Toronto Stock Exchange: G New York Stock Exchange: GG (All Amounts
in $US unless stated otherwise) VANCOUVER, April 25, 2012 /CNW/ -
GOLDCORP INC. , today reported that adjusted net earnings(1) in the
quarter increased to $404 million, or $0.50 per share, compared to
$392 million, or $0.49 per share, in the first quarter of
2011. Reported net earnings were $479 million compared to
$651 million in the first quarter of 2011. Operating cash
flows before working capital changes(2) were $480 million.
Gold production totaled 524,700 ounces at a total cash cost(3) of
$251 per ounce. First Quarter 2012 Highlights -- Revenues increased
11% to $1.3billion on gold sales of 545,700ounces. -- Operating
cash flow before working capital changes increased 4% to
$480million or $0.59per share. -- Adjusted net earnings increased
3% over the 2011 first quarter, to $404 million or $0.50per share.
-- Cash costs totaled $251per ounce on a by-product basis and $648
per ounce on a co-product basis. -- Dividends paid amounted to
$109million. -- Quarter-end cash balance of $1.4billion; net cash
position of $0.5 billion4. -- High Pressure Grinding Roll ("HPGR")
supplemental feed system commissioned at Peñasquito. "Solid
operating results throughout most of our mine portfolio were offset
by a challenging first quarter at Red Lake," said Chuck Jeannes,
Goldcorp President and Chief Executive Officer. "Adverse
ground conditions at Red Lake delayed the development of new mining
faces in the High Grade Zone which, taken together with lower grade
in other areas of the mine, led to our slow start to 2012.
Our Mexican operations were a particular area of strength in the
first quarter, highlighted by the successful commissioning of the
final component of Peñasquito's processing line which positions the
mine for strong performance over the balance of 2012. "The pace of
construction and development activities at our growth projects
remained impressive in the first quarter as well. The Pueblo
Viejo joint venture in the Dominican Republic is nearing completion
and set to be our next source of new gold production in mid-2012.
The Cerro Negro project in Argentina continues to progress toward
expected initial gold production in the second half of 2013, and
ongoing exploration success there is enhancing the prospects for
additional gold reserve growth. In Canada, construction
remains on track at Éléonore for late 2014, which is expected to
become one of the country's largest new underground gold mines. The
2014 planned completion of the Cochenour project in Red Lake,
Ontario will supplement Red Lake's production profile with
sustained, low-cost production and the potential for new
exploration success in this world-class camp." Financial Review
Gold sales in the first quarter were 545,700 ounces on production
of 524,700 ounces. This compares to sales of 627,300 ounces
on production of 637,600 ounces in the first quarter of 2011.
Silver production totaled 6.6 million ounces compared to silver
production of 6.1 million ounces in the prior year's first
quarter. Total cash costs were $251 per ounce of gold on a
by-product basis. On a co-product basis, cash costs were $648
per ounce, impacted primarily by lower overall gold production. Net
earnings in the quarter were $479 million compared to $651 million
in the first quarter of 2011. Adjusted net earnings in the first
quarter totaled $404 million, or $0.50 per share, compared to $392
million or $0.49 per share, in the first quarter of 2011.
Adjusted net earnings in the first quarter of 2012 primarily
exclude the gains from the foreign exchange translation of deferred
income tax liabilities; mark-to-market losses relating to a term
silver sales contract; mark-to-market gains on the conversion
feature of convertible senior notes and impairment charges related
to certain of its equity investments; but include the impact of
non-cash stock-based compensation expenses which amounted to
approximately $28 million or $0.03 per share for the quarter.
Operating cash flow before changes in working capital was $480
million compared to $463 million in last year's first
quarter. An average realized gold price of $1,707 per ounce
for the quarter and total cash costs of $251 per ounce resulted in
a gold margin(5) of $1,456 per ounce of gold sold. Mexico
Gold and silver production at Peñasquito in the first quarter was
68,600 and 4,955,400 ounces respectively while lead and zinc
production totaled 39.2 million pounds and 63.8 million pounds,
respectively. Strong by-product production contributed to
total cash costs of negative $751 per ounce of gold. The Company
announced on March 28(th) the successful commissioning of the HPGR
supplemental feed system, positioning the mine to achieve design
processing capacity. As expected, plant throughput
during the first quarter of 2012 was affected by the tie-in and
commissioning of the HPGR system as well as planned milling circuit
maintenance. The mine remains on track to achieve estimated
2012 production guidance of 425,000 ounces of gold.
