Goldcorp Reports Second Quarter 2016 Results; Expansions Approved at Peñasquito and Musselwhite

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/530-tsx/g/22834-goldcorp-reports-second-quarter-2016-results-expansions-approved-at-penasquito-and-musselwhite.html

VANCOUVER, July 27, 2016 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its second quarter 2016 results and a decision to proceed with expansions at both its Peñasquito and Musselwhite mines.

Second Quarter 2016 Highlights

  • Gold production(1) of 613,400 ounces at all-in sustaining costs(1)(3) (“AISC”) of $1,067 per ounce, compared to 908,000 ounces at AISC of $853 per ounce in 2015. Lower gold production was expected in the second quarter mainly due to planned lower ore grades, a 10-day mill shutdown for planned maintenance at Peñasquito and the exhaustion of surface stockpiles at Cerro Negro which contributed significantly to mill feed in 2015.  Further, a slower than expected ramp up after the mill shutdown at Peñasquito and the decision to accelerate a large workforce reduction at Cerro Negro had a short-term, negative impact on second quarter gold production.
  • 2016 guidance reconfirmed for gold production of between 2.8 and 3.1 million ounces, at AISC of between $850 and $925per ounce.  Production is expected to increase in the third and fourth quarter as the plant at Peñasquito returned to normal operations in July and higher grades are expected from a number of mines. AISC are expected to decrease as a result of higher production.

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