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Goldcorp Decommissions El Sauzal Mine as per ICMC Rules

Goldcorp Inc.GG said that it has successfully decommissioned the El Sauzal mine in Mexico, in compliance with the International Cyanide Management Code ("ICMC"), and the same will be withdrawn from the ICMC.

The first mine in Mexico to be certified in full compliance with the ICMC, the El Sauzal is also the first mine in the world to be decommissioned in accordance with the ICMC. The decommissioning activities conducted at El Sauzal have been successful in mitigating previous cyanide facilities and thus, the ICMC is no longer applicable to the mine. This is an important step for Goldcorp toward maintaining safe and responsible operations throughout the entire life cycle of its projects.

The ICMC is a voluntary industry program, developed under the United Nations Environment Programme, for companies involved in the production of gold using cyanide. The aim of ICMC is to safeguard human health and environment by promoting responsible use and management of cyanide in gold mining.

Goldcorp's shares rose around 2.8% to close at $12.16 on Dec 24.

Goldcorp reported a net loss of $192 million or 23 cents per share in the third quarter of 2015 compared with a net loss of $44 million or 5 cents per share a year ago. Gold sales increased around 47% year over year to 942,600 ounces in the reported quarter, while production went up 42% to 922,200 ounces. Gold production at Musselwhite in Ontario increased sequentially to 71,000 ounces as a result of higher mill throughput and grades.

Goldcorp, a prominent gold miner, along with Barrick Gold Corporation ABX , Kinross Gold Corporation KGC and Newmont Mining Corporation NEM , reaffirmed its production guidance for 2015, expecting it to scale the higher end of the 3.3-3.6 million ounces range. All-in sustaining costs are anticipated within $850-$900 per gold ounce; $500-$550 per ounce on by-product basis; and $625-$675 per ounce on co-product basis.

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NEWMONT MINING (NEM): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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