Canadian Government Grants Goldcorp C$5 Million for Borden Project

Goldcorp (TSX:G,NYSE:GG) has received a C$ 5-Million grant from the Canadian government in order to support its new all-electric Borden project, the company announced on Monday (October 29).

The project is located in Chapleau, Ontario, and will be the first underground mine in Canada to replace diesel mobile equipment with battery electric vehicles.

“We believe the days of diesel use for underground mining equipment are numbered and electrification of our mobile fleet is a logical way to significantly reduce the mine’s environmental footprint,” said David Garofalo, president and CEO.

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With commercial production slated to begin in the second half of 2019, Goldcorp has noted that it will focus on partnering with “like-minded” technology suppliers, including MacLean Engineering and Sandvik (STO:SAND), provincial and federal governments and First Nations in order to commercialize clean technologies.

Additionally, the miner stated, “[we will] improve health and safety performance, and reduce GHG emissions with the aim of improving the viability, sustainability and profitability of our mines. It’s gratifying to see multiple levels of government support innovation and our vision of a safer, greener mining industry.”

Goldcorp reported that Natural Resources Canada’s Clean Growth Program will fund the project. The program is a C$ 155-million investment fund for clean technology research, development and demonstration within the energy, mining and forestry sectors of Canada.  

“Improved environmental performance in Canada’s mining sector is one of the key paths to a low-carbon economy,” said the Honourable Amarjeet Sohi, Canada’s minister of natural resources.

“This project helps advance clean technologies to commercial readiness, creates good middle class jobs and reduces greenhouse gas emissions,” he added.

Goldcorp pointed out that it has shown its success in spurring innovation in the mining sector through its popular #DisruptMining challenge and with its more than C$ 10-million contribution to a variety of start-ups and new technologies in the past two years.

#DisruptMining takes place every year during the Prospectors and Developers Association of Canada conference in Toronto and offers entrepreneurs a platform to bring disruptive and exponential technologies to the sector.

“[W]hether it’s unlocking exploration opportunities; finding operational and production efficiencies; reducing the environmental footprint and delivering on sustainability commitments; or developing alternative ways to finance capital projects,” the company stated.

This year’s winner was geophysics company Acoustic Zoom, which walked away with the the chance to negotiate a contract or investment of up to US$ 1 million with Goldcorp.

As of 2:08 p.m. EST on Tuesday (October 30), Goldcorp was down 1.35 percent, trading at C$ 11.66.

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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.  

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