Goldcorp Inc. (NYSE:GG) is close to completing the construction phase of its Penasquito mine in Mexico, and president and chief executive officer, Chuck Jeannes, said he anticipates, in the near future, announcing commercial production has launched.
“We’re just completing construction and, hopefully within just a matter of days, of declaring commercial production at Penasquito,” Jeannes said.
Jeannes added, the project remains on schedule, and is within the projected budget of $1.7 billion.
The Penasquito mine project is the major impetus behind the strategy by Goldcorp of increasing their production by 50 percent over above, over the next five years.
The first year of the mine should produce 180,000 ounces of gold, increasing to an average of about 500,000 ounces a year, topping off at about 800,000 ounces of gold produced by 2014.
Gold reserves at estimated at 17.8 million ounces, and silver reserves at 30 million ounces. There is also zinc and lead in the mine.
Showing posts with label Penasquito Mine. Show all posts
Showing posts with label Penasquito Mine. Show all posts
Thursday, September 2, 2010
Thursday, August 12, 2010
Record Earnings for Silver Wheaton (NYSE:SLW) Still Don't Meet Expectations
Silver Wheaton Corp. (NYSE:SLW) (TSE:SLW) seems to perform so well that even when they do great, they can miss expectations like they did in the second quarter.
In the latest reporting period Silver Wheaton generated income of $53.3 million, or 15 cents a share. Analysts had been looking for 16 cents a share.
Last year in the same quarter they earning $18.4 million, or 7 cents a share.
Revenue was the opposite, as they were able to slightly beat expectations there, coming in at $95 million, with analysts expecting $94.28 million. Last year revenue reached $41.4 million.
Going forward, CEO Peter Barnes said, "With Goldcorp's Penasquito mine in Mexico, the first of our cornerstone assets, continuing to ramp up silver production ahead of schedule, we look forward to an even stronger second half to the year and maintain our annual attributable silver equivalent production guidance of 23.5 million ounces."
Barnes once again, and rightly, pointed to the advantage of the business model Silver Wheaton uses, which includes "low fixed operating costs."
In the latest reporting period Silver Wheaton generated income of $53.3 million, or 15 cents a share. Analysts had been looking for 16 cents a share.
Last year in the same quarter they earning $18.4 million, or 7 cents a share.
Revenue was the opposite, as they were able to slightly beat expectations there, coming in at $95 million, with analysts expecting $94.28 million. Last year revenue reached $41.4 million.
Going forward, CEO Peter Barnes said, "With Goldcorp's Penasquito mine in Mexico, the first of our cornerstone assets, continuing to ramp up silver production ahead of schedule, we look forward to an even stronger second half to the year and maintain our annual attributable silver equivalent production guidance of 23.5 million ounces."
Barnes once again, and rightly, pointed to the advantage of the business model Silver Wheaton uses, which includes "low fixed operating costs."
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