The mining company is progressively reducing gold extractions and will achieve total closure in 2017, while efforts begin to recover the area.
During 2013 202.200 ounces of gold were extracted, while in 2014 a decrease was reported of at least 185,000 ounces. It is expected that production this year will be equal to or lower to those last year and 2016 is expected to be the last year that extractions will be made, projecting approximately 150,000 ounces.
The Marlin mine in San Marcos generated these revenues during the first half of 2013. "The cost of gold mining in San Marcos is $182 on average and is still the lowest of the 11 companies of which Goldcorp owns or has interests in in the continent," noted an article in Prensalibre.com .
The decline in the price of precious metals worldwide has forced the company to temporarily suspend operations at Cerro Blanco.
"The Cerro Blanco mine in Asuncion Mita, Jutiapa, will enter into a state of maintenance and care, ie only keeping areas active that are necessary for the development of the mine and its infrastructure, but it will not perform exploitation activities as was planned. "
Royalties on mineral holdings in Guatemala will be imposed on three levels related to the base value of the extracted material.
According to Mario Marroquin, president of the Union of Mining and CEO of the company Montana Exploradora (main extractor of gold and silver in Guatemala), precious metals are those with the highest and there are other lower rates for base metals and non-metallic minerals.
After two years of not granting mining licenses, the Ministry of Energy and Mines has approved exploration in the departments of Alta Verapaz, El Progreso, Zacapa, Jalapa, Jutiapa, Quiche and Santa Rosa.
Of the one hundred and eighty applications that were pending, the Ministry has already resolved one hundred, said the head of the ministry, Erick Archila.
In light of discussions in Congress over the mining reform project, representatives from mining companies are warning that royalties that should not exceed 8%.
Mario Marroquin, executive director of Golcorp in the country, said his client would abide by the decision arising from the reform, but warned that a percentage larger than 8% would be untenable for any mining project.
Goldcorp plans to increase production from 296.100 ounces of gold in 2010 to 400.000 in 2011.
If the goal is met, it would be the second highest percentage growth.
Sigloxxi.com reports in their article, "the company, owner of Montana Exploradora, which operates Marlin, estimates it will produce in 2011 between 2.65 million and 2.75 million ounces of gold in all of their mines, in which the Guatemalan operation would contributes less than half a million ounces, the second in volume for the multinational."
Company directors say that they will continue to expand with new "Cerro Blanco" project.
Almost two months since the Inter-American Commission on Human Rights (IAHCR) recommended to the Guatemalan government that Goldcorp's operations at the Marlin mine be suspended, the administration has ordered a review to determine whether or not a suspension is appropriate. Meanwhile, Goldcorp continues its operations in the country.
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