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NET NIT – Thoughts on low costs and high-grading

Retired reader Don Gillis, who resides in North Bay, Ont., was quick to write about what he thinks of how GOLDCORP ...


Retired reader Don Gillis, who resides in North Bay, Ont., was quick to write about what he thinks of how GOLDCORP keeps its costs per ounce low.

“I moved to Balmertown in 1946 when the diamond drill was drilling the pilot hole for the Dickenson shaft, and attended the one-room school on opening day,” he said. “In those days, those who took gold-containing rock to supplement their wages were called ‘high-graders’ and went to jail if caught. Now those that take excessive quantities of high grade from the orebody are called ‘entrepreneurs’ and are rewarded with huge stock options and hailed as heroes by the business press.

“I recall several occasions when the mine manager issued directives to get the mill heads down closer to the average grade of the total resource. He didn’t want to be accused of high-grading the orebody.

“I fail to see how journalists with geological and business backgrounds can be describing Goldcorp executives as great operators,” Gillis concluded. “I am not a fan of Goldcorp even though I am a shareholder, I started my mining career in Balmertown, and my dad retired as manager of Dickenson.”


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