Goldcorp Inc. - Portfolio - Operations

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One of the world’s great gold districts, Porcupine has been in continuous production for over a century. Click here to provide feedback to the Porcupine team.

As of December 31, 2017

Contribution to
Total Production

Source: 2017 Annual Management Discussion and Analysis.

Notes

Contribution to
Total Revenue

Source: 2017 Annual Management Discussion and Analysis.

Notes

Gold Produced in 2017

(ounces)

272,000

Source: 2017 Annual Management Discussion and Analysis.

Notes

All-in Sustaining Cost

(per ounce)

$979

All-in sustaining costs (“AISC”) include total production cash costs incurred at Goldcorp’s (the “Company”) mining operations, which forms the basis of the Company’s by-product cash costs. Additionally, the Company includes sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs, and reclamation cost accretion and amortization. The measure seeks to reflect the full cost of gold production from current operations, therefore growth capital is excluded. Certain other cash expenditures, including tax payments, dividends and financing costs are also excluded.

AISC is a non-GAAP performance measures that the Company believes more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company reports this measure on a gold ounces sold basis. The Company’s all-in sustaining cost definition conforms to the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.

Notes

Quick Facts

Location	Timmins, Ontario
Ownership	100%
Type of Mine	Underground, open pit and stockpiles
Processing Method	Milling with gravity and cyanide in pulp recovery, cyanide certified
Milling/Processing Capacity	12,000 tonnes per day
Power Demand	27 megawatts
Number of Employees & Contractors	1,245
Gold Production (guidance for 2018)	275,000 ounces
AISC (guidance for 2018)	$925 per ounce
Mineral Reserves and Resources includes Porcupine, Borden and Century
Gold Reserves (proven and probable)	8.05 million ounces
Gold Resources (measured and indicated)	8.39 million ounces
Gold Resources (inferred)	3.69 million ounces
For additional information on the above June 30, 2017 reserves and resources, refer to the R&R table

Located in and around the City of Timmins, the Porcupine district has produced more than 67 million ounces since 1910. Currently, approximately 60% of the gold comes from the Hoyle Pond underground mine, where mechanized cut and fill and longhole mining methods are used to extract the ore, and the remaining ore comes from the Hollinger Open Pit mine. The Dome Underground mine ceased operations in 2017.

Ore is processed at the Dome processing facility using a circuit that includes crushing, grinding, gravity concentration, cyanide leaching, carbon in pulp recovery, stripping, electrowinning and refining.

We’re reinvigorating the Porcupine district through investment and rehabilitation. It’s an important part in our plan to increase our production, grow our reserves, and reduce our costs:

Hoyle Pond is now a key asset, thanks to the completion of an underground shaft that’s made hauling ore more efficient and easier to move people and material to the lower levels of the mine
The Century Project, will double the depth and diameter of the open pit above the Dome Underground mine, adding to our reserves and increasing our production
The underground Borden Project, will mine ore that will be processed at Porcupine’s processing facility, increasing throughput and reducing costs per ounce
The Hollinger Open Pit is being mined out and rehabilitated to transform it from a closed hazardous site into a safe park that is open to the public.

Porcupine is also conserving energy by ventilating on demand, exploring opportunities to automate several processes, and working on ways to improve recoveries at the mill. Gold recoveries average 92%.

What's New

Respecting the rights and interests of First Nations at Borden

Mishkeegogamang Garage Door Project

Armanda Quinn Named Northern Ontario Tradeswoman of the Year 2018

PGM's 2017 Community Contributions supporting 112 local initiatives totaled $810,000

Exploration

The Timmins District is one of the most prolific gold producing regions of the world. Goldcorp controls a large area of prospective claims, including approximately 39,000 hectares of mining claims in the Porcupine complex. Visit the Borden and Century pages for project specific information.

Porcupine’s exploration program has the following goals:

converting resources to reserves and add resources from known geological structures at Hoyle Pond
developing a pipeline of open pit and underground opportunities through a district scale study that incorporates various geological data layers, historical drill hole and mine data.

Hollinger Open Pit

Hollinger is an open pit mine that will eventually be turned into a public park with a lake and walking trails. The site, located in downtown Timmins, had been closed for over 15 years when Porcupine acquired it, yet many hazards remained. Working closely with the City of Timmins, local regulatory agencies and following a great deal of study and research, Porcupine’s team developed a plan for recovering the remaining gold while rehabilitating the site. The pit to park transformation will take approximately five to ten years.

Hollinger Project Community Advisory Committee
Helga Kroll
Chair

t: (705) 267-2657

Communities

First Nations assert treaty rights in the Porcupine district

Before Goldcorp acquired Porcupine, mining had taken place in Timmins for nearly 100 years without Aboriginal or community group consultation. Porcupine has formal collaboration agreements with all of the First Nations that assert Aboriginal and treaty rights in and around the district: Mattagami, Wahgoshig, Matachewan, and Flying Post First Nations.

In October 2016, Niiwin, a business owned in equal parts by each of the four First Nations, was officially launched. Niiwin offers ore haul, cleaning and earthworks services for reclamation work at Porcupine.

People

Read about Elsa Nielsen, a jackleg miner at Porcupine

While Porcupine’s workforce is 13% women and 8.7% Indigenous, the team working on the Century Project is evenly split between men and women – unusual in an industry where women are still in the minority.

Safety & Health

members of the workforce are members of the mine rescue, response or advance first aid teams

In 2016, Porcupine became the second site in the world to have a Draeger 9000 mine rescue vehicle onsite. The truck allows mine rescue teams to respond faster to an incident and stay there longer. It also monitors the air inside and out of the vehicle, and has thermal imaging that can help detect trapped miners.

Environment

closed sites in the Porcupine district

The Porcupine district includes dozens of historic mine properties that are being reclaimed so the land can be used productively by the local communities: tailings facilities and mine openings are being rehabilitated and historic infrastructure demolished.