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Goldcorp suspends operations at Los Filos.

Goldcorp announced in early April that it had suspended operations at its Los Filos mine in Guerrero state, Mexico, following unsuccessful efforts to reach a negotiated settlement with Carrizalillo Ejido to renew the occupancy agreement that expired on March 31. Certain activities related to environmental safeguards and site security were continuing during the suspension.

Carrizalillo Ejido is the local landowners' association. Discussions between Goldcorp and Ejido representatives to resolve the situation were ongoing, Goldcorp stated, with Goldcorp looking to ensure the long-term sustainability of operations amid a lower gold price environment and significantly higher Mexican tax obligations.

Los Filos is a combined open-pit/underground operation. The mine directly employs more than 2,600 people from the surrounding communities, with an estimated 10,000 additional jobs created as a result of its presence in the region.

In 2013, Los Filos produced 332,400 oz of gold at all-in sustaining costs of $l,002/oz. Full-year gold production during 2014 had been projected at 330,000 to 345,000 oz.

As of year-end 2013, Los Filos gold reserves stood at 2.11 million oz proven and 5.84 million oz probable. Silver reserves totaled 12.16 million oz proven and 42.35 million oz probable. Exploration continues to support the potential for significant new reserves in the current Los Filos open-pit and underground operations as well as in the 4P project adjacent to the pit.

Los Filos is located in the Nukay mining district of central Guerrero, approximately 230 km south of Mexico City. Road access is via Flighway 95, a major paved route between Mexico City and Acapulco.

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Title Annotation:REGIONAL NEWS--LATIN AMERICA
Publication:E&MJ - Engineering & Mining Journal
Geographic Code:1MEX
Date:May 1, 2014
Words:267
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