A 37.5% owned project, the Alumbrera mining operation is one of the world's largest and lowest-cost gold and copper operations. Since beginning operations in February 1998, Alumbrera has been an important operation during Goldcorp's growth. Today its gold and copper production are significant but declining, for 2015 production is expected to be between 75,000 and 85,000 ounces of gold.
Located in northwestern Argentina, in an area that has been renowned for its veins of copper and gold since at least the 19th century, Alumbrera was the country's largest mining development in the modern era. It commenced commercial production in February 1998. The operation's ownership structure is 50% Glencore Xstrata (the operator), 37.5% Goldcorp, and 12.5% Yamana.
Productivity of this mining operation is in decline, and because the existing open pit mine dominates the very limited area in which mineral rights are held, further exploration work will be limited. It is possible that additional high-grade mineralization could be delineated down-dip of the confines of current drilling, and this will be investigated.
* Due to rounding, numbers may not add up.