Goldcorp achieves record revenues and cash flow; gold reserves increase for eighth consecutive year
Toronto Stock Exchange: G
New York Stock Exchange: GG
http://www.goldcorp.com/Investor-Resources/News/News-Details/2012/Goldcorp-achieves-record-revenues-and-cash-flow-gold-reserves-increase-for-eighth-consecutive-year1128256/default.aspx
(All Amounts in $US unless stated otherwise)
VANCOUVER, Feb. 15, 2012 /PRNewswire/ -
GOLDCORP INC.
(TSX: G, NYSE: GG) reported fourth quarter gold production of
687,900 ounces at a total cash cost1 of $261 per ounce,
leading to record revenues of $1.5 billion and operating cash
flows before working capital changes2 of $831 million.
Reported net earnings in the quarter were $405 million compared
to $560 million in the fourth quarter of 2010.
Adjusted net earnings3 were $531 million, or $0.66 per share,
compared to $431 million, or $0.59 per share, in the fourth
quarter of 2010.
Fourth Quarter 2011 Highlights
Revenues increased to $1.5 billion, on gold sales of 685,000 ounces.
Record operating cash flows before working capital changes
totaled $831 million or $1.03 per share.
Adjusted net earnings totaled $531 million, or $0.66 per share.
Total cash costs were $261 per ounce on a by-product basis.
Co-product cash costs totaled $529 per ounce.
Dividends paid amounted to $91 million.
Dividend increased 32% to $0.54 per share.
Certificate of Authorization was issued for the Éléonore project
in Quebec allowing full construction to commence immediately.
Received approval of amended Environmental Impact Assessment at
the Cerro Negro project in Argentina.
Entered into a $2 billion senior revolving credit facility,
replacing the existing $1.5 billion facility.
Full-Year 2011 Highlights
Revenues increased 43% over 2010, to a record $5.4 billion
driven by gold sales of 2.5 million ounces.
Adjusted net earnings increased 70%, to a record $1.8 billion,
or $2.22 per share.
Record operating cash flows before working capital changes
totaled $2.7 billion or $3.35 per share.
Total cash costs were $223 per ounce on a by-product basis and
$534 per ounce on a co-product basis.
Dividends paid amounted to $330 million.
Proven and probable gold mineral reserves increased 8% to 64.7
million ounces; 6% on a per share basis.
"Strong, low-cost gold production and another year of gold
reserve growth provided a great finish to another solid year
for Goldcorp," said Chuck Jeannes, Goldcorp President and Chief
Executive Officer.
"Our record performance is the result of strength throughout
the mine portfolio, as demonstrated by sustained operational
excellence at Los Filos in Mexico, which led to a record year
at this important operation.
Marlin in Guatemala had a particularly strong quarter and year
as mining in the final, higher grade portions of the open pit
were completed and the mine successfully transitioned to an
exclusively underground operation.
In addition, Red Lake in Ontario finished with a strong quarter
for the year, highlighting the continued strength of this
flagship operation.
"At Peñasquito in Mexico, approximately $360 million in cash
flow from operations was generated in just its first full year
of commercial production illustrating the growing power of this
operation to drive our results for many years to come.
Mechanical work on the final phase of throughput ramp-up is in
commissioning and we are on track to reach average throughput
of 130,000 tonnes per day by the end of the current quarter as
forecasted.
"Stability throughout the mine portfolio, led by planned gold
production growth at Peñasquito of over 65% in 2012, leaves us
well-positioned to achieve overall production guidance this
year of 2.6 million ounces of gold at what we expect to be
the lowest cash costs in the senior gold sector.
Beginning in 2012, the first of four major new sources of gold
production is expected to come on line that will drive a
70% increase in overall gold production by 2016.
New gold production of approximately 85,000 ounces is forecast
to Goldcorp's account at the Pueblo Viejo joint venture in
the Dominican Republic in 2012, followed by first gold at
Cerro Negro in Argentina in 2013.
Initial gold production is also expected at two new Canadian
pure gold projects in 2014:
Cochenour in Red Lake, Ontario and Éléonore in Quebec.
Each of these growth projects is permitted and construction
is progressing according to plan, supporting our expectations
of a very achievable path to 4.2 million ounces of gold
production in 2016."
2011 Marks Eighth Consecutive Year of Reserve and Resource Growth
The Company also announced today that proven and probable
gold mineral reserves increased by 8% to 64.7 million ounces,
the eighth consecutive year that Goldcorp has increased gold
reserves.
Measured and indicated gold mineral resources increased 10%
to 28.2 million ounces in 2011.
Proven and probable silver mineral reserves totaled 1.2 billion
ounces and measured and indicated silver mineral resources
totaled 418 million ounces, representing one of the largest
silver reserves in the industry.
Overall gold reserve growth was driven by exploration success
at Cerro Negro, Los Filos and Porcupine.
"Strong growth in reserves and resources in 2011 once again
highlights the continued success of Goldcorp's focused
exploration programs, which discovered new gold reserves at
a cost of approximately $14 per gold ounce," added Jeannes.
"The consistent ability of Goldcorp to increase the amount
of gold reserves represented by each of our common shares
represents true leverage to the gold price.
In 2011, gold reserves increased 6% on a per share basis."
Complete mineral reserve and mineral resource data including
tonnes, grades and ounces is available at
http://www.goldcorp.com
The following summary accounts for the changes in gold ounces year over year:
Proven and probable reserves as of January 1, 2011
Mined ounces during 2011 (including mining depletion)
Net discovered ounces and converted resources during 2011
Net changes due to metal prices/engineering
Proven and probable reserves as of January 1, 2012 60.1
(3.4)
6.2
1.8
64.7 moz
moz
http://tmx.quotemedia.com/article.php?newsid=48487251&qm_symbol=GG:US
Toronto Stock Exchange: G
New York Stock Exchange: GG
http://www.goldcorp.com/Investor-Resources/News/News-Details/2012/Goldcorp-achieves-record-revenues-and-cash-flow-gold-reserves-increase-for-eighth-consecutive-year1128256/default.aspx
(All Amounts in $US unless stated otherwise)
VANCOUVER, Feb. 15, 2012 /PRNewswire/ -
GOLDCORP INC.
