) announced that a spell of rain in the James Bay region of
Quebec has helped to put out the forest fire that had threatened
its Eleonore gold project. Cooler temperatures and shifting
winds helped to extinguish the smoke at the site as well.
About a week ago, Goldcorp evacuated the employees as the
forest fire located roughly 100 kilometres from Eleonore was
progressing with prevailing winds toward the mine site. Goldcorp
was working with local and provincial authorities to step up
safety measures and protect the health of all people of the
locality. The company also kept a team at the site to manage and
implement preventive emergency measures and stated that the
entire crew was safe.
Goldcorp also stated that there was no damage of the
infrastructure and equipment at Eleonore which included power and
communications. The company also said that the evacuation of the
project would have no material impact on the construction
Freeport McMoRan Copper and Gold Inc.
) also announced a force majeure on shipments from the PT
Freeport Indonesia (PT-FI) Grasberg mine. This ensued after a
tunnel collapsed in the mine on May 14, claiming 28 lives.
Though the accident had spared the area of operations,
Freeport temporarily suspended mining and processing activities
as part of the rescue and recovery operation. However, the
company has resumed open pit mining, and is concentrating on
activities at its Grasberg operations in Papua after it received
approval from Indonesia's Department of Energy and Mineral
Resources (DEMR). The mine is now operating at full capacity.
Goldcorp is one of the world's fastest growing senior gold
producers and it provides its shareholders with superior returns
from high quality assets. Goldcorp's first-quarter 2013 adjusted
earnings (excluding one-time items) of 31 cents a share missed
the Zacks Consensus Estimate of 40 cents and were well below 50
cents a share earned in the year-ago quarter.
Profit, as reported, amounted to $309 million or 33 cents per
share in the reported quarter, down roughly 35% from $479 million
or 51 cents in the prior-year quarter, hurt by a double-digit
decline in sales.
Goldcorp posted revenues of $1.02 billion in the quarter, down
roughly 16% year over year. It missed the Zacks Consensus
Estimate of $1.39 billion.
Goldcorp currently carries a Zacks Rank #4 (Sell).
Other companies in the mining industry with favorable Zacks
NovaGold Resources Inc.
Lake Shore Gold Corp.
). Both retain a Zacks Rank #2 (Buy).
FREEPT MC COP-B (FCX): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
LAKE SHORE GOLD (LSG): Free Stock Analysis
NOVAGOLD RSRCS (NG): Free Stock Analysis
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