The news that Porcupine Gold, Goldcorp Timmins-based subsidiary, will continue to operate indefinitely because of improvements in the gold market was greeted with overwhelming approval by people in the City With a Heart of Gold
“I was very happy to hear from Goldcorp their intention to keep the Dome mine operational going forward,” said Timmins Mayor Steve Black.
“This is great news for the City of Timmins, and our residents as Goldcorp continues to be one of the largest community employers and one of the most significant community partners,” Mayor Black added. “We are extremely happy for the workers at Dome Mine that their employment at Dome and in the City of Timmins will continue beyond 2016.”
“Hopefully with the increase in gold we will see more good news in coming months and exploration in the region pick up,” Mayor Black said.
“We have been mining for 100-plus years and there are many successful years ahead when it comes to gold mining in the City of Timmins,” he said.
Earlier his week, Porcupine Gold Mines Brendan Zuidema, General Manager, Porcupine Gold issued a statement that due to the significant increase in the gold price since the start of 2016, improvements in mining costs and new opportunities to increase PGMs overall Net Asset Value (NAV), the Dome Mine will remain open for the remainder of 2016 and beyond.
“None of the decisions that were made over the past several months were taken lightly,” said Zuidema. “We acknowledge that transition planning has been a challenging process and we appreciate the patience shown by all our employees over the past couple of months, as well as their continued strong efforts in achieving safe production at all of our operations.
“This welcome news should resolve a lot of uncertainty going forward for our employees and will also be welcome news in the community of Timmins and surrounding areas as we continue to be a strong partner and employer in the City with the Heart of Gold,” Zuidema added.
The benefits of the Dome’s continued operation go beyond the economic spinoffs.
“That’s really good news for Timmins, economically and psychologically as well it is a real boost to the city’s morale,” said Charlie Angus, MP for Timmins- James Bay on hearing Goldcorp’s intention to keep the 106-year-old Dome Underground mine in operation.
“It is so much a part of Timmins’ history and is the longest continuously operating mine in the area,” Angus added.
“I remember the managers were saying the Dome was old and had had its day,” Angus recalled. “But that was what they also said in the 1990s when plans were announced to shut the Dome down back then - but the old lady just keeps on chugging on.”
Behind Porcupine Gold Mines decision is the rise and stabilization of gold prices from low prices in 2015 that culminated a four-year slide from a high of approximately $US1,800 per ounce to below $1,000 per ounce in 2015.
The price of gold on July 22, 2016 according to Goldcorp’s website was US $1,325.00 per ounce or Cdn $1,733.00.
Earlier this week, the Vancouver-based mining information website MINING.com said gold prices have increased 25 percent in 2016 – the best first half of a year in four decades. Prices have been helped by Britain's decision to exit the European Union a decision which pushed gold $1,374.71 its highest price since March 2014.
In Canada, Goldcorp which is based in Vancouver, B.C. operates mines in Ontario and Quebec.
In the Timmins area Porcupine Gold Mines, Goldcorp’s subsidiary, operates Hoyle Pond and Hollinger Open Pit mine in addition to the Dome Underground.
Goldcorp also operates the Dome Milling facility in South Porcupine.
It’s Probe Mine Borden Lake property near Chapleau is approaching the advanced exploration stage and is close to become fully operational.
In Northwestern Ontario Goldcorp operates mines in Red Lake and Musselwhite mines. Another mine Cochenour is in development
In Quebec the Éléonore gold project in the James Bay region opened in April, 2015.
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