Activities at Peñasquito over the balance of 2012 will focus on
further optimization of the processing plant as well as
commissioning of the Waste Rock Overland Conveyor system expected
in the second half of this year. Gold production at Los Filos in
the first quarter was 82,700 ounces at a total cash cost of $521
per ounce. The construction of new phases of the heap leach
pad facility is progressing well and is on track for completion
late in the second quarter of 2012. The 2012 exploration
program is continuing to follow up on 2011 drilling success through
the exploration of the Los Filos pit towards the 4P south area, and
El Bermejal pit towards the northwest. The Company is pleased
to announce that Los Filos has been awarded Goldcorp's highest
safety award for the third year in a row. The Los Filos
team's sustained commitment to safety excellence is the embodiment
of Goldcorp's dedication to fostering a world-class safety culture
throughout the organization. Canada At Red Lake in Ontario, first
quarter gold production was 114,200 ounces at a total cash cost of
$523 per ounce. Adverse ground conditions in the High Grade
Zone delayed access to planned high grade stopes.
Inconsistent mineralization in the Footwall Zones and lower-than
expected grades in the Campbell zone, also contributed to lower
overall gold production. Drilling continued from the 4199
exploration ramp during the first quarter of 2012. The focus of
exploration activities remains on the High Grade Zone at depth,
testing for the possibility of fault offsets and extensions of the
High Grade Zone beyond the current five year reserve. Drilling in
this area has intersected large carbonate veins, as well as zones
of high-grade gold mineralization. These intercepts, located 10-50
metres from the projection of the High Grade Zone, appear to be
either the fault offset or a new zone. At Porcupine in Ontario,
gold production during the first quarter increased to 60,700 ounces
at a total cash cost of $786 per ounce, driven by higher
throughput. The Hoyle Pond Deep project continued to advance
to access both depth extensions of current ore bodies and
newly-discovered zones and to enhance operational flexibility and
efficiencies throughout the Hoyle Pond operation. The
commencement of full-face shaft sinking is planned for the second
quarter of 2012. Work related to the Hollinger open pit
project focused on completing the first kilometer of haul road
construction between the Hollinger site and the Dome mill and
equipment purchases, with the first of two shovels arriving on site
for assembly during the first quarter of 2012. The development
phase of the project will continue for a period of 12-18 months,
with initial ore feed from Hollinger expected through the mill in
the second half of 2012. Exploration during the first quarter of
2012 focused on current mineralized zones at Hoyle Pond, including
follow-up drilling on positive results achieved in the high-grade
VAZ zone. Surface drill programs were focused on targets near the
Hoyle Pond Mine as well as a conceptual target near Dome Mine. Gold
production at Musselwhite during the first quarter totaled 53,200
ounces at a total cash cost of $844 per ounce. Exploration in
the first quarter focused on continued definition of the Lynx Zone
from surface and underground. Surface drilling on Lynx targeted the
along-strike extent while two ice rigs targeted the up-dip extent
above the current resource. Drilling on the up-dip extent of the
Lynx returned positive results and the zone was also intersected at
the North Shore, a distance of 1.5 kilometres north of the current
resource boundary. Underground drilling has also returned positive
results for the C-block of the PQ Deeps north of the 2011 resource
boundary. Additionally, early stage exploration of the West Limb
target has returned positive results, with a number of mineralized
shears intersected in the drilling. Guatemala At Marlin in
Guatemala, gold and silver production decreased 32% and 6% from the
first quarter 2011 to a total of 53,200 ounces and 1,663,100 ounces
respectively. Cash costs totaled negative $187 per
ounce. The decreases in gold and silver production are
consistent with the mine plan following completion of open pit
mining operations in the Marlin pit at the end of 2011. Development
of the West Vero Zone has progressed as planned and initial
production from this area is expected during the second quarter of
2012. Drilling to extend the Delmy vein to the north is also
showing positive results. Advancing the Project Pipeline At the
