In its 2012 production update and forecast, Goldcorp expects to increase its gold production by 70% over by 2017 from about 2.39 million oz in 2012 to between 4 million and 4.2 million oz.
New projects contributing include Cerro Negro, Argentina, with gold production in late 2013 estimated with an average yield of 525,000 oz annually; engineering, procurement and construction there was 55% complete at year-end. Other new projects include Éléonore, Quebec, in late 2014; Cochenour, Ontario, in the first half of 2015 and Camino Rojo, Mexico, in 2016.
Argentina’s economic inflation, overall cost escalation and political risk, however, have increased capital expenditure forecasts at Cerro Negro to $1.35 billion.
At Éléonore, first gold production remains on track for late 2014. At full production, the mine will produce approximately 600,000 oz/y of gold. Similarly, Cochenour mine’s output is forecast between 225,000 to 250,000 oz/y.