VANCOUVER, Oct. 25, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) (“Goldcorp” or the “Company”) today reported its third quarter 2017 results.
Third Quarter Highlights
- Net earnings were $111 million, or $0.13 per share, compared to net earnings of $59 million, or $0.07 per share, for the third quarter of 2016. Operating cash flows for the third quarter of 2017 were $315 million compared to $267 million for the same period in the prior year. Adjusted operating cash flows were $308 million(1) for the third quarter of 2017 compared to $401 million for the same period in the prior year.
- Gold production of 633,000 ounces at all-in sustaining costs (“AISC”) of $827 per ounce, compared to 715,000 ounces at AISC of $812 per ounce for the third quarter of 2016(1). 2017 guidance reconfirmed for gold production of 2.5 million ounces (+/- 5%) and AISC of $825(2) per ounce (+/- 5%), previously improved from $850 per ounce, reflecting the progress the Company has made on its efficiency program.
- Program to implement $250 million of sustainable annual efficiencies by the middle of 2018 is on track with $200 million expected to be achieved in 2017 across our portfolio. More than 100% of the $250 million in efficiencies have been identified, with the program likely to be extended and the efficiency target increased, after the Company achieves its current target.
- Solid reserve growth and project execution enhances confidence in the Company’s 20/20/20 growth plan. An increase in proven and probable gold reserves to 53.5 million ounces, strong project delivery of expansions at Peñasquito, Musselwhite and Porcupine (Borden) underpin our plan for a 20% increase in gold production, a 20% increase in gold reserves and a 20% reduction in AISC by 2021, while delivering increasing cash flows over the next five years.
“We have delivered another quarter of on target gold production at low costs, led by strong operating performance at Peñasquito and Cerro Negro. The success of our efficiency program is evident in continued low operating costs and an expanded margin per ounce of gold produced,” said David Garofalo, President & Chief Executive Officer. “With the optimization of our portfolio now complete, we have a full and robust pipeline of development projects poised to deliver value growth in the short, medium and long-term.”