) has stopped construction work at the Eleonore gold project in
Quebec. The company has also started to evacuate the employees
due to forest fires in the James Bay region. According to
Goldcorp, a fire, located roughly 100 kilometres from Eleonore,
is progressing with prevailing winds toward the mine site.
Goldcorp is working with local and provincial authorities so that
the health and safety of all people in the area is ensured. The
company will also keep a team at the site to manage and implement
preventive emergency measures.
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 concentrating activities
at its Grasberg operations in Papua after it received approval
from Indonesia's Department of Energy and Mineral Resources
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 #3 (Hold).
Other companies in the mining industry with favorable Zacks
Brigus Gold Corp
Lake Shore Gold Corp.
). While Brigus Gold retains a Zacks Rank #1 (Strong Buy), Lake
Shore carries a Zacks Rank #2 (Buy).
BRIGUS GOLD CP (BRD): Free Stock Analysis
FREEPT MC COP-B (FCX): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
LAKE SHORE GOLD (LSG): Free Stock Analysis
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