VANCOUVER, May 2, 2013 /CNW/ - GOLDCORP INC. (TSX:
G, NYSE: GG) today reported quarterly revenues of $1.0 billion, generating adjusted net
earnings1,2 of $253
million, or $0.31 per share,
compared to $404 million, or
$0.50 per share, in the first quarter
of 2012. Reported net earnings were $309 million compared to $479 million in the
first quarter of 2012. Adjusted operating cash
flow1,3 was $400
million.
First Quarter 2013 Highlights
- Revenues totaled $1.0
billion.
- Gold sales totaled 595,100 ounces1.
- All-in sustaining costs totaled $1,1351,4 per ounce, $565 per ounce on a by-product basis and
$710 per ounce on a co-product
basis1,5.
- Adjusted operating cash flow totaled $400 million or
$0.49 per share.
- Adjusted net earnings were $253
million, or $0.31 per
share.
- Dividends paid amounted to $122 million.
- Issued $1.5 billion in senior
unsecured notes.
- Commercial production declared at Pueblo Viejo.
"Our mines performed as planned during the first
quarter to provide a good start to 2013," said Chuck Jeannes, Goldcorp President and Chief
Executive Officer. "As previously reported, we expect gold
production to increase throughout the year with a corresponding
decrease in operating costs as we work through planned lower grades
at Peñasquito and Alumbrera, and benefit from the ramp up of
production at Pueblo Viejo. Based
on this start, we remain quite comfortable with our annual guidance
for both gold production and operating costs.
Production at Peñasquito in Mexico was in line with expectations and grade
reconciliation continues to be very strong. We expect grades at
Peñasquito to increase over the balance of 2013 resulting in higher
production as mining progresses deeper into the Peñasco pit phase
4A. Red Lake in Ontario had an excellent quarter, with a good
performance in the High Grade Zone leading to strong gold
production.
"I believe the long term fundamentals supporting
a strong gold price remain firmly in place, but in light of recent
volatility in gold and other metals prices we have completed a
review of capital spending, exploration and general and
administrative costs. A contingency plan is now in place that would
defer spending should market conditions warrant; however,
Goldcorp's strong cash flows, very low debt and over $4 billion of liquidity6 have
positioned the Company for success in any conceivable metals price
environment. Our next generation of gold projects under
construction, including Cerro Negro in Argentina, Éléonore in Quebec and Cochenour in Ontario, are expected to deliver high-margin,
low-cost growth over the next five years with over half of the
capital spending related to these projects to be completed by the
end of this year. We remain comfortable with guidance of
$2.8 billion in capital spending for
the year, and our shareholders can count on continued discipline as
we advance our growth strategy and focus on execution and prudent
cost management at our mines and projects."
Financial Review
Gold sales in the first quarter were 595,100
ounces on production of 614,600 ounces. This compares to
sales of 545,700 ounces on production of 524,700 ounces in the
first quarter of 2012. Silver production totaled 5.6 million ounces
compared to silver production of 6.6 million ounces in the prior
year's first quarter. Operating costs were $1,135 per ounce of gold on an all-in sustaining
cost basis, $565 per ounce on a
by-product basis and $710 on a
co-product basis.
Net earnings in the quarter were $309 million compared to $479 million in the first quarter of 2012.
Adjusted net earnings in the first quarter totaled $253 million, or $0.31 per share, compared to $404 million or $0.50 per share, in the first quarter of
2012. Adjusted net earnings in the first quarter of 2013
primarily exclude the gains from the foreign exchange translation
of deferred income tax liabilities, and mark-to-market gains on the
conversion feature of convertible senior notes, but include the
impact of non-cash stock-based compensation expenses which amounted
to approximately $18 million or
$0.02 per share for the
quarter. Adjusted operating cash flow was $400 million compared to $480 million in last
year's first quarter. The average realized gold price for the
quarter was $1,6221 per
ounce of gold sold during the quarter compared to $1,707 per ounce during the year-ago
quarter.
Mexico
At Peñasquito, production totaled 60,100 gold
ounces at total cash costs of $611
per ounce. As previously reported, mining in the first half
of 2013 is taking place in a lower grade portion of the pit.
