TORONTO, Sept 15 Goldcorp (G.TO) has suspended
mining at its Pamour open pit in Ontario due to falling gold
prices, a company spokesman said on Monday.
Production statistics were not immediately available for
Pamour, but spokesman Jeff Wilhoit said the mine was "not
material" to Goldcorp's overall results.
Pamour is one of three mines that make up the company's
Porcupine operation at Timmins, Ontario. Porcupine produced
about 300,000 ounces in 2007.
"It's not much in the grand scheme of things, but it's kind
of consistent with a flexible approach that we use in being
able to skinny up operations to reflect prevailing market
conditions," Wilhoit said.
Gold has tumbled 20 percent in the past month. The spot
price XAU= was around $778 an ounce on Monday.
Pamour has also struggled with soaring costs over the past
few years and ore grades that have fallen short of
Wilhoit said Goldcorp would revisit the possibility of
reopening the mine at a future date, adding he did not
anticipate other closures.
"I wouldn't expect any further kind of slowdown anywhere
else, but that's at today's prices," he said.
Goldcorp shares were down 62 Canadian cents, or 2 percent,
at C$30.74 on the Toronto Stock Exchange.
(Reporting by Cameron French; editing by Rob Wilson)