FORM
6-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For the month of
January 2018
(Translation of registrant's name into English) |
Suite 3400 - 666 Burrard St.
Vancouver, British Columbia V6C 2X8 Canada |
(Address of Principal executive offices) |
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registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___
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Pursuant to the requirements of the Securities Exchange Act of 1934,
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GOLDCORP INC. |
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|
Date: January 16, 2018 |
|
/s/ Anna M. Tudela |
|
Name: Anna M. Tudela |
|
Title: Vice-President, Regulatory Affairs
and
Corporate Secretary
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Exhibit
Index
Exhibit |
|
Description
of Exhibit |
99.1 |
|
Press Release dated January 16, 2018 - Goldcorp Achieves 2017 Production and Cost Guidance; 20/20/20 Plan on Track |
Exhibit 99.1
Goldcorp Achieves 2017 Production and Cost Guidance;
20/20/20 Plan on Track
TSX: G NYSE: GG
All amounts in $US
VANCOUVER, Jan. 16, 2018 /CNW/ - GOLDCORP INC. (TSX:
G, NYSE: GG) ("Goldcorp" or the "Company") is pleased to report its preliminary gold production for the
fourth quarter and full year 2017 of 646,000 and 2,569,000 ounces, respectively, exceeding the midpoint of gold production guidance
of 2,500,000 ounces. All-in sustaining costs ("AISC") for the full year are expected to be in line with the improved
midpoint guidance of $825 per ounce. Goldcorp's complete 2017 financial results will be released on February 14, 2018.1,2
"Since we restructured our business during the first
half of 2016 to drive a culture of accountability and sound operating principles, we have delivered consistent, predictable and
low-cost gold production," said David Garofalo, President and Chief Executive Officer of Goldcorp. "We are well
underway to deliver on our 5-year plan of growing gold production and gold reserves by 20% and reducing AISC by 20% by 2021. With
the most robust growth pipeline among global senior gold companies, we are making an initial investment of $100 million in our
long-term portfolio 'Beyond 20/20'. Together with an enhanced exploration budget of $125 million, the objective of
Beyond 20/20 is to maximize the net asset value of our existing mines and projects by continuing to grow low-cost gold production
from our growing gold reserves."
Goldcorp will host its Investor Day on Tuesday, January 16,
2018 at 8:00am Eastern Time. The Company will provide a detailed update of its 20/20/20 plan, its exploration program and Beyond
20/20. The event will be available by webcast at www.goldcorp.com.
2018 Guidance in line with 20/20/20 plan2
Goldcorp expects to produce 2.5 million ounces (+/- 5%) of
gold in 2018, in line with previous guidance; AISC are expected to decline further to approximately $800 per ounce (+/- 5%) as
the Company continues to realize savings from its program targeting $250 million of annual sustainable efficiencies.
The Company's 20/20/20 plan remains unchanged. As previously
guided, gold production is expected to increase 20% to 3 million ounces by 2021. AISC are expected to decrease by 20% to
approximately $700 per ounce over the same period driven by increased gold production and the ongoing focus on cost efficiencies
and productivity improvements. Building on the successful conversion of 4.7 million ounces of gold into reserves at the Century
project in 2017, gold reserves are expected to increase by 20% to 60 million ounces by 2021 supported by the exploration potential
and ongoing programs at Coffee, Norte Abierto (formerly Cerro Casale/Caspiche), Cerro Negro and Pueblo Viejo.
Complete production and cost guidance to 2021 is provided
below. For more detailed guidance on mines and projects, please refer to our website at www.goldcorp.com.