Pueblo Viejo project in the Dominican Republic, overall
construction is approximately 93% complete, with initial production
expected in mid-2012. At the end of the first quarter, about 15
million tonnes of ore were stockpiled; representing approximately
1.7 million contained gold ounces. Construction of the tailings
facility progressed during the first quarter with the receipt of
all permits to allow construction of the starter dam to its full
design height. The oxygen plant is on track for pre-commissioning
testing in the second quarter of 2012 and full commissioning of the
first two of four autoclaves is expected to occur in the second
quarter. The Piedra Blanca Substation was commissioned and the site
is now able to draw energy from the grid, in the near-term. As part
of a longer-term, optimized power solution for Pueblo Viejo, the
Company is advancing a plan to construct a dual fuel power plant at
an estimated incremental cost of approximately $300 million (100%
basis) or $120 million (Goldcorp's share), of which 90% is
committed. The new plant is expected to provide lower cost,
long-term power to the project. Earth work for the new power plant
has commenced. At the Cerro Negro project in Argentina, activities
at site continued to advance the project in the overall categories
of infrastructure and construction, mine development and
exploration. The development plan calls for concurrent mining from
multiple veins, with initial mining to take place in the
Eureka, Mariana Central and Mariana Norte veins. Total
underground ramp development for the Eureka vein remained at 1,621
metres of the total 3,900 metres planned, while drifts were driven
into the Eureka vein on the 476 and 450 levels. These levels
will become the first production blocks to be mined this
year. Lateral development continued as planned and ore from
the Eureka vein is anticipated to be mined and stockpiled on the
surface during 2012. Development of the Mariana Central and
Mariana Norte veins also continued to advance in the first quarter
of 2012. Surface excavations and earthworks related to the
mine portals for decline development continued. Engineering,
Procurement and Construction Management was 31% complete at the end
of the first quarter of 2012. Strong exploration results continued
at Cerro Negro throughout the first quarter from a total of 118
holes drilled. The primary focus of drilling remains on the
in-fill and expansion of the Mariana Central, Mariana Norte and San
Marcos deposits, as well as completion of condemnation drilling at
primary infrastructure locations. Exceptionally strong results were
achieved in the Mariana Norte Hanging Wall quartz vein, San Marcos
Sur and Mariana Central. The Company is subject to import
restrictions enacted in Argentina during the first quarter with
respect to equipment and materials required for the construction of
the Cerro Negro project. While certain delays have been
experienced, construction currently remains on schedule for initial
gold production in the second half of 2013. At the Éléonore project
in Quebec, construction activities continued to advance on the dual
shaft mine design that is expected to feed the 7,000 tonne-per-day
plant. The production shaft has been collared and
construction of associated infrastructure continued to progress
well. The Gaumond exploration shaft reached a depth of 691
metres with completion to full 718 metre depth on track for the
second quarter of 2012. The exploration ramp has now advanced
1,200 metres in length and definition drilling is expected to take
place from the ramp starting in the third quarter 2012. Exploration
in 2012 continues to focus on increasing the level of confidence in
the geological and resources models. Approximately, 45 kilometres
of drilling is planned for the year from a combination of surface
and underground drills in addition to nine kilometres of expected
definition drilling. Three surface rigs were active in the first
quarter, with nearly 15,000 metres drilled. Activities have
initially targeted the upper portion of the ore body above 650
metres and drilling is now focusing between 650 metres and 800
metres in the center portion of the ore body and in the northern
portion of near-surface low-grade gold mineralization. At the
Cochenour project in Ontario, widening of the historical Cochenour
shaft continued to advance, with 154 metres completed of a total
depth of 238 metres. The Cochenour-Red Lake haulage drift
that will transport ore from Cochenour to existing Red Lake
processing facilities advanced to 43% of completion.
