Goldcorp Reports Second Quarter 2017 Results

VANCOUVER, July 26, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) (“Goldcorp” or the “Company”) today reported its second quarter 2017 results.

Second Quarter Highlights

  • Net earnings for the second quarter of 2017 were $135 million, or $0.16 per share, compared to a net loss of $78 million, or $0.09 per share, for the second quarter of 2016. Operating cash flows for the second quarter of 2017 were $158 million. Adjusted operating cash flows were $320 million(1) for the second quarter of 2017 compared to $204 million for the same period in the prior year.
  • Gold production of 635,000 ounces at all-in sustaining costs (“AISC”) of $800 per ounce, compared to 613,000 ounces at AISC of $1,067 for the second quarter of 2016(1). 2017 guidance reconfirmed for gold production of 2.5 million ounces (+/- 5%). 2017 AISC guidance has been improved to $825(2) per ounce (+/- 5%) from $850 per ounce, reflecting the progress the Company has made on its initiative to realize $250 million in sustainable annual efficiencies by the middle of 2018.
  • Program to implement $250 million of sustainable annual efficiencies by the middle of 2018 on track with $200 million expected to be achieved in 2017. More than 100% of the targeted efficiencies have been identified, with the program likely to be extended and the efficiency target increased, after we achieve our current target.
  • Portfolio optimization continues to drive increasing net asset value (“NAV”) per share. The Company’s plan 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 advanced with the formation of a 50/50 joint venture with Barrick Gold Corporation in the Maricunga district in Chile, the divestiture of $500 million of non-core assets in Mexico and Guatemala and solid execution on the Company’s key growth projects.

Leave a Reply