MAC: Mines and Communities

Mexico: Protesters block access to Peñasquito gold mine

Published by MAC on 2016-09-29
Source: Mining.com, Reuters, PRNewswire (2016-09-29)

Shareholders miffed by Goldcorp's "false and misleading" statements filed a class action lawsuit

After a long-running leak of contaminated water was revealed on August this year, landowners, truck drivers, and residents of the community of Mazapil have decided to block access to Mexico's largest gold mine. As reported by El Universal, they demand jobs, compensation for environmental damages, and clean water for their communities.

Meanwhile, law firm Kessler Topaz Meltzer & Check announced that a shareholder class action lawsuit has been filed against Goldcorp. The complaint alleges that Goldcorp and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors that levels of selenium rose in one groundwater monitoring well near the Peñasquito Mine as early as October 2013.

The massive Peñasquito mine is located in the northern Zacatecas state. Last year it produced 860,000 ounces of gold, a quarter of the company’s total output.

See previous article in MAC: 2013-12-10 Goldcorp faces lawsuit threat from Mexico

Protesters block access to Goldcorp’s Peñasquito mine

Mining.com

http://www.mining.com/protesters-block-access-to-goldcorps-penasquito-mine/

September 29, 2016

Landowners, truck drivers, and residents of the Mexican community of Mazapil who have been protesting since Monday, have decided in recent hours to block the access to Goldcorp’s Peñasquito mine.

As reported by El Universal (in Spanish), they are demanding jobs, compensation for environmental damages, and clean water for their communities.

According to Reuters, the Canadian giant says the protest is illegal and is putting the mine’s production at risk. Peñasquito is Mexico’s largest gold mine and it’s located in the northern Zacatecas state. Last year it produced 860,000 ounces of gold, which represents a quarter of Goldcorp’s total output.

But the project has been dealing with controversy in 2016. Last month, a journalistic investigation found out about a selenium leak that had not been disclosed to the public for at least a couple of years. Mexican authorities were forced to launch a probe into whether the company broke any environmental regulations concerning contamination of groundwater.

Later on, regulators and Goldcorp’s spokespeople said there was no evidence that the leak had caused serious damage to people’s health or the environment.

At the moment, Peñasquito’s mill was shut down for 10 days. As a result, the Vancouver-based company posted a loss for its second quarter, after producing 613,400 ounces from 908,000 produced in the same period last year.


Protesters block access to Mexican mine owned by Goldcorp

Reuters - http://www.reuters.com/article/us-mexico-goldcorp-protests-idUSKCN11Z0GH

Sep 29, 2016

Protesters in northern Mexico said they have blocked access to the Penasquito mining complex operated by Goldcorp, threatening to interrupt production at the country's biggest gold deposit.

The protesters, which include landowners and truck drivers, began their blockade on Monday and are demanding payment for environmental damages, jobs, and water for their communities, Felipe Pinedo, one of the protest leaders, said on Wednesday.

In late August, Reuters reported on a long-running leak of contaminated water which had not been disclosed to the public.

A source close to the company told Reuters that the blockade was illegal and risked interrupting production at the mine, which was operating below capacity.

"If the blockade is not lifted immediately, the company will not have material by Saturday," he said.

Last year the Penasquito mine produced 860.300 ounces of gold, a quarter of Goldcorp´s total production.

(Reporting by Noe Torres, writing by Natalie Schachar; Editing by Michael Perry)

Shareholder Class Action Filed Against Goldcorp

PRNewswire - http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-goldcorp-inc---gg-300320720.html

Aug. 31, 2016

The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Goldcorp, Inc. (NYSE: GG) (TSX:G) ("Goldcorp" or the "Company") on behalf of purchasers of the Company's securities between March 31, 2014 and August 24, 2016, inclusive (the "Class Period").

Investors who purchased Goldcorp securities during the Class Period may, no later than October 24, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.  For additional information please visit https://www.ktmc.com/new-cases/goldcorp-inc#join.

Goldcorp shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com

Goldcorp is engaged in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America.  The Peñasquito gold-silver-lead-zinc mine (the "Peñasquito Mine") is wholly-owned by Goldcorp, and is considered by Goldcorp to be a material mineral property.

The shareholder class action complaint alleges that Goldcorp and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors during the Class Period that: (i) levels of the mineral selenium rose in one groundwater monitoring well near the Peñasquito Mine as early as October 2013; (ii) in October 2014, Goldcorp reported a rise in selenium levels in groundwater to the Mexican government after the contamination near the Peñasquito Mine waste facility intensified; and (iii) in August 2016, Goldcorp told Mexican regulators that contaminated water had also been found in other areas near the Peñasquito Mine.  As a result of the foregoing, the complaint alleges that Goldcorp's public statements to investors were materially false and misleading at all relevant times.

On August 24, 2016, Reuters reported that Mexican regulators were examining whether Goldcorp broke reporting or disclosure regulations in its handling of a long-running leak of contaminated water at the Peñasquito Mine. 

Following this news, shares of Goldcorp fell $1.64 per share, or over 9%, to close on August 24, 2016 at $16.05 per share, on heavy trading volume.

Goldcorp shareholders may, no later than October 24, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.  For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/goldcorp-inc#join.

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country.  Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com
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