Goldcorp Board Greenlights $4B Chilean Gold Mine Project

Law360, New York (January 9, 2012, 4:11 PM EST) -- Goldcorp Inc.'s board approved the $3.9 billion construction of the El Morro copper-gold mine in Chile that is 30 percent owned by New Gold Inc., the Canadian gold producer said Monday.

The mine is expected to start producing in 2017 and have a 17-year life span, Vancouver, Canada-based Goldcorp said in a statement. The company expects the mine to produce an average of 210,000 ounces of gold and 200 million pounds of copper per year.

The decision puts into play a mining site that Goldcorp has been exploring for a number of years,...
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