(TSX: G, NYSE: GG) reported fourth quarter gold production of
687,900 ounces at a total cash cost1 of $261 per ounce,
leading to record revenues of $1.5 billion and operating cash
flows before working capital changes2 of $831 million.
Reported net earnings in the quarter were $405 million compared
to $560 million in the fourth quarter of 2010.
Adjusted net earnings3 were $531 million, or $0.66 per share,
compared to $431 million, or $0.59 per share, in the fourth
quarter of 2010.
Fourth Quarter 2011 Highlights
Revenues increased to $1.5 billion, on gold sales of 685,000 ounces.
Record operating cash flows before working capital changes
totaled $831 million or $1.03 per share.
Adjusted net earnings totaled $531 million, or $0.66 per share.
Total cash costs were $261 per ounce on a by-product basis.
Co-product cash costs totaled $529 per ounce.
Dividends paid amounted to $91 million.
Dividend increased 32% to $0.54 per share.
Certificate of Authorization was issued for the Éléonore project
in Quebec allowing full construction to commence immediately.
Received approval of amended Environmental Impact Assessment at
the Cerro Negro project in Argentina.
Entered into a $2 billion senior revolving credit facility,
replacing the existing $1.5 billion facility.
Full-Year 2011 Highlights
Revenues increased 43% over 2010, to a record $5.4 billion
driven by gold sales of 2.5 million ounces.
Adjusted net earnings increased 70%, to a record $1.8 billion,
or $2.22 per share.
Record operating cash flows before working capital changes
totaled $2.7 billion or $3.35 per share.
Total cash costs were $223 per ounce on a by-product basis and
$534 per ounce on a co-product basis.
Dividends paid amounted to $330 million.
Proven and probable gold mineral reserves increased 8% to 64.7
million ounces; 6% on a per share basis.
"Strong, low-cost gold production and another year of gold
reserve growth provided a great finish to another solid year
for Goldcorp," said Chuck Jeannes, Goldcorp President and Chief
Executive Officer.
"Our record performance is the result of strength throughout
the mine portfolio, as demonstrated by sustained operational
excellence at Los Filos in Mexico, which led to a record year
at this important operation.
Marlin in Guatemala had a particularly strong quarter and year
as mining in the final, higher grade portions of the open pit
were completed and the mine successfully transitioned to an
exclusively underground operation.
In addition, Red Lake in Ontario finished with a strong quarter
for the year, highlighting the continued strength of this
flagship operation.
"At Peñasquito in Mexico, approximately $360 million in cash
flow from operations was generated in just its first full year
of commercial production illustrating the growing power of this
operation to drive our results for many years to come.
Mechanical work on the final phase of throughput ramp-up is in
commissioning and we are on track to reach average throughput
of 130,000 tonnes per day by the end of the current quarter as
forecasted.
"Stability throughout the mine portfolio, led by planned gold
production growth at Peñasquito of over 65% in 2012, leaves us
well-positioned to achieve overall production guidance this
year of 2.6 million ounces of gold at what we expect to be
the lowest cash costs in the senior gold sector.
Beginning in 2012, the first of four major new sources of gold
production is expected to come on line that will drive a
70% increase in overall gold production by 2016.
New gold production of approximately 85,000 ounces is forecast
to Goldcorp's account at the Pueblo Viejo joint venture in
the Dominican Republic in 2012, followed by first gold at
Cerro Negro in Argentina in 2013.
Initial gold production is also expected at two new Canadian
pure gold projects in 2014:
Cochenour in Red Lake, Ontario and Éléonore in Quebec.
Each of these growth projects is permitted and construction
is progressing according to plan, supporting our expectations
of a very achievable path to 4.2 million ounces of gold
production in 2016."
2011 Marks Eighth Consecutive Year of Reserve and Resource Growth
The Company also announced today that proven and probable
gold mineral reserves increased by 8% to 64.7 million ounces,
the eighth consecutive year that Goldcorp has increased gold
reserves.
Measured and indicated gold mineral resources increased 10%
to 28.2 million ounces in 2011.
Proven and probable silver mineral reserves totaled 1.2 billion
ounces and measured and indicated silver mineral resources
totaled 418 million ounces, representing one of the largest
silver reserves in the industry.
Overall gold reserve growth was driven by exploration success
at Cerro Negro, Los Filos and Porcupine.
"Strong growth in reserves and resources in 2011 once again
highlights the continued success of Goldcorp's focused
exploration programs, which discovered new gold reserves at
a cost of approximately $14 per gold ounce," added Jeannes.
"The consistent ability of Goldcorp to increase the amount
of gold reserves represented by each of our common shares
represents true leverage to the gold price.
In 2011, gold reserves increased 6% on a per share basis."
Complete mineral reserve and mineral resource data including
tonnes, grades and ounces is available at
http://www.goldcorp.com
The following summary accounts for the changes in gold ounces year over year:
Proven and probable reserves as of January 1, 2011
Mined ounces during 2011 (including mining depletion)
Net discovered ounces and converted resources during 2011
Net changes due to metal prices/engineering
Proven and probable reserves as of January 1, 2012 60.1
(3.4)
6.2
1.8
64.7 moz
moz
http://tmx.quotemedia.com/article.php?newsid=48487251&qm_symbol=GG:US
My opinions are my own and and DD I post should be confirmed as unbiased
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