Goldcorp (G-T, GG-n) has suspended mining at its Pamour gold mine, near Timmins, Ont. According to a Reuters news report, company spokesman Jeff Wilhoit said that the suspension decision was made because of falling gold prices.
Wilhoit said that the mine was not material to Goldcorp’s overall results. The open-pit mine is one of three that make up Goldcorp’s Porcupine operation, which produced 300,000 oz. gold in 2007. Costs at Pamour were high, while grades were lower than anticipated.
Wilhoit said that he did not anticipate further closures at present gold prices. The company will revisit the Pamour closure decision at a later date.
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