Market Chatter: Goldcorp Hopes for El Morro Permit Next Year
Goldcorp Inc. (G.TO) hopes its embattled $3.9 billion El Morro copper-gold mine in Chile will receive a new permit within the next year, Chief Executive Chuck Jeannes reportedly said.
Reuters said Chile's Supreme Court in April upheld the suspension of an environmental permit for the Canadian company's El Morro project. An appeals court had struck down El Morro's environmental permit in February at the request of an indigenous agricultural community.
"We're hoping that (the new permit) happens within the next year...El Morro is a very important project for us," Jeannes reportedly said on the sidelines of a conference on mining security in Santiago.
Goldcorp lost nearly 3% and fell to $41.83, moving further away from year high $55. Volume traded is over 1.5 million.
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