) announced that one of its mines, Minera Penasquito, filed a
claim in the First District Court in Zacatecas that resulted in
temporary suspension of an agrarian court ruling.
According to the agrarian court ruling, Cerro Gordo Ejido has
claimed its rights over 600 hectares of land located in Mazapil,
Mexico and also within the confines of the Penasquito mine site
which was leased by Goldcorp for the Penasquito mine.
Cerro Gordo Ejido has leveled charges of deception and forgery
against Goldcorp. The ruling has ordered Goldcorp to return the
land to Cerro Gordo Ejido for the payment of 2.4 million pesos
($181,241) and nullified Goldcorp's lease.
Before the construction of the mine, Minera Penasquito had
negotiated an agreement for the use of the land, which is fair
and based on surface valuations in Mexico, and similar dialogues
were held at Penasquito and other mining operations.
Also, Goldcorp intends to seek a constructive dialogue with
Cerro Gordo Ejido so that they can reach a mutually beneficial
settlement. Goldcrop is using all its legal expertise so that
operations at the mine are not disrupted and to protect the
company's mineral concession rights consistent with Mexican
Penasquito is the largest gold producer in Mexico. In the
first quarter of 2013, gold and silver production at the mine was
60,100 and 3,932,600 ounces, respectively, while lead and zinc
production totaled 29.1 million pounds and 52 million pounds,
Goldcorp is one of the world's fastest growing senior gold
producers, and its strategy is to provide 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
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 Rank are
Brigus Gold Corp
Lake Shore Gold Corp.
Claude Resources, Inc.
). While Brigus Gold retains Zacks Rank #1 (Strong Buy), Lake
Shore and Claude Resources retain Zacks Rank #2 (Buy).
BRIGUS GOLD CP (BRD): Free Stock Analysis
CLAUDE RSRCS (CGR): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
LAKE SHORE GOLD (LSG): Free Stock Analysis
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