Goldcorp Reports Fourth Quarter and Full Year 2016 Results

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/530-tsx/g/29365-goldcorp-reports-fourth-quarter-and-full-year-2016-results.html

VANCOUVER, Feb. 15, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its fourth quarter and full year 2016 results.

Fourth Quarter Highlights

  • Net earnings for the fourth quarter were $101 million, or $0.12 per share, compared to a net loss of $4.3 billion, or loss of $5.14 per share in the fourth quarter of 2015.
  • Fourth quarter operating cash flows of $239 million and adjusted operating cash flows(1,2) of $383 million, of which $169 million(1) was used to repay debt, $61 million was used to fund the growth pipeline and $16 million was used to pay dividends. Available liquidity at December 31, 2016 stood at $3.17 billion.
  • Gold production of 761,000 ounces at substantially lower all-in sustaining costs(1)(“AISC”) of $747 per ounce, compared to 909,000 ounces at AISC of $977 per ounce in the fourth quarter of 2015. Full year 2016 gold production guidance was achieved with AISC at the low end of the Company’s guidance.
  • Renewed growth strategy projected to achieve a 20% increase in gold production, 20% increase in gold reserves and a 20% reduction in AISC over the next five years. The ramp-up to nameplate capacity at Cerro Negro and Éléonore, a continued focus on productivity and efficiency improvements at the existing camps and advancing the robust project pipeline are expected to position the Company to deliver growth in net asset value per share.
  • Identified 60% of the targeted $250 million in sustainable efficiencies; 40% delivered by the end of 2016. The Company is well underway toward achieving its $250 million target sustainable annual savings by 2018.
  • Growing net asset value (“NAV”) per share through portfolio optimization. Goldcorp continued to deliver on its strategy of growing net asset value by recycling capital into new large-scale camps as the $400 million acquisition of the Coffee Project in the Yukon in July 2016 was followed by the announced sales in January 2017 of the Los Filos mine in Mexico for consideration of $438 million, and the Cerro Blanco project in Guatemala for consideration of $50 million, including contingent consideration.

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