Goldcorp Incorporated is a Canadian gold mining company headquartered in Vancouver. The exploration projects of Goldcorp are expected to boost production by 50 percent and reach 3.5 million ounces in five years. The income of the company stands at $1.54 billion in 2008. The shares of Goldcorp are listed under the symbol GG at the New York Stock Exchange and under G at the Toronto Stock Exchange. The company has evolved to Tier I gold producer.
The company was established in 1954 in Ontario under the name Goldcorp Investments Limited. CSA Management Limited acquired all shares of Goldcorp in 1980. As of May 1994, the existing shares of Goldcorp Incorporated, CSA Management, and Dickinson Mines Limited were combined in order to issue new Goldcorp shares. Two years later, the company acquired 49.7 percent interest in Wharf Resources Limited. The 2000 merger of Goldcorp Investment and CSA management resulted in the establishment of Goldcorp Incorporated. In 2003, the company acquired 1 million common shares in the mine exploration company Geoinformatics Explorations. The acquisition of the Canadian Virginian Gold Mines Eleonore took place in 2006. In 2007, the company acquired 49 percent share in the Ontario-based Porcupine mines and 32 percent share in the Musselwhite mine.
Goldcorp operates a total of 18 mining sites. The Canadian Red Lake Gold Mine holds some of the richest gold resources in the world. The annual output of the mine is close to 0.7 million ounces. The Porcupine gold mine consist of three mining sites which have produced 0.29 million ounces in 2008. Due to construction projects at Eleonore and Cochenour, the plans for open pit and underground operations are temporarily deferred. The Musselwhite underground mine and its processing facilities have produced more than 0.2 million ounces in 2008. The El Sauzal mine has yielded 0.27 million for the same period. The Penasquito property in Ecuador has commenced operations in 2008. The proven and probable reserves stand at 17 million ounces of gold, 1045 million ounces of silver, 14 million mt of zinc, and 7 million mt of lead. Production is scheduled to commence in 2010 while construction of the facilities extends throughout 2009.