Goldcorp

Goldcorp Inc. was a Canadian gold-production company headquartered in Vancouver, British Columbia. Its business covered mineral exploration, mine development, gold extraction, processing and reclamation. Before its combination with Newmont Mining Corporation, Goldcorp was one of the world’s major gold producers and operated or held interests in mines and projects across Canada, Mexico, Central America and South America. The company was incorporated in 1994 and grew through acquisitions, project development and the expansion of existing operations. Its portfolio included the Red Lake, Porcupine, Musselwhite and Éléonore mines in Canada; Peñasquito in Mexico; Cerro Negro in Argentina; Marlin in Guatemala; and interests in Pueblo Viejo in the Dominican Republic and Alumbrera in Argentina. It also held development or exploration assets such as Coffee, Cochenour, Borden and NuevaUnión. Goldcorp’s strategy emphasized large-scale, relatively low-cost gold production in jurisdictions that it considered politically manageable, together with exploration intended to replace and expand reserves. A defining moment in the company’s development was the Goldcorp Challenge, launched by founder Rob McEwen in 2000. Goldcorp released geological information relating to its Red Lake property and offered prize money to outside participants who could identify prospective areas. The initiative attracted contributions from around the world and helped identify numerous targets. It became a frequently cited example of open innovation in the mining industry and helped transform Red Lake from a troubled asset into a major source of value for the company. Goldcorp expanded materially through acquisitions and joint ventures during the 2000s and 2010s. Its assets made it one of the largest gold producers globally, although production, costs, permitting, community relations and commodity-price exposure remained central business risks. The company reported production of approximately 2.873 million ounces of gold in 2016 and reported quarterly production of 655,000 ounces in the first quarter of 2017 and 635,000 ounces in the second quarter of that year. These figures are historical and relate to the company before its merger with Newmont. Goldcorp’s operations also generated sustained criticism from environmental organizations, researchers, activists and affected communities. Allegations concerned water quality, acid mine drainage, heavy-metal contamination, public health, indigenous and community rights, and the social effects of mining in Latin America. The company and, in some cases, public authorities disputed important allegations, and the referenced material states that the claims were not proven in court. In response to shareholder requests, Goldcorp commissioned an independent human-rights impact assessment in 2010 and subsequently stated that it had implemented its recommendations, including adopting a formal human-rights policy. On January 14, 2019, Goldcorp agreed to be acquired by Newmont Mining Corporation. The transaction created Newmont Goldcorp, described at the time as the world’s largest gold producer. Goldcorp ceased to operate as an independent company following completion of the transaction. In 2020, the combined company shortened its name to Newmont. Goldcorp therefore survives primarily as a historical corporate and operating-asset brand within the history of Newmont’s mining portfolio.

Goldcorp was incorporated in Canada in 1994 and developed into a major gold producer through a combination of exploration, acquisitions, joint ventures and mine development. The company’s growth was closely associated with its Red Lake operation in Ontario. In 2000, founder Rob McEwen introduced the Goldcorp Challenge, an open-innovation initiative that made geological information available to outside researchers and offered prizes for identifying promising exploration targets. The exercise generated more than one hundred proposed sites, many of which reportedly produced significant results, and became an important part of Goldcorp’s transformation from a struggling mining enterprise into a highly profitable producer. During the 2000s and 2010s, Goldcorp expanded its portfolio across the Americas. Its operations included Canadian mines such as Red Lake, Porcupine, Musselwhite and Éléonore, as well as Peñasquito in Mexico, Marlin in Guatemala and Cerro Negro in Argentina. The company also held interests in Pueblo Viejo in the Dominican Republic and Alumbrera in Argentina. Development and exploration assets included Coffee, Cochenour, Borden and NuevaUnión in Chile, the latter being a joint venture with Teck Resources that combined the Relincho and El Morro deposits. Goldcorp’s expansion was accompanied by a strategy focused on gold production, reserve growth and operating-cost control. The company described its approach as emphasizing safe, low-cost production in areas of comparatively low political risk. By the middle of the 2010s, it ranked among the world’s largest gold producers. It reported approximately 2.873 million ounces of production in 2016, with all-in sustaining costs reported at roughly the mid-US$800s per ounce. In 2017, it reported quarterly production of 655,000 ounces in the first quarter and 635,000 ounces in the second quarter. Portfolio management was a recurring feature of the company’s later history. In 2017, Goldcorp sold the Los Filos mine in Mexico to Leagold Mining and divested the Cerro Blanco project in Guatemala to Bluestone Resources. It also acquired interests connected with the Cerro Casale and Quebrada Seca deposits, entered a 50/50 arrangement with Barrick Gold concerning the Maricunga district in Chile, and purchased an interest in an El Morro gold stream. These transactions reflected an effort to reshape the asset base while retaining exposure to large prospective gold districts. Environmental and human-rights controversies formed another major part of Goldcorp’s history. Advocacy groups, researchers and activists accused the company’s Latin American operations of contributing to water contamination, heavy-metal exposure, acid mine drainage, harm to livestock and threats to public health. At the San Martín mine in Honduras, a 2006 study reported arsenic and lead findings among downstream residents, while Goldcorp and Honduran authorities disputed the study’s conclusions. Later studies commissioned by CAFOD and conducted by researchers at Newcastle University reported acidic and metal-rich water associated with the mine site. Goldcorp and public authorities contested aspects of the criticism, and the referenced material indicates that the allegations were not proven in court. The San Martín mine closed in 2008, after which the site was described as undergoing reclamation and redevelopment. The Marlin mine in Guatemala was also the subject of extensive criticism concerning environmental effects, community rights, health and the cultural impact of Canadian mining. A human-rights impact assessment was commissioned at the request of Goldcorp shareholders in 2010. Goldcorp stated that it implemented the assessment’s recommendations and adopted a formal human-rights policy. A self-organized International Peoples’ Health Tribunal later heard testimony concerning Goldcorp’s mines in Guatemala, Honduras and Mexico and found the company financially liable in its own proceedings; this was not a court judgment. On January 14, 2019, Goldcorp agreed to merge with Newmont Mining Corporation. The combination created Newmont Goldcorp, which was presented as the world’s largest gold producer. Goldcorp no longer existed as an independent company after the transaction. In 2020, the combined company adopted the shorter Newmont name, placing Goldcorp’s former mines, projects and organizational history within Newmont’s portfolio.

