Goldcorp Resumes Operations at Los Filos Mine
Mining giant Goldcorp Inc. has resumed all operations at its Los Filos mine in Guerrero State, Mexico, the company announced on May 5. Goldcorp negotiated a settlement for a new land occupancy agreement, which amounted to a five-year term with the Carrizalillo Ejido. Work was suspended at Los Filos since April 2, 2014.
Goldcorp was in intense discussions with Ejido representatives for a month and finalized a solution that resolved the land occupancy issue and safeguarded the long-term sustainability goal of operations amid a lower gold price environment and significantly higher Mexican tax obligations.
Los Filos gold production forecast in 2014 is anticipated to be at the short end of the mine's guidance range of between 330,000 and 345,000 ounces, due to the suspension. Goldcorp has reconfirmed overall company guidance of between 2.95 and 3.10 million gold ounces for the year.
The Los Filos mine, which produced 94,000 ounces of gold in the fourth quarter of 2013, up 1.3 percent year over year and 28 percent sequentially, according to Zacks Equity Research. In 2013, gold production from Los Filos was 332,400 ounces.
The Los Filos operation consists of two open-pit mines – Los Filos and El Bermejal – and one underground mine. The open-pit operation began commercial production in January 2008. More than 2,600 people from the surrounding communities are directly employed at the Los Filos mine, and an estimated 10,000 additional jobs have been created as a result of the mine's presence in the region.
Goldcorp’s operating assets include five mines in Canada, and the U.S., three mines in Mexico, and two in Central and South America. Goldcorp also has a number of projects including the Cerro Negro project in Argentina, the Éléonore gold project in Quebec, Canada, the Cochenour project in Ontario, Canada, the El Morro project in Chile and the Pueblo Viejo project (40 percent interest) in the Dominican Republic.
The company recently declared its fifth monthly dividend payment for this year at $0.05 per share. Goldcorp has paid a monthly dividend to its shareholders since 2003.
The massive mining company, based in Vancouver, Canada, is one of the world's fastest growing senior gold producers. Its low-cost gold production is 100 percent unhedged and mined in safe regions throughout the Americas.
Coal India Secures First-Of-Its-Kind Digital Deal
Coal India Limited (CIL) has appointed Accenture Solutions to digitally transform seven of its open-cast mines as the company strives to improve performance and increase coal production. Accenture is due to lay down digitalisation groundwork until March 2022.
The deal aims to increase coal production by 100 million tonnes (MT) by the end of FY’23. Once the minimum quantity has been surpassed, an agreed sum will be paid to the consultant for every additional sum of coal produced. This success fee will only be paid on the procurement of the minimum assured quantity.
The move will see heavy earth moving machinery (HEMM) fitted with digital sensors to monitor performance efficiency at all levels. Additionally, modern data analytic techniques aim to increase mine productivity and project monitoring through functional system management and effective observation.
An Exciting Venture For Global Mining
CIL, which aims to provide energy security in an environmentally and socially sustainable manner, hopes the move will help transform the entire business of mining operations and ensure higher volumes of coal are acquired at a lower cost.
“This is a first of its kind initiative by the company utilising digitalisation to ramp up coal output,” CIL has said.
A Digital Step Towards Enhanced Performance
Digitalisation is expected to take place at open-cast mines in Kusmunda, Gevra, Dipka of Southern Eastern Coalfields (SECL), Migahi, Jayant, Dudhichua, and Khadia of Northern Coalfields (NCL). Nearly 32% (188 MT) of CIL’s 596 MT output in FY’21 was accounted for by the seven selected mines. However, this new deal is set to see a large increase following the subsequent digital changes due to be made.
“Learning from the outcome and success of this model, we may replicate it in our other large mines,” says CIL, optimistic about the future following the modernisation of their mining.
It is expected that the move will help address roadblocks and guarantee corrective measures are put into place, ensuring the company is able to move forward with its aim of increasing output whilst remaining sustainable and eco-friendly.