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).
On October 22, 2013, the Environmental Assessment Commission of Atacama analyzed a final report prepared by the Chilean environmental permitting authority (SEA) and unanimously decided on the reinstatement of the environmental permit for the El Morro project, which had been suspended since April 27, 2012. The permit was suspended pending the definition and implementation by the SEA of a community consultation process which corrects certain deficiencies in that process as specifically identified by the Antofogasta Court of Appeals. The project continues with community engagement, optimization of project economics, and evaluation of alternatives for a long-term power supply.