1. 2020Combined company adopts the Newmont name

   The post-merger company shortens its name from Newmont Goldcorp to Newmont.

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2. 2019Merger with Newmont

   Goldcorp agrees to be acquired by Newmont Mining Corporation, creating Newmont Goldcorp.

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3. 2017Maricunga joint venture and asset transactions

   Goldcorp reshapes its portfolio through the Maricunga joint venture with Barrick, the Cerro Casale and Quebrada Seca transaction, and sales of selected non-core assets.

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4. 2016Recognition among Canadian employers and corporate citizens

   Goldcorp is listed among Corporate Knights’ Best 50 Corporate Citizens in Canada and Canada’s Top 100 Employers.

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5. 2010Human-rights impact assessment

   Following a shareholder request, Goldcorp commissions an external human-rights impact assessment and later states that it implemented the recommendations.

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6. 2008San Martín mine closes

   Goldcorp’s San Martín mine in Honduras closes, followed by reclamation and redevelopment activities at the former site.

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7. 2000Goldcorp Challenge begins

   Goldcorp publishes Red Lake geological data and offers prize money for external assistance in locating additional gold deposits.

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8. 1994Goldcorp is incorporated

   Goldcorp is formally incorporated in Canada and begins the corporate development that would lead to a major international gold producer.

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A large-scale, internationally diversified gold producer focused on exploration, mine development, production efficiency and responsible-mining practices.

• Gold productionPrecious-metals mining

  Goldcorp’s principal output was gold produced from open-pit and underground mining operations. The company explored deposits, extracted ore, processed it into recoverable metal and managed reclamation of mine sites. Its production portfolio was distributed across several American jurisdictions and included both wholly owned operations and minority interests in joint ventures.

• Red Lake mineGold mine

  The Red Lake operation in Ontario was central to Goldcorp’s corporate story. Its geological potential inspired the Goldcorp Challenge, through which the company shared exploration information with external participants. The resulting discoveries helped establish Red Lake as a strategically important and highly productive asset.

• Peñasquito mineGold and precious-metals mine

  Peñasquito was one of Goldcorp’s major Mexican operations. It formed part of the company’s large-scale production base and was also associated with community and labor-related disruption, including a blockade that interrupted operations in October 2017.

• Cerro Negro mineGold mine

  Cerro Negro in Argentina was a significant Goldcorp operating asset. The company later expanded its broader Argentine and Chilean portfolio through transactions involving nearby or related mineral districts and development projects.

• NuevaUnión projectGold-copper development project

  NuevaUnión was a 50/50 joint venture between Goldcorp and Teck Resources in Chile. It combined the Relincho and El Morro deposits and represented Goldcorp’s interest in a large-scale development opportunity rather than a mature operating mine.

• 2000Goldcorp Challenge

  Global

  Goldcorp made geological information from the Red Lake property available to external participants and offered a total prize pool of $575,000 for exploration ideas. More than 110 prospective sites were identified, and the initiative became a prominent example of crowdsourced mineral exploration.

  Outcome. The challenge reportedly identified targets containing significant gold resources and helped revive Goldcorp’s financial and operational prospects.

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• 2019Agree to merger with Newmont Mining CorporationM&A

  Goldcorp was an established global gold producer, while Newmont sought to combine major mining portfolios and increase scale.