Exploration drilling from the haulage drift is continuing with two
drills in operation. Diamond drilling with three drills at
surface is underway to define the top portion of the Bruce Channel
deposit and additional resources at Cochenour. Successful
exploration and development work also continued at Camino Rojo, an
advanced-stage district project near Peñasquito. Drilling has
demonstrated that sulphide mineralization extends at depth for at
least 400 metres west of the Represa resource. The resource block
and geologic models were completed early in the current quarter,
and a feasibility study remains on track to be available by
mid-2012. At Noche Buena, another advanced-stage district project
near Peñasquito, the focus in the first quarter remained on
completion of the geologic model and an updated feasibility study
is in progress for completion mid-2012. At the El Morro project in
Chile, construction planning and detailed engineering for
facilities in the areas approved by the Environmental Impact
Assessment ("EIA") continued to progress. Detailed engineering of
fresh water and concentrate pipelines is expected to be completed
in the third quarter of 2012. Detailed engineering of the
desalination plant continues and a commitment to purchase equipment
has been signed. Detailed engineering for power line towers
and foundations is also progressing. Mine and plant equipment
selection process in ongoing. The detailed design for the
tailings dam are expected to be sufficiently complete in second
quarter of 2012 which will allow for application for sectoral
permits in the third quarter. Condemnation drilling activities at
site continued with over 20 kilometres drilled to date and 8,500
metres in the first quarter of 2012. 2012 Outlook Goldcorp's
current 2012 gold production guidance is 2.6 million ounces at
total cash costs of $250 to $275 per ounce of gold on a by-product
basis and $550 to $600 per ounce of gold on a co-product basis. The
Company is currently analyzing the potential impact of first
quarter production delays at Red Lake to Goldcorp's overall 2012
production and cash costs. This release should be read in
conjunction with Goldcorp's first quarter 2012 financial statements
and MD&A report on the Company's website, www.goldcorp.com, in
the "Investor Resources - Reports & Filings" section under
"Quarterly Reports". A conference call will be held on April 26,
2012 at 10:00 a.m. (PDT) to discuss the first quarter results.
Participants may join the call by dialing toll free 1-800-355-4959
or 1-416-695-6617 for calls from outside Canada and the US. A
recorded playback of the call can be accessed after the event until
May 27, 2012 by dialing 1-800-408-3053 or 1-905-694-9451 for calls
outside Canada and the US. Pass code: 6608575. A live
and archived audio webcast also be available at www.goldcorp.com.
Goldcorp is one of the world's fastest growing senior gold
producers. Its low-cost gold production is located in safe
jurisdictions in the Americas and remains 100% unhedged. (1)
Adjusted net earnings and adjusted net earnings per share are
non-GAAP performance measures. The Company believes that, in
addition to conventional measures prepared in accordance with GAAP,
the Company and certain investors use this information to evaluate
the Company's performance. Accordingly, it is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with GAAP. Refer to page 38 of the 2012 first quarter MD&A for
a reconciliation of adjusted earnings to reported net earnings
attributable to shareholders of Goldcorp. (2) Operating cash flows
before working capital changes is a non-GAAP performance measure
which the Company believes provides additional information about
the Company's ability to generate cash flows from its mining
operations. Cash provided by operating activities reported in
accordance with GAAP was $322 million for the three months ended
March 31, 2012. (3) The Company has included non-GAAP performance
measures, total cash costs, by-product and co-product, per gold
ounce, throughout this document. The Company reports total cash
costs on a sales basis. In the gold mining industry, this is a
common performance measure but does not have any standardized
meaning. The Company follows the recommendations of the Gold
Institute Production Cost Standard. The Company believes that, in
addition to conventional measures prepared in accordance with GAAP,
the Company and certain investors use this information to evaluate
the Company's performance and ability to generate cash flow.
Accordingly, it is intended to provide additional information and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. Total
cash costs on a by-product basis are calculated by deducting
by-product copper, silver, lead and zinc sales revenues from
production cash costs. Commencing in 2011, production costs are
allocated to each co-product based on the ratio of actual sales
volumes multiplied by budget metals prices of $1,250 per ounce of
gold, $20 per ounce of silver, $3.25 per pound of copper, $0.90 per
pound of lead and $0.90 per pound of zinc, rather than realized
sales prices. Using actual realized sales prices, the co-product
total cash costs would be $654 per gold ounce for the three months
ending March 31, 2012. Refer to page 37 of the 2012 first quarter
MD&A for a reconciliation of total cash costs to reported
production costs. (4) Net cash position is the quarter-end cash
balance less the face value of the convertible debenture of $862
million which includes the liability and equity components. (5) The
Company has included a non-GAAP performance measure, margin per
gold ounce, throughout this document. The Company reports margin on
a sales basis. The Company believes that, in addition to
conventional measures, prepared in accordance with GAAP, the
Company and certain investors use this information to evaluate the
Company's performance and ability to generate cash flow.
Accordingly, it is intended to provide additional information and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP.
