Toronto Stock Exchange: G New York Stock Exchange: GG (All Amounts in $US unless stated otherwise) VANCOUVER, April 25, 2012 /PRNewswire/ -
GOLDCORP INC.
(TSX: G), (NYSE: GG) today reported that adjusted net earnings1 in the quarter increased to $404 million, or $0.50 per share, compared to $392 million, or $0.49 per share, in the first quarter of 2011.
Reported net earnings were $479 million compared to $651 million in the first quarter of 2011.
Operating cash flows before working capital changes2 were $480 million.
Gold production totaled 524,700 ounces at a total cash cost3 of $251 per ounce.
First Quarter 2012 Highlights
Revenues increased 11% to $1.3 billion on gold sales of 545,700 ounces.
Operating cash flow before working capital changes increased 4% to $480 million or $0.59 per share.
Adjusted net earnings increased 3% over the 2011 first quarter, to $404 million or $0.50 per share.
Cash costs totaled $251 per ounce on a by-product basis and $648 per ounce on a co-product basis.
Dividends paid amounted to $109 million.
Quarter-end cash balance of $1.4 billion; net cash position of $0.5 billion4.
High Pressure Grinding Roll ("HPGR") supplemental feed system commissioned at Peñasquito.
"Solid operating results throughout most of our mine portfolio were offset by a challenging first quarter at Red Lake," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Adverse ground conditions at Red Lake delayed the development of new mining faces in the High Grade Zone which, taken together with lower grade in other areas of the mine, led to our slow start to 2012. Our Mexican operations were a particular area of strength in the first quarter, highlighted by the successful commissioning of the final component of Peñasquito's processing line which positions the mine for strong performance over the balance of 2012.
"The pace of construction and development activities at our growth projects remained impressive in the first quarter as well. The Pueblo Viejo joint venture in the Dominican Republic is nearing completion and set to be our next source of new gold production in mid-2012. The Cerro Negro project in Argentina continues to progress toward expected initial gold production in the second half of 2013, and ongoing exploration success there is enhancing the prospects for additional gold reserve growth. In Canada, construction remains on track at Éléonore for late 2014, which is expected to become one of the country's largest new underground gold mines. The 2014 planned completion of the Cochenour project in Red Lake, Ontario will supplement Red Lake's production profile with sustained, low-cost production and the potential for new exploration success in this world-class camp."
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