Featured Post

Latest Gold News

Russia, China preparing to conduct energy transactions in gold Hedge funds reducing exposure to gold and silver COT report favorable t...

Tuesday, September 14, 2010

Goldcorp (NYSE:GG) Announces Commercial Production Hit at Penasquito

Although the first lead and zinc concentrates were produced by Goldcorp (NYSE:GG) at their Penasquito project in Mexico in 2009, the company decided to wait until the second 50 000-t/d mill and flotation line was operational before making the declaration it had officially hit commercial production, which they now have done.

Goldcorp is on track to finish construction on high-pressure grinding roll circuit in October, which will produce 30,000 tons a day, which will reach as high as 130,000 tons a day in early part of 2011.

The company's estimate of 180,000 ounces of production from the project remains in place for 2010.

COO Steve Reid said, “Peñasquito has achieved every significant operational milestone on schedule, culminating in today’s declaration of commercial production.”

The Penasquito project, which is estimated to have a 23-year lifespan, should produce 500,000 ounces of gold, 28 million ounces of silver, 450 million pounds of zinc, and 200 million pounds of lead on an annual basis.

No comments: