On 5 May, I met with Canadian mining giant Goldcorp to talk about its San Martin mine in Honduras.
This was just one day after Goldcorp, in the lead up to its annual general meeting, published on its website that “reported net earnings from continuing operations in the first quarter of 2011 were $651 million compared to $232 million in the first quarter of 2010. Adjusted net earnings from continuing operations were $397 million, or $0.50 per share, compared to $159 million, or $0.22 per share, in the first quarter of 2010.”
Certainly such earnings seem to substantiate Goldcorp’s claim to being the “fastest growing, lowest-cost senior gold producer with operations and development projects in politically stable jurisdictions throughout the Americas”. In other words, great news for shareholders.
The thing is, I wasn’t there to discuss Goldcorp’s profits, instead I – together with CAFOD’s Honduran partner organisation CEHPRODEC and our Canadian sister agency Development and Peace – wanted to know how this claim to fastest growing and lowest cost (read highest profit margin) senior gold producer, sits alongside Goldcorp’s environmental and social responsibility record.