Goldcorp (GG) Suspends Mexican Mine Due to Land Dispute

NEW YORK (TheStreet) -- Vancouver-based Goldcorp (GG) announced Wednesday that it has suspended operations at its Los Filos mine in Mexico due to the pending renewal of its land occupancy agreement.

The gold miner said it had tried unsuccessfully to reach a negotiated settlement with Carrizalillo Ejido, an association of local landowners, to renew its occupancy agreement which expired March 31.

In a statement, the company said it "continues to hold discussions with Ejido representatives to expeditiously resolve the situation with the goal of ensuring the long-term sustainability of operations amid a lower gold price environment and significantly higher Mexican tax obligations."

By late morning, shares had added 2.5% to $25.14.

Must read: Warren Buffett's 10 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

TheStreet Ratings team rates GOLDCORP INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate GOLDCORP INC (GG) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

If you liked this article you might like

These Stocks Have Changed Direction

Intermediate Trade: Goldcorp

5 Precious Metals Plays on the 'Trumpcare' Fallout

Gold and Gold Stocks Lost Their Luster Since Post-Election Highs

Bullish and Bearish Reversals in the Market