  What changed. Goldcorp agreed to be acquired by Newmont Mining Corporation.

  Aftermath. Newmont Goldcorp became the combined company, and Goldcorp ceased to exist as an independent corporate entity. The name was later shortened to Newmont.

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• 2017Restructure the asset portfolio through sales and acquisitionsM&A

  Goldcorp sought to focus on selected core assets while maintaining exposure to prospective gold districts in Mexico, Chile and Argentina.

  What changed. The company sold Los Filos and Cerro Blanco, acquired or consolidated interests related to Cerro Casale and Quebrada Seca, formed a Maricunga joint venture with Barrick and purchased an El Morro gold stream.

  Aftermath. The transactions changed Goldcorp’s geographic and project portfolio before its eventual combination with Newmont.

  Cerro Casale and Quebrada Seca transaction payment. US$260 million at closing (2017)

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• 2000Open Red Lake exploration data to external contributorsStrategy

  Goldcorp needed new exploration targets around the Red Lake operation and sought to expand the pool of geological expertise applied to the property.

  What changed. The company released geological data and offered prize money for successful exploration suggestions.

  Aftermath. The initiative produced numerous targets and became associated with the turnaround and growth of the Red Lake business.

  Prize pool. US$575,000 (2000)

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• 2012International Peoples’ Health Tribunal findingsControversy

  A self-organized tribunal in Guatemala heard testimony about Goldcorp’s mines in Guatemala, Honduras and Mexico and found the company financially liable for alleged health and ecological damage. The proceeding was not a state court judgment.

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• 2010Human-rights controversy surrounding Marlin mineControversy

  Goldcorp’s Marlin mine in Guatemala faced criticism from human-rights organizations and communities over alleged environmental, social, cultural and health effects. Goldcorp commissioned an independent human-rights impact assessment and said it implemented its recommendations.

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• 2009Acid drainage and heavy-metal allegations at San MartínControversy

  Studies commissioned by CAFOD and conducted by Newcastle University reported acidic, metal-rich water associated with the San Martín mine site. The findings intensified criticism over possible effects on streams, agriculture, animals and public health.

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• 2006Health and contamination allegations concerning San MartínControversy

  A study by activist Flaviano Bianchini reported dangerous arsenic and lead levels in the blood of Hondurans living downstream from Goldcorp’s San Martín mine. Goldcorp and Honduran authorities disputed the findings, and the referenced material states that the allegations were not proven in court.

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• 2019Goldcorp agrees to combination with Newmont

  Goldcorp agreed to be acquired by Newmont Mining Corporation, creating Newmont Goldcorp and ending Goldcorp’s existence as an independent company.

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• 2019Goldcorp agrees to be acquired by Newmont

  Goldcorp agreed to a transaction with Newmont Mining Corporation, creating Newmont Goldcorp and ending Goldcorp's independent corporate existence.

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• 2017Goldcorp reports strong 2016 production

  Goldcorp reported approximately 2.873 million ounces of gold production for 2016 and projected production growth over the following five years.

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• 2017Goldcorp divests Cerro Blanco and Los Filos assets

  The company announced the sale of the Cerro Blanco project in Guatemala and the Los Filos mine in Mexico as part of a move away from selected non-core assets.

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• 2017Goldcorp acquires an El Morro gold stream

  Goldcorp announced the purchase of New Gold’s 4% gold stream on the El Morro deposit, which formed part of the NuevaUnión joint venture with Teck Resources.

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• 2017Goldcorp and Barrick form a Chilean mining joint venture

  Goldcorp and Barrick Gold announced a 50/50 venture focused on consolidating and developing the Maricunga gold district in northern Chile.

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• 2017Blockade disrupts Peñasquito operations

  A week-long protest and blockade interrupted operations at Goldcorp’s Peñasquito mine in Mexico during October.

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• 2017Goldcorp forms a Chilean mining joint venture with Barrick

  Goldcorp announced a 50/50 venture with Barrick Gold focused on consolidating and developing the Maricunga gold district in Chile.

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• 2017Goldcorp sells Los Filos to Leagold Mining

  Goldcorp completed the sale of its Los Filos mine in Mexico to Leagold Mining as part of a divestment of non-core assets.

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• 2017Blockade disrupts operations at Peñasquito

  A week-long protest and blockade interrupted operations at the Peñasquito mine in Mexico.

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• 2016Goldcorp receives corporate citizenship recognition

  Goldcorp was listed among Corporate Knights’ Best 50 Corporate Citizens in Canada and was also included among Canada’s Top 100 Employers.

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• 2000Goldcorp launches the Goldcorp Challenge

  The company released geological data concerning its Red Lake property and invited outside participants to identify prospective gold targets in exchange for prize money.

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1. Goldcorp