Cerro Negro becomes Goldcorp’s newest mine

Goldcorp’s (TSX: G; NYSE: GG) Cerro Negro mine in Argentina produced its first gold doré bar on July 25 and is on track to reach commercial production by the end of this year.

As well, Goldcorp has trimmed initial capital guidance at Cerro Negro by US$100 million to between $1.6 and $1.7 billion, down from its previous estimate of between US$1.6 and U.S.$1.8 billion.

The high grade operation is expected to churn out between 130,000 and 180,000 oz of gold before the year is out.

President and chief executive officer Chuck Jeannes said the milestone “signals the start of a prolonged period of increased production, decreasing costs and reduced capital pending for Goldcorp, resulting in significant expected free cash flow generation in 2015 and beyond.”

Read the complete article at NorthernMiner.com/news/cerro-negro