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."
Gold to Rally Above $1,900 by End 2012: HSBC Sunday, August 5, 2012 At 11:09PM
Gold could be one of the few assets to profit from the political and economic turbulence in the United States as the “fiscal cliff” approaches, potentially creating a rally in the precious metal later in 2012 for it to reach $1,900 per ounce by the end of the year, analysts at HSBC said.
“Economic uncertainty, geopolitical tensions and the uncertainty of the U.S. November elections are theoretically gold-bullish,” and gold should perform better later in the year “when U.S. growth is poor and the dollar is weak,” a new HSBC report said. “We expect prices to rally to above $1,900/oz by the end of the year. Patience is the most important commodity.”
HSBC recommends holding onto gold as an asset that will gain in value as investors fear the future of the euro and dollar with governments and central banks expected to intervene to shore up their currencies’ strength.
compare it to USA king pin - Rothschild/Hitler super red puppets - ussr khazar/bolsheviks copycatz - 99.666% against the PEOPLE -
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GG Goldcorp Split Time Overdue - with Robert McEvans we would get two new share for each one held - got it twice before - more easy for investors to buy a $10-20/sh to get a board lot than to buy above $40/sh - shareholders should suggest it again to the new management - get a split going - don't mind to get 3 new for each share held get new shares again - in no time they will fly to 40 again and it be time for new shares again - again - again - it a smart move - it works very positive each time - I been in since Dickinson time - good moves Robert did - it worked all the way and GG used to to be the top mover of NYSE get the split going
Ps. NO FOOD "COMING TO AMERICA" The real stimulus package ex....
Coming to America and the whole world? Got news for ya, as an American x will not be charging police with a rock and knife. And dont forget, our young have been? in combat for 10 years now, and watching these police, they all looked like a bunch of cherries. rangersgtt 13 hours ago Reply They got something call Martial Law. DHS just order 750 Million bullets to shot? at us ? !
Over the remainder of 2012, the Company will continue to evaluate the impact on Red Lake's long-term production profile of timing issues in accessing High Grade Zone reserves as well as continued grade variability in the Footwall Zone.
Until further study of these issues has advanced, the range of production expectations for Red Lake beyond the current year should reflect production similar to the range provided for 2012 of between 460,000 and 510,000 ounces. During the first half of 2012 gold production was 218,200 ounces at cash costs of $568 per ounce and the mine remains on track to achieve 2012 production guidance.
Extending the High Grade Zone
During the second quarter of 2012, successful drilling results continued from Red Lake's 4199 exploration ramp. Numerous intercepts have confirmed the extension of consistent high grade mineralization between levels 52 and 55. Drilling is also indicating the presence of high grade intercepts deeper at the 57 level.
Exploration of New Zone
New drill results in an unexplored area west of the High Grade Zone have outlined a new zone above the 52 level, which remains open vertically and to the west. As a result of the success of this drilling an exploration drift is being developed near the 47 level to access to allow for better drilling of this new structure. This area will be a focus of drilling over the remainder of the year as it has the potential to increase mining flexibility due to proximity to existing infrastructure.
Cochenour - Construction and Development Progressing
A key component of the Company's overall optimization plan to sustain the Red Lake operation is the development of the Cochenour project.
Located five kilometers from the Red Lake gold mine, the Cochenour project has continued to advance.
Widening of the historical Cochenour shaft has reached 108 metres to a total depth of 342 metres.
The five kilometer haulage drift that will transport ore from the Bruce Channel to Red Lake's existing Campbell milling facilities has advanced to 57% completion. Progress has advanced as expected and is on track to be 66% complete by year-end.
A study of the overall project, which will provide updated project costs and timing of first gold, is currently underway and expected to be complete in the third quarter. The study incorporates changes in the mine design and development resulting from exploration results obtained over the past two years.
Red Lake
Red Lake Gold Mines (RLGM) is composed of two operating complexes: the Red Lake and the Campbell Complex. Situated in one of the world's most prolific gold producing regions, RLGM has produced 20 million ounces since 1949 and it continues to be one of the highest-grade gold mines and lowest cost producers in the world. RLGM is also the largest gold mine in Canada. The High Grade Zone alone has averaged more than two ounces of gold per ton.
Cochenour
The Cochenour Project combines the existing workings of the historic Cochenour mine with the Bruce Channel gold discovery. The Cochenour/Bruce Channel deposit is located down dip from the historic Cochenour mine and is a key component of Goldcorp's consolidation plans in the Red Lake district.
Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.
The scientific and technical information concerning Goldcorp's mineral properties contained herein is based upon information prepared by or under the supervision of Maryse Belanger, Vice President, Technical Services of Goldcorp who is a "qualified person" within the meaning of National Instrument 43-101.
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