20/20/20 Outlook
Production (+/- 5%) |
Units |
2018E |
2019E |
2020E |
2021E |
|
Gold Production1,2 |
Moz |
2.5 |
2.7 |
3.0 |
3.0 |
|
Silver Production1,2 |
Moz |
30 |
50 |
40 |
35 |
|
Zinc Production1,2 |
Mlbs |
300 |
425 |
450 |
400 |
|
Lead Production1,2 |
Mlbs |
160 |
300 |
250 |
150 |
|
Gold Equivalent Production1,2 |
Moz |
3.3 |
4.0 |
4.1 |
4.1 |
|
|
|
|
|
|
Costs (+/- 5%) |
|
|
|
|
|
|
AISC1,2,3,4 |
$/oz |
800 |
750 |
700 |
700 |
|
By-product Cash Costs1,2,5 |
$/oz |
450 |
400 |
400 |
400 |
|
|
|
|
|
|
Capital Expenditures (+/- 5%) |
|
|
|
|
|
|
Sustaining Capital1,2,6 |
$M |
550 |
575 |
575 |
575 |
|
Growth Capital1,2,6 |
$M |
525 |
250 |
300 |
300 |
|
Unspent 2017 Pyrite Leach Project Capital1 |
$M |
125 |
- |
- |
- |
|
Beyond 20/20 Capital1,2,7 |
$M |
100 |
- |
- |
- |
Other 2018 Financial Estimates |
|
|
Corporate Administration ($M)1 (including non-cash stock compensation of $40M) |
$140 |
|
Exploration Investment ($M)1,2,8 |
$125 |
|
Depreciation ($/oz)1,2 |
$485 |
|
Tax rate (%)1,2 |
40 – 45% |
Footnotes
| 1. | Guidance projections used in this document ("Guidance")
are considered "forward-looking statements" and represent management's good faith estimates or expectations of future
production results as of the date hereof. Guidance is based upon certain assumptions, including, but not limited to, metal prices,
oil prices, certain exchange rates and other assumptions. 2018-2019 guidance assumes Au=$1,300/oz, Ag=$19.00/oz, Cu=$2.75/lb, Zn=$1.30/lb,
Pb=$1.10/lb, $1.25 CAD/USD, 19.00 MXN/USD. 2020-2021 guidance assumes Au=$1,300/oz, Ag=$18.00/oz, Cu=$3.00/lb, Zn=$1.15/lb,
Pb=$1.00/lb, $1.25 CAD/USD, 19.00 MXN/USD. Such assumptions may prove to be incorrect and actual results may differ materially
from those anticipated. Consequently, Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance
upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which
they are placed will occur. |
| 2. | The Company has included certain performance measures,
including non-GAAP performance measures, in this release, which have been calculated on an attributable (or Goldcorp's share) basis.
Attributable performance measures include the Company's mining operations and projects, and the Company's share of Pueblo Viejo,
Alumbrera, Leagold and NuevaUnión. The Company believes that disclosing certain performance measures on an attributable
basis is a more relevant 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. |
| 3. | The Company's projected all-in sustaining costs are
not based on GAAP total production cash costs, which forms the basis of the Company's by-product cash costs. The projected range
of all-in sustaining costs is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense,
mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary
capital, tax payments, dividends and financing costs. Projected GAAP total production cash costs for the full year would require
inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but
may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization and tax payments. Due
to the uncertainty of the likelihood, amount and timing of any such items, we do not have information available to provide a quantitative
reconciliation of projected all-in sustaining costs to a total production cash costs projection. |
| 4. | All-in sustaining costs is a non-GAAP performance
measure that the Company believes more fully defines the total costs associated with producing gold; however, this performance
measure has no 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. The Company reports this measure
on a gold ounces sold basis. The Company's all-in sustaining cost definition follows the guidance note released by the World Gold
Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for
the gold industry whose members comprise global senior gold mining companies. |
| 5. | The Company has included a non-GAAP performance measure
- total cash costs: by-product in this document. Total cash costs: by-product incorporate Goldcorp's share of all production
costs, including adjustments to inventory carrying values, adjusted for changes in estimates in reclamation and closure costs at
the Company's closed mines which are non-cash in nature, and include Goldcorp's share of by-product silver, lead, zinc and copper
credits, and treatment and refining charges included within revenue. Additionally, cash costs are adjusted for realized gains and
losses arising on the Company's commodity and foreign currency contracts which the Company enters into to mitigate its exposure
to fluctuations in by-product metal prices, heating oil prices and foreign exchange rates, which may impact the Company's operating
costs.