Process plant throughput in the quarter averaged 103,660 tonnes per
day. As metals grades increase, production is expected to
accelerate and costs are forecast to decrease significantly in the
second half of the year.
Ongoing studies to develop a long-term water
strategy for the Peñasquito district continue to progress. A
new water source has been identified within the Company's current
permitted basin with the potential to supply sufficient fresh water
to continue the plant ramp-up to full design capacity.
The analysis of the development of a new well field in this
location is expected to be completed in the second quarter.
Current water availability is expected to be sufficient to achieve
guidance of between 360,000 and 400,000 ounces for 2013.
Seven drills at Peñasquito are completing
wide-spaced testing of the deep skarn potential between and below
the Peñasco and Chile Colorado deposits. Recent results continue to
demonstrate the presence of copper, gold, silver and zinc
mineralization over significant widths within skarn alteration.
Gold production at Los Filos was 81,500 ounces
in the first quarter at a total cash cost of $589 per ounce. The construction of the
next expansion phase of the Los Filos heap leach pad facility is
progressing well and expected to be completed late in the second
quarter of 2013 as planned. With proven and probable gold reserves
at Los Filos increasing to 7.43 million ounces (296.71Mt at @
7.43g/t Au) in 2012, a study is underway to investigate the
potential of expanding the long-term production profile at Los
Filos. The study is expected to be completed by the end of
2013.
Canada
At Red Lake in
Ontario, gold production for the
first quarter was 145,500 ounces at a total cash cost of
$476 per ounce. The strong
quarterly performance was driven by an increased number of
available high grade mine headings. Exploration drilling at
Red Lake continued to focus on the
newly-discovered NXT zone adjacent to the High Grade Zone with the
objective of growing the existing gold resource and converting
resources to reserves. Results to date indicate that the zone
remains open to the west and in both directions vertically.
Several drills are targeting this zone both from the 4199
exploration drift and from existing infrastructure at higher levels
in the mine. Exploration development from the newly-completed
drift at the 47 level is expected to provide closer drill access to
this zone.
At Porcupine in Ontario, gold production in the first quarter
totaled 67,200 ounces at a total cash cost of $797 per ounce. The Hoyle Pond Deep project
continued to advance, which will access deeper discovered zones of
gold mineralization and enhance operational flexibility and
efficiencies throughout the Hoyle Pond underground complex.
Central
America
At Pueblo
Viejo, first quarter gold production totaled 64,700 ounces
at a total cash cost of $472 per
ounce. Production was lower than expected due primarily to
lower ore tonnes processed due to issues with certain components
during start-up that were largely resolved by the end of the first
quarter. Ramp-up is expected to continue during the first
half of 2013 to full capacity, with 2013 production expected to be
between 330,000 to 435,000 ounces.
Overall construction of the 215 MW dual fuel
power plant is 80% complete, with commissioning expected by the end
of the third quarter of 2013. Commissioning activities
related to the copper circuit continued during the quarter and
first copper production is expected during the third quarter of
2013.
The government of the Dominican Republic has asked Barrick on behalf
of the Pueblo Viejo joint venture
to accelerate and increase the benefits that the Dominican Republic will derive from the
mine. Barrick, while reserving rights under the Special Lease
Agreement (SLA), continues to engage in dialogue with the
government in an effort to achieve a mutually acceptable
outcome. To date, the outcome of the dialogue is uncertain
but any amendments to the SLA would likely result in significant
additional and accelerated payments to the government.
Advancing the Growth Drivers
Construction of the Cerro Negro project in
Argentina continued to advance
steadily in the first quarter. The permit for the
construction of the power line to connect to the grid was received
during the quarter but later than previously expected. The
delay may affect the mobilization of the contractor that will
construct the power line and increases the potential for initial
gold production to be deferred until the first quarter of 2014.
Engineering, Procurement and Construction
Management (EPCM) activities at Cerro Negro are progressing with
detailed engineering 92% complete and EPCM total progress at
approximately 62%.
