GOLDCORP EARNINGS INCREASE AND DIVIDEND DOUBLES ON RECORD OPERATING CASH FLOW
Oct. 27, 2010 (Canada NewsWire Group) --
<< Toronto Stock Exchange: G New York Stock Exchange: GG ------------------------------------------------------------------------- (All Amounts in $US unless stated otherwise) >>
VANCOUVER, Oct. 27 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) today reported third quarter gold production of 596,200 ounces and lower cash costs of production, leading to record operating cash flows before working capital changes(1) of $470.6 million. Reported net earnings in the quarter were $466.5 million compared to $114.2 million in the third quarter of 2009. Adjusted net earnings(2) were $231.5 million, or $0.31 per share, compared to $140.6 million, or $0.19 per share, in the third quarter of 2009.
Quarter Highlights
<< - Revenues increased 28% over the 2009 third quarter, to $885.8 million, on gold sales of 568,100 ounces. - Total cash costs(3) for the quarter were $260 per ounce on a by- product basis and $429 per ounce on a co-product basis. - Operating cash flows before working capital changes totalled $470.6 million. - Commercial production declared at Penasquito; successful ramp-up continues with mechanical completion of high pressure grinding roll circuit. - Andean Resources acquisition to add high quality gold production growth. - San Dimas and Terrane divestitures further focus portfolio and enhance balance sheet. - Dividends paid amounted to $33.2 million. - Dividend increased 100% to $0.36 per share ($0.03 per month). >>
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