Newmont Goldcorp Corp (NGT)

[NYBob]

Goldcorp CEO unfazed by 16-year stock low in 'scattered and segregated' gold space
Shane McNeil, BNN Bloomberg


https://www.bnnbloomberg.ca/goldcorp-ceo-unfazed-by-16-year-stock-low-in-scattered-and-segregated-gold-space-1.1158378


Goldcorp Inc.’s CEO is not surprised by the steep decline in his
company’s stock price on the heels of its third-quarter earnings.

“It was a depressed quarter. It was expected a such, and obviously,
the market was disappointed with the quarterly results,”
Goldcorp () CEO David Garofalo told BNN Bloomberg in an interview
on Thursday.
“It is a loss, but it’s set us up for a very strong fourth quarter.”

The miner’s 12-cents-per-share third-quarter loss was more than the
10-cent loss expected by Bloomberg analysts.
The company’s shares plunged 18.40 per cent - or $2.50 –
to close Thursday trading at $11.09.

Garofalo pinned the losses on lower output from the company’s
Peñasquito operation in Mexico.

“In the third quarter we actually accelerated the construction of
our Pyrite Leach project at Peñasquito,” Garofalo told BNN Bloomberg.
“We actually completed that a quarter ahead of schedule and started
the commission earlier.
As a result we decided to feed low-grade material through the mill,
which we signaled to the market.”

However, Garofalo thinks Goldcorp is well-positioned to combat an
overall decline in gold reserves without needing to look at mergers and
acquisitions, like some of its major competitors.

“Over the last six years or so, we’ve actually seen 50 per cent decline
in reserves across the entire industry.
That’s inevitably going to drive M&A, and we saw that more recently
with Barrick [Gold] and Randgold getting together,” he said.
“Even with that consolidation, with that merger:
They’re making themselves into the biggest gold player in the sector,
but that still only represents about six-to-seven per cent of global
mine production.”

“We’ve actually been investing ahead of the curve over the last couple
of years in brown-field expansions of our existing operations and
we’ve populated our pipeline with some very attractive new deposits
that will see us actually grow production and grow value
over the next decade,” Garofalo added.

“So, we’re well positioned to really go against the tide that we’re
seeing in the rest of the sector.”

Still, Garofalo thinks the sector is bound to shrink.

“It’s still very much a scattered and segregated universe,” he said.
“There are too many players in the sector.
We’re likely to see more consolidation to deal with that decline in
reserves and production that the industry is facing.”

- with files from Bloomberg News

https://www.bnnbloomberg.ca/goldcorp-ceo-unfazed-by-16-year-stock-low-in-scattered-and-segregated-gold-space-1.1158378

Gold Prices to be Rising as the Fed Hikes Rates -

https://moneymorning.com/2017/12/15/dont-be-fooled-gold-prices-are-rising-even-as-the-fed-hikes-rates/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+USMoneyMorning+%28Money+Morning%29

Note ....
The gold bull market in the 1970s and 1980s happened
even as the Fed tested record-high interest rates.
The yield on the 30-year Treasury bond rallied sharply
during the late 1970s, eventually topping 15% in 1981.
Gold rallied from about $100 per ounce in 1976
to over $850 per ounce in 1980.

In GOD We Trust -






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Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm


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