______________________________________________________ |(in $
millions, except where noted - | Q1'12| |Unaudited) | |
|______________________________________________|_______| |Revenues
per Financial Statements | $1,349|
|______________________________________________|_______| |Treatment
and refining charges on concentrate | 45| |sales | |
|______________________________________________|_______|
|By-product silver, copper, lead and zinc sales| (462)|
|______________________________________________|_______| |Gold
revenues | 932|
|______________________________________________|_______| |Divided
by ounces of gold sold |545,700|
|______________________________________________|_______| |Realized
gold price per ounce | $1,707|
|______________________________________________|_______| |Deduct
total cash costs per ounce of gold | 251| |sold3 | |
|______________________________________________|_______| |Margin
per gold ounce | $1,456|
|______________________________________________|_______| Cautionary
Note Regarding Forward-Looking Statements This press release
contains "forward-looking statements", within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of
Goldcorp Inc. ("Goldcorp"). Forward-looking statements include, but
are not limited to, statements with respect to the future price of
gold, silver, copper, lead and zinc, the estimation of mineral
reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities,
permitting time lines, hedging practices, currency exchange rate
fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, timing and possible outcome of pending
litigation, title disputes or claims and limitations on insurance
coverage. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative
connotation thereof. Forward-looking statements are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performances or achievements of
Goldcorp to be materially different from future results,
performances or achievements expressed or implied by such
statements. Such statements and information are based on
numerous assumptions regarding present and future business
strategies and the environment in which Goldcorp will operate in
the future, including the price of gold, anticipated costs and
ability to achieve goals. Certain important factors that could
cause actual results, performances or achievements to differ
materially from those in the forward-looking statements include,
among others, gold price volatility, discrepancies between actual
and estimated production, mineral reserves and resources and
metallurgical recoveries, mining operational and development risks,
litigation risks, regulatory restrictions (including environmental
regulatory restrictions and liability), activities by governmental
authorities (including changes in taxation), currency fluctuations,
the speculative nature of gold exploration, the global economic
climate, dilution, share price volatility, competition, loss of key
employees, additional funding requirements and defective title to
mineral claims or property. Although Goldcorp has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Forward-looking statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause the actual results, level of activity, performance or
achievements of Goldcorp to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to the integration of
acquisitions; risks related to international operations, including
economical and political instability in foreign jurisdictions in
which Goldcorp operates; risks related to current global financial
conditions; risks related to joint venture operations; actual
results of current exploration activities; environmental risks;
future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; mine
development and operating risks; accidents, labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities; risks related to
indebtedness and the service of such indebtedness, as well as those
factors discussed in the section entitled "Description of the
Business - Risk Factors" in Goldcorp's annual information form for
the year ended December 31, 2011 available at www.sedar.com.
Although Goldcorp has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Forward-looking statements are
made as of the date hereof and accordingly are subject to change
after such date. Except as otherwise indicated by Goldcorp,
these statements do not reflect the potential impact of any
non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations
or other transactions that may be announced or that may occur after
the date hereof. Forward-looking statements are provided for
the purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of our operating environment. Goldcorp does
