In development: A world-class copper-gold project in one of the world’s great mining jurisdictions.
The El Morro project represents Goldcorp’s re-entry into Chile, one of the world’s great metals-producing countries. Goldcorp holds 70% ownership and is the project’s operator, with the remaining 30% held by New Gold. El Morro promises to be a major low-cost gold and copper producer with significant exploration potential, long mine life and strong future cash flow. At December 31, 2012, proven and probable reserves (in situ) totaled 6.7 million ounces of gold (70% basis) and 4.9 billion pounds of copper (70% basis).
The project has been suspended since April 30, 2012 pending the correction by the Chilean environmental permitting authority (the Servicio de Evaluación Ambiental or SEA) of certain deficiencies specifically identified by a decision of the Antofogasta Court of Appeals. On June 22, 2012, the SEA initiated the administrative process to address the issues identified by the Court. The Company continues to work with the Chilean authorities and local communities to correct the deficiencies.