The miner said its capital cost estimate is less than 10% higher than the original estimate of $1.494-billion and construction continues to progress well.
There is also the potential for initial resources to be declared for bulk mineable and high-grade underground zones, as well as the Noche Buena property nearby, noted Canaccord Adams analyst Steven Butler. He assumes reserve additions will be roughly 40% for gold and silver and around 16% for lead and zinc.
Concentrate shipments are scheduled to being in the fourth quarter of 2009 and commercial production is expected for the following quarter. Meanwhile, shipments of large trial lots are anticipated in 2009 now that concentrate samples have been provided to select smelters, Mr. Butler said in a research note.
The analyst also noted that Goldcorp’s optimization efforts are underway. They include the possibility of recovering precious metals from low-grade lead ore that was previously considered uneconomic, the potential for underground bulk mining beneath currently defined open pits, and the possibility of cheaper power from a dedicated facility through a partnership with an independent provider.
Canaccord rates Goldcorp a “buy” with a price target of $32 per share.
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