Goldcorp Inc. has revived talks with Placer Dome Inc. that could result in a deal to trim operating costs at neighboring mines in northwestern Ontario. Goldcorp's Red Lake mine is located directly next door to Placer's Campbell mine, yet previous attempts to negotiate some sort of cost-saving agreement have failed.
Ian Telfer, Goldcorp's chief executive, yesterday said the companies are ready to try again. Mr. Telfer, formerly CEO of Wheaton River Minerals Ltd., took charge of Goldcorp after the two companies merged in February. "Discussions are ongoing with Placer Dome as far as the Campbell-Red Lake mining district is concerned," Mr. Telfer said.
Goldcorp reported profit of US$29.5-million (US11 cents a share) in the first quarter ended March 31, compared with US$17.3-million (US9 cents) in the same period of a year ago. Analysts had expected earnings of US12 cents a share. The dramatic increase in profit stems from the $2.34-billion merger of Goldcorp and Wheaton River in February.
The newly merged company produced 275,400 ounces of gold. Registered 6-day subscribers to the National Post newspaper or electronic edition will enjoy full access to all NationalPost.com content. » I am a National Post 6-day subscriber and need to register
» I would like to find out more about the benefits of subscribing
Non-subscribers can still read a selection of NationalPost.com stories and access all features on canada.com. For more information, [email protected] or call us at 1-800-668-7678.
If you are already a registered subscriber, please log in:
Email: E-mail address required to log in! Password: Password required to log in!
