Last week, Goldcorp held its Annual General Meeting (AGM) in Timmins, Ontario at the Northern College of Applied Arts & Technology. The event was well attended by shareholders, employees, and community members who heard from CEO Chuck Jeannes on the company’s accomplishments and plans going forward, as well as from Timmins City mayor, Tom Laughren, who described the importance mining has played in the development of the city. You can view a playback of the presentations here.
In the weeks leading up to the AGM several NGOs wrote articles and blog posts about the proposed shareholder resolution asking Goldcorp to ensure full independent financing and disclosure of closure plans for the Marlin Mine. At the AGM this shareholder resolution was overwhelmingly voted down by Goldcorp’s shareholders and their proxy holders (~97% of votes cast against the proposal). Goldcorp opposed the proposal for two reasons: the company disagrees with the closure cost estimate prepared by the proponents and with the proposal to publish closure plan updates in the company’s annual report. At the AGM, Goldcorp announced that it will:
· Continue to concurrently reclaim sites throughout a mine’s operation.
· Work with government to provide financial assurance for the full estimated cost of implementing mine closure plans at all of its sites, even if not required by law.
· Consult with local stakeholder groups in developing closure plans.
· Design closure plans to prevent long-term adverse impacts on the environment (e.g., water, air and soil) and the surrounding communities (e.g., food, housing, education, and health).
· Make closure plans available to the public.
We believe that these commitments fully address the issues that prompted the filing of the shareholder’s proposal and demonstrate our leadership in advancing responsible mining. We encourage all stakeholders with suggestions regarding our operations to contact the company to discuss their interests. Goldcorp is committed to listening to, respecting and engaging in constructive and transparent dialogue with all of its stakeholders.
In the weeks leading up to the AGM, we were often asked: “Why is Goldcorp holding its AGM in Timmins and not in Toronto or Vancouver?”
The answer is quite simple: there is much to celebrate in Timmins this year.
This year, the City of Timmins is celebrating its 100th year anniversary of incorporation. As a part of this community for over 100 years, Goldcorp’s Porcupine Gold Mine has played an integral role in the city’s history and its ongoing development.
We are an important employer in the Timmins area, employing over 800 people from the region. We believe our employees, many of whom are also shareholders, should have the opportunity to attend annual general meetings and other important company events, where possible. Unlike many other of our host communities, Timmins has the infrastructure in place to host this type of meeting.
And Goldcorp is making exciting new investments in the area. The start up of the Hollinger Mine, a historical mine site, will benefit the City of Timmins and surrounding communities, both from an environmental and a socio-economic point of view. Public safety will be significantly improved, as the project removes hundreds of historical mine openings on the 250 acre property. Upon completion of the project, the property will be rehabilitated, creating numerous opportunities for the future use of this strategic parcel of land in the heart of the city. With sustained mining operations, Goldcorp will continue to employ many area residents for years to come. By hosting the meeting in Timmins, local residents have had another opportunity to meet with senior Goldcorp executives directly and ask questions about the Hollinger project’s development.
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Dina Aloi, VP Corporate Social Responsibility