The Globe and Mail reports in its Thursday edition that Goldcorp is leading an industry push to clamp down on suppliers, pressuring them to cut prices so the mining company can keep costs down amid the sector's slump. The Globe's Rachelle Younglai writes that miners are under siege after bullion lost about a third of its value over the past couple years. Barrick Gold and Kinross Gold overhauled operations and wrote down assets to mitigate the downturn. Smaller miners such as Iamgold have cut dividends to preserve cash. Now mining companies are pushing suppliers to slash prices on equipment, goods and services after years of escalating costs. Goldcorp is leaning on vendors to help reach the company's goal of cutting costs by 17 per cent. Goldcorp has asked suppliers to "perform an immediate review of your costs and propose adjustments to your current pricing to meet our target." The pressure is bearing fruit. By the end of June, Goldcorp had realized $74-million in reductions from squeezing its supply chain -- an area it has identified as "one source of significant cost savings." Goldcorp is aiming for $100-million in annualized savings. Goldcorp wants supplier discounts to take effect in July.