Goldcorp Reports First Quarter 2017 Results

VANCOUVER, April 26, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its first quarter 2017 results.

First Quarter Highlights

  • Net earnings for the first quarter were $170 million, or $0.20 per share, compared to net earnings of $80 million, or $0.10 per share, for the first quarter of 2016.

  • First quarter operating cash flows were $227 million and adjusted operating cash flows(1,2) were $269 million, of which $74 million was used to fund the growth pipeline, $65 million was used to repurchase a gold stream on the Company’s NuevaUnión project and $15 million was used to pay dividends. Available liquidity at March 31, 2017 stood at $3.1 billion.
  • Gold production of 655,000 ounces at low all-in sustaining costs (1) (“AISC”) of $800 per ounce, compared to 784,000 ounces at AISC of $836 per ounce for the first quarter of 2016. 2017 guidance reconfirmed for gold production of approximately 2.5 million ounces (+/- 5%) at AISC of approximately $850 per ounce (+/- 5%).
  • Portfolio optimization continues to drive increasing net asset value (“NAV”) per share. The Company continued to upgrade its portfolio with the announcement of a 50/50 joint venture with Barrick in the Maricunga district in Chile, and the completion of approximately $500 million in divestitures of non-core assets. Targeted annual sustainable efficiencies of $250 million and advancing our robust project pipeline are on track to deliver a 20% increase in gold production, a 20% increase in gold reserves and a 20% reduction in AISC over the next five years.

“Strong first quarter results were driven by solid production and low all-in sustaining costs, with our $250 million annual sustainable efficiency program well advanced and already benefitting the bottom line,” said David Garofalo, President and Chief Executive Officer.  “To deliver on the 20/20/20 growth plan we are maintaining a laser focus on execution, while simultaneously optimizing our asset portfolio and driving down costs.  In addition, we continue to enhance the strongest growth pipeline in the gold industry with the planned 60 million ounce joint venture in the Maricunga District in Chile, financed by the sale of non-core assets.  This transaction underlies our strategy of growing net asset value per share by delivering three to four million ounces of sustainable, annual gold production from six to eight core camps.”

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