The Eureka vein deposit will provide the first
ore to the mill and initial stope production has commenced. The
stockpile contains an estimated 51,320 tonnes at a grade of 11.69
grams per tonne of gold and 220 grams per tonne of silver, and
continues to reconcile well with reserve estimates. The
Eureka decline has now reached a length of 2,305 metres of the
approximately 3,900 metres planned. Development of the
Mariana Norte and Mariana Central veins is also progressing well,
with scheduled ore development to commence in the second and third
quarters, respectively.
An extensive surface geological mapping and
sampling program over the various Cerro Negro concessions continued
in the first quarter. The program has identified a number of
new targets that will be drill-tested for the first time throughout
2013. Current exploration drilling is focused on new gold
reserves near existing veins.
Éléonore in Quebec remains on track to produce first gold
in late 2014. The exploration ramp has now reached 2,940
metres in length which corresponds to a vertical depth of nearly
470 metres below surface. The production shaft has now
reached a depth of 220 metres, in line with plan. Conversion
of the exploration shaft from sinking to operating mode was
successfully completed which has allowed off-shaft development on
the 650 metre level to commence.
Exploration during the quarter focused on
in-fill drilling in the upper mine area. A total of 18,884
metres of diamond drilling was completed from strategic working
platforms in the exploration ramp. Currently six diamond
drills are conducting definition and exploration drilling.
At the Cochenour project in the Red Lake district, the haulage drift has now
advanced to 71% completion with expected completion in the fourth
quarter of 2013. Two drills continue to work in the haulage
drift to test the potential of the underexplored area.
Underground exploration diamond drilling of the Bruce Channel
Deposit will commence later in the year once the haulage drift
reaches a sufficient extent and drilling platforms are
excavated.
Exploration activities resumed late in the
quarter at the Camino Rojo project near Peñasquito with six core
drills completing 2,026 metres in six in-fill holes into the
sulfide deposit in the West Extension. Drilling resumed
following the successful signing of an agreement with the Ejido San
Tiburcio covering 2,500 hectares of land providing long-term
surface rights that enable mining at Camino Rojo. In
addition, a five-year exploration agreement was signed that
provides permission to explore and drill on another 2,500 hectares
of ejido land within the Camino Rojo concession.
2013 Guidance Outlook
The Company today reconfirmed guidance for 2013
of between 2.55 and 2.80 million ounces at total cash costs of
between $1,000 and $1,100 per ounce
on an all-in sustaining cost basis; $525 to
$575 per ounce of gold on a by-product basis and
$700 to $750 per ounce on a
co-product basis. Capital spending guidance of $2.8 billion for 2013 has also been
reconfirmed.
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.
This release should be read in conjunction with
Goldcorp's first quarter 2013 interim consolidated financial
statements and MD&A report on the Company's website, in the
"Investor Resources - Reports & Filings" section under
"Quarterly Reports".
A conference call will be held on May 2, 2013 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 June 2, 2013 by
dialing 1-800-408-3053 or 1-905-694-9451 for calls outside
Canada and the US. Pass
code: 5331726. A live and archived audio webcast will also be
available at www.goldcorp.com.
(1) |
The Company has included non-GAAP performance measures on an
attributable basis throughout this document. Attributable
performance measures include the Company's mining operations and
projects and the Company's share from Alumbrera and Pueblo Viejo.
The Company believes that disclosing certain performance measures
on an attributable basis is a more accurate measurement of the
Company's operating and economic performance and reflects the
Company's view of its core mining operations. 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. However these performance measures do not have any
standardized meaning. 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. |
|
|
(2) |
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 42 of the Q1 2013 Management Discussion
& Analysis ("MD&A") for a reconciliation of adjusted net
earnings to reported net earnings attributable to shareholders of
Goldcorp. |
|
|
(3) |
Adjusted operating cash flows and adjusted operating cash flows
per share are non-GAAP performance measures which the Company
believes provides additional information about the Company's
ability to generate cash flows from its mining operations. Refer to
page 43 of the Q1 2013 MD&A for a reconciliation of adjusted
operating cash flows to reported net cash provided by operating
activities. |
|
|
(4) |
For 2013, the Company is adopting an "all-in sustaining cost"
non-GAAP performance measure that the Company believes more fully
defines the total costs associated with producing gold. All-in
sustaining costs include by-product cash costs, sustaining capital
expenditures, corporate administrative expense, exploration and
evaluation costs and reclamation cost accretion. As the measure
seeks to reflect the full cost of gold production from current
operations, new project capital is not included in the calculation.
