Goldcorp Shareholders Seek Vote to Shut Down Guatemala Mine

Goldcorp Shareholders Seek Vote to Shut Down Guatemala Mine

By Colin McClelland – Mar 22, 2011

Two investors in Goldcorp Inc. (G), the world’s second-largest producer of the metal by market value, proposed the suspension of a Guatemala mine be put to a shareholder vote.

The Vancouver-based company has until March 26 to respond to the resolution brought by the investors which calls for a vote at Goldcorp’s May 18 annual general meeting, Jennifer Moore, a spokeswoman for advocacy group MiningWatch Canada, said today in a telephone interview from Ottawa.

The Inter-American Commission on Human Rights, an arm of the Organization of American States, in May asked Guatemala to close the Marlin mine pending an investigation into allegations that it had adversely affected the health of local Mayan people. An IACHR report also said the affected communities were deprived of their rights because the mining concession was issued without consulting them.

“Discussions with all stakeholders are progressing well,” Jeff Wilhoit, a spokesman for Goldcorp, said in a telephone interview. Most concerns about human rights raised in a company report last year have been addressed, he said. He declined to comment on the resolution.

A similar resolution at last year’s meeting got 10 percent of the vote, including votes from the Van Eck Emerging Markets Fund, Moore said. Van Eck Associates Corp. holds 2.9 percent of Goldcorp, according to data compiled by Bloomberg.

Marlin produced 296,100 ounces of gold last year, or about 12 percent of Goldcorp’s total.

Barrick Gold Corp. (ABX), based in Toronto, is the world’s largest gold miner ranked by market capitalization.


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