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, 2010, proven and probable reserves (in situ) totaled 8.4 million ounces of gold and 6.1 billion pounds of copper.

In January 2012 the Goldcorp Board of Directors approved the decision to proceed with construction which will commence in September 2012 and extend over a five-year period at a capital cost of $3.9 billion.  Initial production is expected in 2017 with full production expected in 2018.  Over its 17-year mine life, El Morro is expected to produce an average of over 210,000 ounces of gold and 200 million pounds of copper per year to Goldcorp's account.  Life-of-mine cash costs are expected to be approximately ($700) per ounce of gold on a by-product basis and approximately $550 per ounce of gold on a co-product basis. 

Progress has been made in negotiations with potential providers of power, port facilities and pipeline engineering, and desalination plant components are being reviewed. Future exploration efforts will test the potential bulk-mineable gold and copper production below the current pit bottom. The full project team continues to advance exploration and development programs at the site.