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. The
Company reports this measure on a sales basis. Refer to page 41 of
the Q1 2013 MD&A for a reconciliation of all-in sustaining
costs. |
|
|
(5) |
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 Goldcorp's share of
by-product silver, copper, lead and zinc sales revenues from
Goldcorp's share of production costs. |
|
|
|
Total cash costs on a co-product basis are calculated by
allocating Goldcorp's share of production costs to each co-product
based on the ratio of actual sales volumes multiplied by budget
metal prices as compared to realized sales prices. The budget metal
prices used in the calculation of co-product total cash costs were
as follows: |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
Gold |
|
|
$1,600 |
|
|
$1,600 |
|
|
$1,250 |
Silver |
|
|
34.00 |
|
|
34.00 |
|
|
20.00 |
Copper
|
|
|
3.50 |
|
|
3.50 |
|
|
3.25 |
Lead
|
|
|
0.90 |
|
|
0.90 |
|
|
0.90 |
Zinc
|
|
|
0.90 |
|
|
0.90 |
|
|
0.90 |
|
Refer to page 40 of the MD&A for a reconciliation of total
cash costs to reported production costs. |
|
|
(6) |
At March 31, 2013 the Company held $1,463 of cash and cash
equivalents, $551 of money market investments and held an undrawn
$2 billion revolving credit facility. |
Cautionary Note Regarding Mineral Reserves and Mineral
Resources
All Mineral Reserves and Mineral Resources have
been estimated as at December 31,
2012 in accordance with the standards of the Canadian
Institute of Mining, Metallurgy and Petroleum and National
Instrument 43-101 ("NI 43-101"), or the AusIMM JORC equivalent.
These estimates, as well as all other scientific and technical
information relating to Goldcorp's mineral properties contained
herein, have been prepared by employees of Goldcorp, its joint
venture partners or its joint venture operating companies, as
applicable, and have been reviewed and approved by Maryse Belanger, P. Geo., Senior Vice-President,
Technical Services of Goldcorp, a "qualified person" for the
purposes of NI 43-101. These estimates incorporate current and/or
expected mine plans and cost levels at each property. Varying
cut-off grades have been used depending on the mine and type of
ore. Goldcorp's normal data verification procedures have been
employed in connection with these estimates. For a breakdown
of Mineral Reserves and Mineral Resources by category and for a
more detailed description of the key assumptions, parameters and
methods used in calculating Goldcorp's Mineral Reserves and Mineral
Resources, please refer to Goldcorp's most recently filed Annual
Information Form/ Form 40-F filed with Canadian provincial
securities regulatory authorities and the U.S. Securities and
Exchange Commission.
Cautionary Note to United States Investors
Concerning Estimates of Measured, Indicated and Inferred Resources:
United States investors are
advised that while such terms are recognized and required by
Canadian regulations, the United States Securities and Exchange
Commission does not recognize them. "Inferred Mineral Resources"
have a great amount of uncertainty as to their existence, and as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an Inferred Mineral Resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or other
economic studies. United States
investors are cautioned not to assume that all or any part of
Goldcorp's Measured or Indicated Mineral Resources will ever be
converted into Mineral Reserves. United
States investors are also cautioned not to assume that all
or any part of an Inferred Mineral Resource exists, or is
economically or legally mineable.
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
economic 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, 2012
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.