not undertake to update any forward-looking statements that are
included in this document, except in accordance with applicable
securities laws. FINANCIAL STATEMENTS TO FOLLOW SUMMARIZED
FINANCIAL RESULTS (in millions of United States dollars, except per
share and per ounce amounts) Three Months Ended March 31 2012 2011
Revenues $1,349 $1,216 Gold produced (ounces) 524,700 637,600 Gold
sold (ounces) 545,700 627,300 Copper produced(thousands of pounds)
24,100 21,400 Copper sold(thousands of pounds) 21,600 21,400 Silver
produced (ounces) 6,618,500 6,143,400 Silver sold (ounces)
8,714,000 5,911,000 Lead produced(thousands of pounds) 39,200
36,500 Lead sold(thousands of pounds) 52,400 31,400 Zinc
produced(thousands of pounds) 63,800 55,600 Zinc sold(thousands of
pounds) 75,900 59,500 Average realized gold price(per ounce) $1,707
$1,394 Average London spot gold price(per ounce) $1,691 $1,386
Average realized copper price(per pound) $4.25 $4.27 Average London
spot copper price(per pound) $3.77 $4.38 Average realized silver
price(per ounce) $26.80 $28.91 Average London spot silver price(per
ounce) $32.63 $31.86 Average realized lead price(per ounce) $0.96
$1.21 Average London spot lead price(per ounce) $0.95 $1.18 Average
realized zinc price(per ounce) $0.98 $1.07 Average London spot zinc
price(per ounce) $0.92 $1.09 Total cash costs - by-product(per gold
ounce) $251 $188 Total cash costs - co-product(per gold ounce) $648
$504 Production Data: Red Lake gold mines : Tonnes of ore milled
220,100 210,600 Average mill head grade (grams per tonne) 16 29
Gold ounces produced 114,200 186,100 Total cash cost per ounce -
by-product $523 $322 Porcupine mines : Tonnes of ore milled
1,017,800 1,010,300 Average mill head grade (grams per tonne) 2.07
2.02 Gold ounces produced 60,700 59,800 Total cash cost per ounce -
by-product $786 $733 Musselwhite mine : Tonnes of ore milled
327,400 350,200 Average mill head grade (grams per tonne) 5.43 6.22
Gold ounces produced 53,200 67,300 Total cash cost per ounce -
by-product $844 $621 Peñasquito : Tonnes of ore mined 8,224,751
13,859,300 Tonnes of waste removed 32,225,155 31,048,200 Tonnes of
ore milled 8,393,100 7,937,200 Average head grade (grams per tonne)
- gold 0.36 0.31 Average head grade (grams per tonne) - silver
24.84 23.51 Average head grade (%) - lead 0.31 0.32 Average head
grade (%) - zinc 0.56 0.53 Gold ounces produced 68,600 57,600
Silver ounces produced 4,955,400 4,374,400 Lead (thousands of
pounds) produced 39,200 36,500 Zinc (thousands of pounds) produced
63,800 55,600 Total cash cost per ounce - by-product ($751)
($1,488) Total cash cost per ounce - co-product $726 $671 Los Filos
mine : Tonnes of ore mined 7,391,100 6,016,300 Tonnes of waste
removed 10,368,400 9,468,100 Tonnes of ore processed 7,404,300
6,034,000 Average grade processed (grams per tonne) 0.70 0.75 Gold
ounces produced 82,700 94,600 Total cash cost per ounce -
by-product $521 $427 El Sauzal mine : Tonnes of ore mined 576,500
520,100 Tonnes of waste removed 2,678,900 1,498,200 Tonnes of ore
milled 516,300 525,800 Average mill head grade (grams per tonne)
1.37 1.53 Gold ounces produced 21,400 24,500 Total cash cost per
ounce - by-product $605 $499 Marlin mine : Tonnes of ore milled
477,900 373,200 Average mill head grade (grams per tonne) - gold
3.49 6.91 Average mill head grade (grams per tonne) - silver 118
166 Gold ounces produced 53,200 77,800 Silver ounces produced
1,663,100 1,769,000 Total cash cost per ounce - by-product ($187)
($324) Total cash cost per ounce - co-product $501 $330 Alumbrera
mine :(1) Tonnes of ore mined 2,311,700 990,200 Tonnes of waste
removed 5,394,500 4,936,500 Tonnes of ore milled 3,499,900
3,396,000 Average mill head grade (grams per tonne) - gold 0.36
0.45 Average mill head grade (%) - copper 0.39 0.39 Gold ounces
produced 27,600 34,100 Copper (thousands of pounds) produced 24,100
21,400 Total cash cost per ounce - by-product ($1,131) ($232) Total
cash cost per ounce - co-product $918 $862 Marigold mine :(2)
Tonnes of ore mined 1,713,200 2,033,200 Tonnes of waste removed
6,785,400 6,490,700 Tonnes of ore processed 1,713,200 2,033,200
Average grade processed (grams per tonne) 0.65 0.54 Gold ounces
produced 26,500 22,500 Total cash cost per ounce - by-product $679
$785 Wharf mine : Tonnes of ore mined 716,200 606,000 Tonnes of ore
processed 737,900 574,300 Average grade processed (grams per tonne)
0.94 0.65 Gold ounces produced 16,600 13,300 Total cash cost per
ounce - by-product $663 $898 Financial Data: Cash provided by
operating activities of continuing operations $322 $586 Net
earnings from continuing operations attributable to shareholders of
Goldcorp Inc. $479 $651 Net earnings attributable to shareholders
