goldcorp will only get better:Goldcorp looks to the drillbit for growth after year of acquisitions
By CRAIG WONG
2007-03-08 18:05:00
Goldcorp President and CEO Ian Telfer (left) and Glamis Gold President and CEO Kevin McArthur Goldcorp CEO Ian Telfer will become chairman of the new Goldcorp, while McArthur will become president and CEO. (CP/Adrian Wyld)
VANCOUVER (CP) - After a year of growth by acquisition, Goldcorp Inc. (TSX:G) plans to spend $120 million in exploration on its own properties in 2007 as it looks to the drillbit to find value in its own large land holdings, the company said.
"2006 was a remarkable year for Goldcorp as the company's market capitalization nearly tripled," Goldcorp chief executive Kevin McArthur told a conference call with analysts.
Goldcorp grew into one of Canada's biggest gold producers through the acquisitions of several former Placer Dome mines and a merger with Glamis Gold last year.
But this year, McArthur said the company was focused on advancing the company's existing projects and completing the mines it has under construction.
"I believe we can unlock significant value from our very large concessions by investing $120 million during 2007 in brownfield explorations," he said.
"This is drilling in the very shadows of our own headframes and around our own projects. So as the year develops, look for new
future growth with low finding costs".