Recently, a Canadian mining company Goldcorp Inc., citing an unfavourable financial context for metal mining investment globally, announced the suspension of three mega projects, among them the emblematic Cerro Blanco gold project located in Guatemala, only 18 kilometres from the city of Metapan, in the western department of Santa Ana, El Salvador. The Cerro Blanco mine is situated on geothermal reservoirs with temperatures above 80 degrees Celsius that, to date, have been the main technical hurdle that the company has not been able to overcome and that has resulted in higher costs than projected.
Goldcorp is a Canadian company with British investment. Among Goldcorp’s major investors are British-based AXA Investment Managers UK Ltd., Blackrock Commodities Income Trust plc and City Natural High Yield Trust plc.