Goldcorp completes Peñasquito sulfide line, commissioning on track

Monday, July 13, 2009

Vancouver-based miner Goldcorp (TSX: G, NYSE: GG) said it is on schedule in its commissioning of the Peñasquito project in Mexico's Zacatecas state and has finished construction of the first sulfide process line.

Goldcorp has also completed construction of the first primary crusher for Peñasquito and has stockpiled 230,000t of ore for milling. Goldcorp also completed feeders and conveying systems for the sulfide line, and one SAG mill and two ball mills, the company said in a statement.

"The next important milestones will be reached with the production and shipment of first concentrates during the second half of 2009 and expected commercial production at this world-class mine on January 1, 2010," CEO Chuck Jeannes was quoted as saying.

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The second process line is to be completed in the third quarter of 2010.

Goldcorp said all 57 of the 300t trucks are operating and the mining rate is currently averaging more than 500,000/d.

In Latin America the company has assets in Argentina, Mexico, the Dominican Republic, Guatemala and Honduras. The company also has operations in Canada and the US.