Mining
Goldcorp’s revenue, profits rise in Q3
Goldcorp Inc. (TSX:G; NYSE:GG) has announced record third-quarter revenue of US$1.5 billion and net earnings of US$498 million compared with US$336 million in 2011’s third quarter.
Chuck Jeannes, Goldcorp president and CEO, said operating improvements at the company’s Red Lake and Peñasquito mines contributed to its “strong” third-quarter results.
Jeannes said the company’s Pueblo Viejo project in the Dominican Republic achieved its first gold production during the third quarter.
Oil
B.C. missing offshore profits: Fraser Institute
B.C. is missing out on billions of dollars of economic benefits due to a moratorium on offshore oil exploration off the coast, according to a recently released Fraser Institute study.
The think tank said its study used “conservative estimates” of the size of a single offshore development in the Queen Charlotte Basin and an oil price of $90 per barrel, while including “environmental costs” and excluding indirect benefits.
The institute concluded that such a development could create net benefits to B.C. in excess of $9.6 billion.
Mining
Barkerville hires consultant, drills further
Vancouver-based Barkerville Gold Mines Ltd. says it has hired a consultant and completed new drilling at its Cow Mountain deposit in a bid to have its cease-trade order (CTO) lifted. The BC Securities Commission (BCSC) imposed the order on Barkerville in August for failing to file a compliant technical report to back the company’s claims of a massive gold discovery at Cow Mountain.
In an update, Barkerville said the CTO will remain in place “until the company files a technical report acceptable to the BCSC.”
Energy
Thousands protest in Victoria
Several thousand people gathered outside B.C.’s legislature October 22 to protest Enbridge Inc.’s (TSX: ENB) proposed Northern Gateway pipeline and the planned expansion Kinder Morgan’s Trans Mountain pipeline.
The Defend Our Coast day of action drew a crowd estimated at between 3,000 and 5,000 people. Organizers heralded it as “an unprecedented display of unity.”
“Three hundred people unfurled a 230-metre banner, the size of a supertanker, and risked arrest by staking the banner to the grounds of the legislature and standing with it for hours,” the Defend Our Coast website states.
Mining
Teck slashes spending as company profit falls
Vancouver-based Teck Resources Ltd. (TSX:TCK.B) this morning announced plans to defer approximately $1.5 billion in capital spending this year and next and slash operating spending by at least $200 million. Teck’s third-quarter report added that the company’s quarterly profit was down 53% relative to 2011’s third quarter.
“The uncertainty in global economic conditions resulted in lower commodity prices and sales volumes of steelmaking coal compared with the third quarter of 2011,” said company president and CEO Don Lindsay.
