claims a commitment to "high standards and sustainable practices through (its) project developments, mining operations and reclamation process"^[2]; however, it faces public criticism over its human rights and environmental record, especially with respect to its operations in the Siria Valley (Honduras) and San Marcos (Guatemala).

In August 2006, Goldcorp acquired the San Martin mine in Honduras from Glamis Gold ^[3]. The takeover came on the heels of Glamis' May 2006 shareholders meeting in which representatives of mining affected communities in both Honduras and Guatemala issued a statement concerning the "grave consequences" resulting from gold mining in the region ^[4]. A study released in 2006 by the Siria Valley Environmental Committee in Honduras showed that "among the five water sources tested — including mine run-off, a stream and a community well — all contained heavy metals and/or cyanide concentrations above the international legal norms for potable water and approximately half of the results are also above the internationally accepted limits for waters discharged by mining activities" ^[5]. In 2007, the Canadian organization Development for Peace, its UK affiliate CAFOD (Catholic Agency for Overseas Development) and Caritas Tegucigalpa of Honduras, joined other international organizations in calling for the "responsible closure" of Goldcorp's open pit mine in Honduras ^[6]. Goldcorp reports that 2007 was "San Martin's last year as an operating mine" and that it has now begun reclamation activities at the site^[7].

In Guatemala, Goldcorp's Marlin mine is expected to continue production until 2015 ^[8]. The Marlin site was acquired from Glamis Gold in 2006. A year prior to the Goldcorp takeover, residents of Sipakapa, Guatemala, filed a complaint against Glamis with the Office of Compliance Advisor/Ombudsman (CAO) for the World Bank, alleging that the Marlin mine was "developed without adequate consultation and in violation of the rights of indigenous people" ^[9]. The CAO found that Glamis had "interacted extensively" with local communities. However, it also found that "public disclosures prepared by the company - including the ESIA (environmental and social impact assessment) - were highly technical and did not at the time have sufficient information to allow for an informed view of the likely adverse impacts of the project"^[10]. Tensions arising from these early transactions carried out by Glamis have not been resolved by Goldcorp. The company refuses to recognize the results of a 2005 referendum in which 11 of 13 community assemblies in San Marcos voted to reject mining in the area^[11].

[edit] History

On March 31, 2006, Goldcorp acquired the Eleonore gold project in Quebec from Virginia Gold Mines Ltd.
On May 12, 2006, Goldcorp completed the purchase of a number of Placer Dome assets for approximately $1.6 billion. The properties were purchased from Barrick Gold following their acquisition of Placer in January 2006.
In August 2006, Goldcorp acquired Glamis Gold to create one of the world’s largest gold companies.