Goldcorp restarts Los Filos mine after negotiating land settlement
TORONTO (miningweekly.com) – Gold major Goldcorp has restarted its Los Filos mine, in Guerrero state, Mexico, after it negotiated a settlement with local landowners for a new five-year land occupancy agreement.
Vancouver-based Goldcorp early last month halted operations at its Los Filos mine, after it was unable to negotiate a settlement to renew its land occupancy agreement with the local Carrizalillo Ejido landowners group.
However, owing to suspending operations at the mine, the company said on Monday that it expected output from the operation to be at the low-end of its 330 000 oz to 345 000 oz production guidance this year.
The miner, which had in January stated that it aimed to lift gold output by about 50% over the next two years to about four-million ounces as new projects came on line, reconfirmed its overall company guidance of between 2.95-million and 3.1-million gold ounces for the year.
The Los Filos mine directly employs more than 2 600 people from the surrounding communities with an estimated 10 000 additional jobs created as a result of the mine's presence in the region.
At the end of last month, Goldcorp walked away from its C$3.6-billion hostile offer to acquire Quebec-based Osisko Mining that started in January, which sparked a bidding war. Goldcorp was outbid by white knights Latin America-focused precious metals miner Yamana Gold and Canadian gold miner Agnico Eagle to jointly buy all Osisko's issued and outstanding common shares for C$3.9-billion, or C$8.15 a share.
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