VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2008) -
All Amounts in $US unless stated otherwise.
GOLDCORP INC. (TSX:G)(NYSE:GG) today reported record net earnings of $256.5 million, or $0.36 per share, for the quarter ended December 31, 2007 and $460.1 million or $0.65 per share, for the year. Production in 2007 increased 35% to 2,292,600 gold ounces at a total cash cost of $163 per ounce.
Fourth Quarter 2007 Highlights:
- Revenues increased 42% to $679.8 million.
- Gold production increased 9% to 638,900 ounces(2).
- Total cash costs of $195 per gold ounce(2),(3), net of by-product copper and silver credits.
- Operating cash flow of $327.1 million, before changes in working capital(4).
- Reaffirms 2008 guidance of approximately 2.6 million gold ounces at a total cash cost of $250 per ounce.
2007 Full-Year Highlights
- Enhanced position as top gold producer in Canada by acquiring 100% ownership of Musselwhite and Porcupine mines in Ontario.
- Approved Penasquito expansion to 130,000 tonnes per day.
- Increased gold reserves 9% and silver reserves 37%.
- Completed portfolio simplification initiative by disposing of non-core assets: Peak, Amapari and 50% stake in La Coipa.
- Sold entire investment in Silver Wheaton to syndicate of underwriters for cash proceeds of approximately $1.6 billion, received February 14, 2008.
- Paid $126.9 million in dividends.
God Bless America
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