SUMMARIZED FINANCIAL
RESULTS
(in millions of United States dollars, except per share amounts and
where noted) |
|
|
Three Months
Ended
March 31 |
|
2013 |
2012 |
Revenues |
$1,015 |
$1,211 |
Gold produced (ounces) |
614,600 |
524,700 |
Gold sold (ounces) |
595,100 |
545,700 |
Copper produced (thousands of
pounds) |
18,800 |
24,100 |
Copper sold (thousands of
pounds) |
16,500 |
21,600 |
Silver produced (ounces) |
5,633,400 |
6,618,500 |
Silver sold (ounces) |
5,541,800 |
8,714,000 |
Lead produced (thousands of
pounds) |
29,100 |
39,200 |
Lead sold (thousands of
pounds) |
24,200 |
52,400 |
Zinc produced (thousands of
pounds) |
52,000 |
63,800 |
Zinc sold (thousands of
pounds) |
50,400 |
75,900 |
Average realized gold price
(per ounce) |
$1,622 |
$1,707 |
Average London spot gold price
(per ounce) |
$1,631 |
$1,691 |
Average realized copper price
(per pound) |
$3.38 |
$4.25 |
Average London spot copper
price (per pound) |
$3.59 |
$3.77 |
Average realized silver price
(per ounce) |
$26.18 |
$26.80 |
Average London spot silver
price (per ounce) |
$30.07 |
$32.63 |
Average realized lead price
(per pound) |
$1.00 |
$0.96 |
Average London spot lead price
(per pound) |
$1.04 |
$0.95 |
Average realized zinc price
(per pound) |
$0.89 |
$0.98 |
Average London spot zinc price
(per pound) |
$0.92 |
$0.92 |
Total cash costs - by-product
(per gold ounce) |
$565 |
$251 |
Total cash costs - co-product (per gold ounce) |
$710 |
$648 |
|
|
|
|
Production Data: |
|
|
|
Red Lake gold mines : |
Tonnes of ore milled |
196,900 |
220,100 |
|
Average mill head grade (grams per tonne) |
22.91 |
16.32 |
|
Gold ounces produced |
145,500 |
114,200 |
|
Total cash cost per ounce - by-product |
$476 |
$523 |
Porcupine mines : |
Tonnes of ore milled |
1,036,700 |
1,017,800 |
|
Average mill head grade (grams per tonne) |
2.17 |
2.07 |
|
Gold ounces produced |
67,200 |
60,700 |
|
Total cash cost per ounce - by-product |
$797 |
$786 |
Musselwhite mine : |
Tonnes of ore milled |
325,300 |
327,400 |
|
Average mill head grade (grams per tonne) |
5.86 |
5.43 |
|
Gold ounces produced |
59,100 |
53,200 |
|
Total cash cost per ounce - by-product |
$841 |
$844 |
Peñasquito : |
Tonnes of ore mined |
10,888,700 |
8,224,800 |
|
Tonnes of waste removed |
36,079,200 |
32,225,100 |
|
Tonnes of ore milled |
9,329,400 |
8,393,100 |
|
Average head grade (grams per tonne) - gold |
0.31 |
0.36 |
|
Average head grade (grams per tonne) - silver |
17.88 |
24.84 |
|
Average head grade (%) - lead |
0.22 |
0.31 |
|
Average head grade (%) - zinc |
0.43 |
0.56 |
|
Gold ounces produced |
60,100 |
68,600 |
|
Silver ounces produced |
3,932,600 |
4,955,400 |
|
Lead (thousands of pounds) produced |
29,100 |
39,200 |
|
Zinc (thousands of pounds) produced |
52,000 |
63,800 |
|
Total cash cost per ounce - by-product |
$611 |
($751) |
|
Total cash cost per ounce - co-product |
$1,128 |
$726 |
Los Filos mine : |
Tonnes of ore mined |
6,770,500 |
7,391,100 |
|
Tonnes of waste removed |
12,163,200 |
10,368,400 |
|
Tonnes of ore processed |
6,740,700 |
7,404,300 |
|
Average grade processed (grams per tonne) |
0.68 |
0.70 |
|
Gold ounces produced |
81,500 |
82,700 |
|
Total cash cost per ounce - by-product |
$589 |
$521 |
El Sauzal mine : |
Tonnes of ore mined |
544,600 |
576,500 |
|
Tonnes of waste removed |
3,206,900 |
2,678,900 |
|
Tonnes of ore milled |
479,000 |
516,300 |
|
Average mill head grade (grams per tonne) |
1.32 |
1.37 |
|
Gold ounces produced |
18,200 |
21,400 |
|
Total cash cost per ounce - by-product |
$946 |
$605 |
Marlin mine : |
Tonnes of ore milled |
480,300 |
477,900 |
|
Average mill head grade (grams per tonne) -
gold |
3.30 |
3.49 |
|
Average mill head grade (grams per tonne) -
silver |
