Goldcorp Withdraws Environmental Impact Study

Goldcorp (TSX:G,NYSE:GG) announced it has withdrawn its Environmental Impact Study for its El Morro copper-gold project in Chile. On October 7, the Chilean Supreme Court had issued a ruling which essentially invalidated the assessment. As a result, Goldcorp respects the final decision and withdrew its study.

According to the press release:

In October, 2013, the Atacama Region environmental authority issued a new Environmental Assessment Resolution (“RCA 232″) approving the EIS. On October 7, 2014, the Chilean Supreme Court issued a final ruling that served to invalidate RCA 232. In withdrawing its EIS, Goldcorp respects the final decision of the Chilean Supreme Court and reiterates its commitment to open and transparent dialogue with all stakeholders and to upholding the highest standards of health, safety, and environmental stewardship everywhere Goldcorp operates. The El Morro project team has commenced new studies to determine the optimal new development plan for the El Morro project that meets Goldcorp’s investment return criteria.

Chuck Jeannes, president and chief executive officer of Goldcorp, said:

El Morro is one of the highest-grade undeveloped copper-gold porphyry systems in the world, and the project continues to demonstrate the potential to deliver strong value. While we were disappointed with the final Chilean court ruling, it has afforded us a unique opportunity to challenge our previous assumptions within the context of evolving industry dynamics. The goal of this effort is to deliver an even stronger project that provides significant mutual benefits to the surrounding community, our employees and our shareholders.

Click here to read the Goldcorp Inc. (TSX:G,,NYSE:GG) press release