Goldcorp slumps most among major gold miners on Mexico shutdown


By Danielle Bochove
Bloomberg News
Monday, October 3, 2016

Goldcorp Inc. fell the most among large gold producers after the Vancouver-based company said it was halting work at one of its biggest mines amid a labor protest.

Four days after saying a blockade at the Penasquito mine in Mexico wasn't affecting operations, the company announced a "controlled shutdown." The shares lost as much as 5.4 percent and were down 4.6 percent at 3:31 p.m. in Toronto, making it the worst performer on the BI Global Senior Gold Valuation Peer Group.

The protest by a trucking contractor follows transport-policy changes and cost-saving efforts by the company. Goldcorp has taken legal steps, including filing criminal charges against protest leaders who are refusing to meet, the company said. The decision to suspend operations was made after the blockade prevented the company from bringing in food, water, and fuel to the 750 people on site. ...

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