In addition to conventional measures, the Company assesses
this per ounce measure in a manner that isolates the impacts of gold production volumes, the by-product credits, and operating
costs fluctuations such that the non-controllable and controllable variability is independently addressed. The Company uses total
cash costs: by product per gold ounce to monitor its operating performance internally, including operating cash costs, as well
as in its assessment of potential development projects and acquisition targets. The Company believes this measure provides investors
and analysts with useful information about the Company's underlying cash costs of operations and the impact of by-product credits
on the Company's cost structure and is a relevant metric used to understand the Company's operating profitability and ability to
generate cash flow. When deriving the production costs associated with an ounce of gold, the Company includes by-product credits
as the Company considers that the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold
production process, thereby allowing the Company's management and other stakeholders to assess the net costs of gold production.
The Company reports total cash costs: by-product on a
gold ounces sold 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 Gold Institute, which ceased operations
in 2002, was a non-regulatory body and represented a global group of producers of gold and gold products. The production cost standard
developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by gold mining companies. |
| 6. | Excludes capitalized exploration costs. Growth capital
includes capital costs for those projects which are in execution and/or have an approved feasibility study. Projects without
an approved feasibility study only include capital costs to the next stage gate. |
| 7. | Beyond 20/20 capital expenditures can vary year over
year based on study results. As project studies are completed and show adequate returns, additional funds will be committed to
move projects to the next stage of development. |
| 8. | Approximately 50% of exploration spending is considered
sustaining (including expensed costs) and approximately 50% is considered as expansionary. |
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements",
within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange
Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information"
under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance
and condition of 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 mineral resources, the realization of mineral
reserve estimates, the timing and amount of estimated future production, costs of production, targeted cost reductions, capital
expenditures, free cash flow, 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 words 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",
"should", "might" or "will", "occur" or "be achieved" or the negative connotation
thereof.
Forward-looking statements are necessarily based upon a number
of 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 and other by-product metals, 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 and other by-product metals price volatility, discrepancies between actual and estimated
production, mineral reserves and mineral resources and metallurgical recoveries, mining operational and development risks, litigation
risks, regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government
legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, expropriation
or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which
Goldcorp does or may carry on business in the future, delays, suspension and technical challenges associated with capital projects,
higher prices for fuel, steel, power, labour and other consumables, 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 believes its expectations are based upon reasonable
assumptions and 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 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; actual results of current reclamation activities; environmental risks; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices of gold and other by-product metals; possible variations
in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; risks related to
the integration of acquisitions; accidents, labour disputes; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities and other risks of the mining industry, as well as those factors discussed
in the section entitled "Description of the Business – Risk Factors" in Goldcorp's most recent annual information
form available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. 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. The forward-looking statements contained herein 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 Goldcorp's operating environment. Goldcorp does not
intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of
new information, future events or otherwise, except in accordance with applicable securities laws.
About Goldcorp
Goldcorp is a senior gold producer focused on responsible
mining practices with safe, low-cost production from a high-quality portfolio of mines.
SOURCE Goldcorp Inc.
View original content: http://www.newswire.ca/en/releases/archive/January2018/16/c1572.html
%CIK: 0000919239
For further information: Investor Contact: Etienne Morin,
Director, Investor Relations, Telephone: (800) 567-6223, E-mail: info@goldcorp.com; Media Contact: Christine Marks, Director, Corporate
Communications, Telephone: (604) 696-3050, E-mail: media@goldcorp.com
CO: Goldcorp Inc.
CNW 06:00e 16-JAN-18
This regulatory filing also includes additional resources:
ex991.pdf
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