Goldcorp

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Goldcorp Inc. (TSX: G, NYSE: GG) is a large Canadian gold producer with operations in the Americas and Australia. The Company had record net earnings of US$286 million (US$0.91 per share) in 2005.

1 History
2 See also
3 External links
4 References

[edit] History

On 31 August 2006, Goldcorp acquired Glamis Gold for $8.6 billion USD, creating one of the world's largest gold mining companies with combined assets of $21.3 billion USD [1]. The takeover was completed in November 2006.

In March 2000, former CEO Rob McEwen released all geological data concerning the company's property in Red Lake, Ontario to the public. It issued an online challenge to find the "next six million ounces of gold", and offered rewards for the most helpful contributions. According to Don Tapscott and Anthony Williams' Wikinomics:

Within weeks, submissions from around the world came flooding in to Goldcorp headquarters. As expected, geologists got involved. But entries came from surprising sources, including graduate students, consultants, mathematicians, and military officers all seeking a piece of the action. "We had applied math, advanced physics, intelligent systems, computer graphics, and organic solutions to inorganic problems. There were capabilities I had never seen before in the industry," says McEwen. "When I saw the computer graphics I almost fell out of my chair." The contestants had identified 110 targets on the Red Lake property, 50 percent of which had not previously been identified by the company. Over 80 percent of the new targets yielded substantial quantities of gold. In fact, since the challenge was initiated an astounding eight million ounces of gold have been found. McEwen estimates the collaborative process shaved two to three years off their exploration time.

According to Tapscott and Williams, McEwan got the idea from a conference he attended that discussed Linux. They argue that Goldcorp became as successful as it did because it followed an "open source" business model that allowed it to harness numerous talented minds outside the company.