is a public company based out of Vancouver, British Columbia, Canada that deals in the gold mining industry. They are currently the fastest growing producers of gold
ounces in the world and the lowest in terms of cost. They boast that 70% of their gold comes from low political risk NAFTA countries, whereas a lot of gold mines are in high risk regions that use unethical methods. Their growth in the market has been exponential over the past few years due to several takeovers and share expansions.
Going by 2007 data, Goldcorp
mined 2.3 million units of gold, resulting in revenue of $163 per ounce. As of 2008 they have a total market capitalization of $18 billion, and employ around 1,860 workers. They have an extremely generous dividend system that pays out on a monthly basis to their shareholders. 2007 saw $126.9 million paid out to investors.
Goldcorp has expanded a great deal since 2006, where they took over the Eleonore gold project in Quebec, from Virginia Gold Mines. In May 2006, they bought several assets from Placer Dome and Barrick Gold
, totaling $1.6 billion. In August of the same year they took over Reno, Nevada based Glamis Gold Ltd. And in 2008 they bought a huge percentage of shares in Silver Wheaton
and acquired Gold Eagle Mines Ltd. They are now one of the largest and most powerful gold mining
companies in the world.
Due to the nature of the gold mining industry and their utilization of cheap labor in less well off parts of the world, Goldcorp has come under criticism from human rights groups. Particular focus is put on their mines in the Siria Valley of Honduras and San Marcos in Guatemala. They do however have the majority of their operations based in the United States, Canada and Mexico, with their most southerly mines being located in Argentina.
The Guatemalan mine which will cease operations in 2015 has come under fire from the local government who have claimed the mine was "developed without adequate consultation and in violation of the rights of indigenous people; however they received the asset after buying out Glamis Gold in 2006.
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