Gold mining giant
) has signed the Obishikokaang Collaboration Agreement with Lac
Seul First Nation to set the foundation for continued
consultation and support for current and future operations of Red
Lake Gold Mines. The deal was signed on Aug 16 in the
Municipality of Red Lake, Ontario.
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The collaboration will define long-term economic benefits for the
Lac Seul First Nation. It will also bring recognition for the
3,200 First Nation band members who have significant historical
ties for the development of the Red Lake gold camp. Many band
members also stay within the Municipality of Red Lake.
Pursuant to the agreement, Lac Seul First Nation will get future
benefits in the form of training and employment opportunities,
business and contracting opportunities, and a framework for
consultation on regulatory permitting and will also include
Goldcorp's future financial contributions in support of community
The deal builds on the long-standing relationship between
Goldcorp and Lac Seul First Nation. The local consultations given
within both Ontario and Manitoba communities generated broad
support for the deal.
Goldcorp's Red Lake Gold Mines yielded 507,700 ounces in 2012.
The company is looking forward to develop its Cochenour Project,
which is expected to begin its operations in 2015.
Goldcorp will also extend additional funds for the Lac Seul
Training Centre of Excellence that was founded last year and the
Lac Seul First Nation Business Equity Fund. The Lac Seul Training
Centre gives quality, certified training programs and workshops
to members of the community and the region.
Goldcorp, which is a prominent player in the gold-mining industry
), posted its second-quarter 2013 results on Jul 25. The
company's adjusted earnings (barring one-time items) of 14 cents
a share missed the Zacks Consensus Estimate of 28 cents and was
well below 41 cents a share earned in the year-ago quarter.
On a reported basis, Goldcorp logged a net loss of $1.93 billion
in the second quarter as against net earnings of $268 million in
the prior-year quarter. Goldcorp posted revenues of $889 million
in the quarter, down roughly 18% year over year. It missed the
Zacks Consensus Estimate of $1,194 million.
Goldcorp currently carries a Zacks Rank #4 (Sell).