110 |
118 |
|
Gold ounces produced |
50,000 |
53,200 |
|
Silver ounces produced |
1,583,000 |
1,663,100 |
|
Total cash cost per ounce - by-product |
$102 |
($187) |
|
Total cash cost per ounce - co-product |
$641 |
$501 |
Marigold mine :
(1) |
Tonnes of ore mined |
2,253,600 |
1,713,200 |
|
Tonnes of waste removed |
6,478,600 |
6,785,400 |
|
Tonnes of ore processed |
2,253,600 |
1,713,200 |
|
Average grade processed (grams per tonne) |
0.40 |
0.65 |
|
Gold ounces produced |
31,700 |
26,500 |
|
Total cash cost per ounce - by-product |
$854 |
$679 |
Wharf mine : |
Tonnes of ore mined |
700,300 |
716,200 |
|
Tonnes of ore processed |
693,100 |
737,900 |
|
Average grade processed (grams per tonne) |
0.70 |
0.94 |
|
Gold ounces produced |
12,500 |
16,600 |
|
Total cash cost per ounce - by-product |
$836 |
$663 |
Alumbrera mine :
(2) |
Tonnes of ore mined |
1,693,200 |
2,311,700 |
|
Tonnes of waste removed |
5,865,300 |
5,394,500 |
|
Tonnes of ore milled |
3,513,200 |
3,499,900 |
|
Average mill head grade (grams per tonne) -
gold |
0.34 |
0.36 |
|
Average mill head grade (%) - copper |
0.32 |
0.39 |
|
Gold ounces produced |
24,700 |
27,600 |
|
Copper (thousands of pounds) produced |
18,800 |
24,100 |
|
Total cash cost per ounce - by-product |
$14 |
($1,131) |
|
Total cash cost per ounce - co-product |
$915 |
$918 |
Pueblo Viejo mine :
(3,4) |
Tonnes of ore mined |
1,156,000 |
- |
|
Tonnes of waste removed |
398,500 |
- |
|
Tonnes of ore processed |
288,700 |
- |
|
Average grade (grams per tonne) - gold |
7.20 |
- |
|
Average grade (grams per tonne) - silver |
47.13 |
- |
|
Gold ounces produced |
64,100 |
- |
|
Silver ounces produced |
117,800 |
- |
|
Total cash cost per ounce - by-product |
$472 |
- |
|
Total cash cost per ounce - co-product |
$535 |
- |
Financial Data: |
|
|
Cash flows from operating
activities |
$294 |
$339 |
Net earnings attributable to
shareholders of Goldcorp Inc. |
$309 |
$479 |
Net earnings per share - basic |
$0.38 |
$0.59 |
Adjusted net earnings per share -
basic |
$0.31 |
$0.50 |
Weighted average shares outstanding
(000's) |
811,668 |
810,046 |
(1) |
Shown at Goldcorp's interest - 66.7% |
(2) |
Shown at Goldcorp's interest - 37.5% |
(3) |
Shown at Goldcorp's interest - 40.0% |
(4) |
The Company announced commercial production at Pueblo Viejo
mine on January 8, 2013. |
|
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
EARNINGS
(In millions of United States
dollars, except for per share amounts - Unaudited)
|
|
|
|
|
|
|
Three Months
Ended March 31 |
|
|
|
|
2013 |
|
2012(5) |
Revenues |
|
$ 1,015 |
|
$ 1,211 |
Mine operating costs |
|
|
|
|
|
Production costs |
|
(503) |
|
(489) |
|
Depreciation and depletion |
|
(150) |
|
(141) |
|
|
(653) |
|
(630) |
Earnings from mine
operations |
|
362 |
|
581 |
Exploration and evaluation costs |
|
(13) |
|
(19) |
Share of net earnings from
associates |
|
37 |
|
14 |
Corporate administration |
|
(66) |
|
(72) |
Earnings from operations and
associates |
|
320 |
|
504 |
Losses on securities, net |
|
(3) |
|
(5) |
Gains on derivatives, net |
|
49 |
|
55 |
Finance costs |
|
(10) |
|
(6) |
Other income |
|
3 |
|
14 |
Earnings before taxes |
|
359 |
|
562 |
Income taxes |
|
(50) |
|
(83) |
Net earnings attributable to
shareholders of Goldcorp Inc. |
|
$ 309 |
|
$ 479 |
Net earnings per share |
|
|
|
|
|
Basic |
|
$ 0.38 |
|
$ 0.59 |
|
Diluted |
|
0.33 |
|
0.51 |
(5) |
Effective January 1, 2013, the Company's 37.5% interest in
Alumbrera, which was previously proportionately consolidated in the
Company's consolidated financial statements, has been classified as
an investment in associate and is accounted for using the equity
method. The Company has accounted for this change in consolidation