of Goldcorp Inc. $479 $651 Net earnings per share from continuing
operations - basic $0.59 $0.82 Net earnings per share - basic $0.59
$0.82 Adjusted net earnings per share - basic $0.50 $0.49 Weighted
average number of shares outstanding (000's) 810,046 798,462 (1)
Shown at Goldcorp's interest - 37.5% (2) Shown at Goldcorp's
interest - 66.7% CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
EARNINGS (In millions of United States dollars, except for per
share amounts - Unaudited) Three Months Ended March 31 2012 2011
Revenues $ 1,349 $ 1,216 Mine operating costs Production costs
(559) (451) Depreciation and depletion (158) (164) (717) (615)
Earnings from mine operations 632 601 Exploration and evaluation
costs (19) (12) Share of net (losses) and earnings of (22) 2
associates Corporate administration (72) (58) Earnings from
operations and associates 519 533 (Losses) gains on securities (5)
320 Gains (losses) on derivatives, net 55 (57) Finance costs (6)
(6) Other income 14 22 Earningsbefore taxes 577 812 Income taxes
(98) (161) Net earnings attributable toshareholders $ 479 $ 651 of
Goldcorp Inc. Net earnings per share Basic $ 0.59 $ 0.82 Diluted
0.51 0.81 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (In millions of United States dollars -
Unaudited) Three Months Ended March31 2012 2011 Net earnings
attributable to shareholders of $ 479 $ 651 Goldcorp Inc. Other
comprehensiveincome (loss), net of tax Mark-to-market gains
(losses) on securities 12 (63) Reclassification adjustment for
impairment 5 - losses included in net earnings Reclassification
adjustment for realized - (295) gain on disposition of securities
included in net earnings 17 (358) Total comprehensive income
attributable to $ 496 $ 293 shareholders of Goldcorp Inc. CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of
United States dollars - Unaudited) Three Months EndedMarch 31 2012
2011 Operating Activities Net earnings from continuing $ 479 $ 651
operations Adjustments for: Reclamation expenditures (5) (4) Losses
(gains) on securities 5 (320) Items not affecting cash Depreciation
and depletion 158 164 Share of net losses and (earnings) 22 (2) of
associates Share-based compensation expense 28 22 Unrealized
(gains) losses on (55) 49 derivatives, net Accretion of reclamation
and 4 3 closure cost obligations Deferred income tax recovery (155)
(100) Other (1) - Change in working capital (158) 123 Net cash
provided by operating 322 586 activities Investing Activities
Expenditures on mining interests (540) (346) Deposits on mining
interests (50) (6) expenditures Interest paid (9) (9) Repayment of
capital investment in - 64 Pueblo Viejo Purchases of securities and
other (14) (6) investments Proceeds from sales of securities and
273 519 other investments, net Other 8 (4) Net cash (used in)
provided by (332) 212 investing activities Net cash provided by
investing 5 - activities of discontinued operations Financing
Activities Common shares issued, net of issue 6 11 costs Dividends
paid to shareholders (109) (75) Net cash used in financing
activities (103) (64) Effect of exchange rate changes on - (10)
cash and cash equivalents (Decrease) increase in cash and cash
(108) 724 equivalents Cash and cash equivalents, beginning 1,502
556 of period Cash and cash equivalents,end of $ 1,394 $ 1,280
period CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (In millions
of United States dollars - Unaudited) March 31 December 2012 31
2011 Assets Current assets Cash and cash equivalents $ 1,394 $
1,502 Accounts receivable 691 473 Inventories and stockpiled ore
569 574 Notes receivable 35 40 Other 197 361 2,886 2,950 Mining
interests Owned by subsidiaries 22,930 22,673 Investments in
associates 1,652 1,536 24,582 24,209 Goodwill 1,737 1,737
Investments in securities 221 207 Note receivable 42 42 Deposits on
mining interests 106 73 expenditures Other 177 156 Total assets $
29,751 $ 29,374 Liabilities Current liabilities Accounts payable
and accrued $ 651 $ 619 liabilities Income taxes payable 140 48
Derivative liabilities 109 65 Other 25 39 925 771 Deferred income
taxes 5,405 5,560 Long-term debt 748 737 Derivative liabilities 185
237 Provisions 382 375 Income taxes payable 113 113 Other 91 96
Total liabilities 7,849 7,889 Equity Shareholders' equity Common
shares, stock options and 17,022 16,992 restricted share units
Investment revaluation reserve 60 43 Retained earnings 4,607 4,237
21,689 21,272 Non-controlling interests 213 213 Total equity 21,902
21,485 Total liabilities and equity $ 29,751 $ 29,374
Goldcorp Inc. CONTACT: Jeff WilhoitVice President, Investor
Relations(604) 696-3074Fax: (604) 696-3001Email:
info@goldcorp.comWebsite: www.goldcorp.com
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