retrospectively and has restated the 2012 comparative periods
accordingly. |
|
|
|
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(In millions of United States
dollars - Unaudited)
|
|
|
|
|
|
|
Three Months
Ended March 31 |
|
|
|
|
2013 |
|
2012(5) |
Net earnings attributable to
shareholders of Goldcorp Inc. |
|
$ 309 |
|
$ 479 |
Other comprehensive (loss) income,
net of tax |
|
|
|
|
Items that may be reclassified
subsequently to net earnings: |
|
|
|
|
|
Mark-to-market (losses) gains on
available-for-sale securities |
|
(34) |
|
12 |
|
Reclassification adjustment for impairment losses
included in net earnings |
|
4 |
|
5 |
|
Reclassification adjustment for realized gains on
disposition of available-for-sale securities recognized in net
earnings |
|
(1) |
|
- |
|
|
$ (31) |
|
$ 17 |
Total comprehensive income
attributable to shareholders of Goldcorp Inc. |
|
$ 278 |
|
$ 496 |
(5) |
Effective January 1, 2013, the Company's 37.5% interest in
Alumbrera, which was previously proportionately consolidated in the
Company's consolidated financial statements, has been classified as
an investment in associate and is accounted for using the equity
method. The Company has accounted for this change in consolidation
retrospectively and has restated the 2012 comparative periods
accordingly. |
|
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions of United States
dollars - Unaudited)
|
|
|
|
|
|
|
Three Months
Ended March 31 |
|
|
2013 |
|
2012(5) |
Operating Activities |
|
|
|
|
Net earnings |
|
$ 309 |
|
$ 479 |
Adjustments for: |
|
|
|
|
Dividends from associate |
|
21 |
|
- |
Reclamation expenditures |
|
(3) |
|
(5) |
Losses on securities, net |
|
3 |
|
5 |
Items not affecting cash: |
|
|
|
|
|
Depreciation and depletion |
|
150 |
|
141 |
|
Share of net earnings of associates |
|
(37) |
|
(14) |
|
Share-based compensation expense |
|
18 |
|
28 |
|
Unrealized gains on derivatives, net |
|
(49) |
|
(55) |
|
Accretion of reclamation and closure cost
obligations |
|
5 |
|
4 |
|
Deferred income tax recovery |
|
(83) |
|
(151) |
|
Other |
|
5 |
|
(2) |
Change in working capital |
|
(45) |
|
(91) |
Net cash provided by operating
activities |
|
294 |
|
339 |
Investing Activities |
|
|
|
|
Expenditures on mining interests |
|
(479) |
|
(537) |
Deposits on mining interests
expenditures |
|
(54) |
|
(50) |
Interest paid |
|
(9) |
|
(9) |
Purchases of money market securities
and other investments |
|
(553) |
|
(14) |
Proceeds from sales of securities and
other investments, net |
|
8 |
|
273 |
Other |
|
1 |
|
8 |
Net cash used in investing
activities |
|
(1,086) |
|
(329) |
Net cash provided by investing
activities of discontinued operations |
|
8 |
|
5 |
Financing Activities |
|
|
|
|
Debt borrowings, net of borrowing
costs |
|
1,481 |
|
- |
Borrowings from associate |
|
131 |
|
- |
Common shares issued, net of issue
costs |
|
- |
|
6 |
Dividends paid to shareholders |
|
(122) |
|
(109) |
Net cash provided by (used in)
financing activities |
|
1,490 |
|
(103) |
Effect of exchange rate changes on
cash and cash equivalents |
|
- |
|
- |
Increase (decrease) in cash and
cash equivalents |
|
706 |
|
(88) |
Cash and cash equivalents, beginning
of period |
|
757 |
|
1,458 |
Cash and cash equivalents, end of
period |
|
$ 1,463 |
|
$ 1,370 |
|
|
|
|
|
(5) Effective January 1,
2013, the Company's 37.5% interest in Alumbrera, which was
previously proportionately consolidated in the Company's
consolidated financial statements, has been classified as an
investment in associate and is accounted for using the equity
method. The Company has accounted for this change in consolidation
retrospectively and has restated the 2012 comparative periods
accordingly.
CONDENSED INTERIM CONSOLIDATED BALANCE
SHEETS
(In millions of United States
dollars - Unaudited)
|
|
|
|
|
|
|
|
|
March 31
2013 |
|
December 31
2012(5) |
|
January 1
2012(5) |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ 1,463 |
|
$ 757 |
|
$ 1,458 |
|
Money market investments |
|
551 |
|
- |
|
272 |
|
Accounts receivable |
|
454 |
|
567 |
|
403 |
|
Inventories and stockpiled ore |
|
749 |
|
696 |
|
550 |
|
Notes receivable |
|
5 |
|
5 |
|
40 |
|
Other |
|
218 |
|
170 |
|
88 |
|
|
3,440 |
|
2,195 |
|
2,811 |
Mining interests |
|
|
|
|
|
|
|
Owned by subsidiaries |
|
24,289 |
|
23,902 |
|
22,249 |
|
Investments in associates |
|
2,693 |
|
2,663 |
|
1,940 |
|
|
26,982 |
|
26,565 |
|
24,189 |
Goodwill |
|
1,737 |
|
1,737 |
|
1,737 |
Investments in securities |
|
126 |
|
162 |
|
207 |
Notes receivable |
|
28 |
|
37 |
|
42 |
Deposits on mining interests
expenditures |
|
121 |
|
95 |
|
73 |
Other |
|
198 |
|
188 |
|
87 |
Total assets |
|
$ 32,632 |
|
$ 30,979 |
|
$ 29,146 |
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ 785 |
|
$ 830 |
|
$ 545 |
|
Income taxes payable |
|
154 |
|
101 |
|
32 |
|
Derivative liabilities |
|
70 |
|
68 |
|
65 |
|
Other |
|
201 |
|
69 |
|
39 |
|
|
1,210 |
|
1,068 |
|
681 |
Deferred income taxes |
|
5,344 |
|
5,434 |
|
5,442 |
Long-term debt |
|
2,275 |
|
783 |
|
737 |
Derivative liabilities |
|
36 |
|
79 |
|
237 |
Provisions |
|
495 |
|
500 |
|
355 |
Income taxes payable |
|
60 |
|
62 |
|
113 |
Other |
|
113 |
|
124 |
|
96 |
Total liabilities |
|
9,533 |
|
8,050 |
|
7,661 |
Equity |
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
Common shares, stock options and restricted share
units |
|
17,131 |
|
17,117 |
|
16,992 |
|
Investment revaluation reserve |
|
20 |
|
51 |
|
43 |
|
Retained earnings |
|
5,735 |
|
5,548 |
|
4,237 |
|
|
22,886 |
|
22,716 |
|
21,272 |
Non-controlling interests |
|
213 |
|
213 |
|
213 |
Total equity |
|
23,099 |
|
22,929 |
|
21,485 |
Total liabilities and
equity |
|
$ 32,632 |
|
$ 30,979 |
|
$ 29,146 |
(5) |
Effective January 1, 2013, the Company's 37.5% interest in
Alumbrera, which was previously proportionately consolidated in the
Company's consolidated financial statements, has been classified as
an investment in associate and is accounted for using the equity
method. The Company has accounted for this change in consolidation
retrospectively and has restated the 2012 comparative periods
accordingly. |
SOURCE Goldcorp Inc.