Toronto Stock Exchange: G
New York Stock Exchange: GG
(All Amounts in $US unless stated otherwise)
VANCOUVER, April 25, 2012
/PRNewswire/ - GOLDCORP INC. (TSX: G), (NYSE: GG)
today reported that adjusted net earnings1 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 changes2 were $480 million. Gold production totaled
524,700 ounces at a total cash cost3 of
$251 per ounce.
First Quarter 2012 Highlights
- Revenues increased 11% to $1.3 billion on gold sales of 545,700
ounces.
- Operating cash flow before working capital changes increased 4%
to $480 million or $0.59 per
share.
- Adjusted net earnings increased 3% over the 2011 first quarter,
to $404 million or $0.50 per share.
- Cash costs totaled $251 per ounce
on a by-product basis and $648 per
ounce on a co-product basis.
- Dividends paid amounted to $109 million.
- Quarter-end cash balance of $1.4 billion; 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
margin5 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 28th 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 -
Unaudited) |
Q1'12 |
Revenues per Financial Statements |
$1,349 |
Treatment and refining charges on concentrate
sales |
45 |
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
sold3 |
251 |
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
associates |
|
|
(22) |
|
2 |
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 |
Earnings before
taxes |
|
|
577 |
|
812 |
Income taxes |
|
|
(98) |
|
(161) |
Net earnings
attributable to shareholders of Goldcorp Inc. |
|
$ |
479 |
$ |
651 |
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 March 31 |
|
|
|
|
2012 |
2011 |
Net earnings attributable to
shareholders of Goldcorp Inc. |
|
$ |
479 |
$ |
651 |
Other comprehensive income
(loss), net of tax |
|
|
|
|
|
|
Mark-to-market gains (losses) on securities |
|
|
12 |
|
(63) |
|
Reclassification adjustment for impairment losses
included in net earnings |
|
|
5 |
|
- |
|
Reclassification adjustment for realized gain on
disposition of securities included in net earnings |
|
|
- |
|
(295) |
|
|
|
17 |
|
(358) |
Total comprehensive income
attributable to shareholders of Goldcorp Inc. |
|
$ |
496 |
$ |
293 |
|
|
|
|
|
|
|
|
|
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions of United States dollars - Unaudited)
|
|
|
|
|
|
Three Months
Ended March 31 |
|
|
2012 |
2011 |
Operating Activities |
|
|
|
Net earnings from continuing
operations |
|
$ |
479 |
$ |
651 |
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) of
associates |
|
|
22 |
|
(2) |
|
Share-based compensation expense |
|
|
28 |
|
22 |
|
Unrealized (gains) losses on derivatives, net |
|
|
(55) |
|
49 |
|
Accretion of reclamation and closure cost
obligations |
|
|
4 |
|
3 |
|
Deferred income tax recovery |
|
|
(155) |
|
(100) |
|
Other |
|
|
(1) |
|
- |
Change in working capital |
|
|
(158) |
|
123 |
Net cash provided by operating
activities |
|
|
322 |
|
586 |
Investing Activities |
|
|
|
|
|
Expenditures on mining interests |
|
|
(540) |
|
(346) |
Deposits on mining interests
expenditures |
|
|
(50) |
|
(6) |
Interest paid |
|
|
(9) |
|
(9) |
Repayment of capital investment in
Pueblo Viejo |
|
|
- |
|
64 |
Purchases of securities and other
investments |
|
|
(14) |
|
(6) |
Proceeds from sales of securities and
other investments, net |
|
|
273 |
|
519 |
Other |
|
|
8 |
|
(4) |
Net cash (used in) provided by
investing activities |
|
|
(332) |
|
212 |
Net cash provided by
investing activities of discontinued operations |
|
|
5 |
|
- |
Financing Activities |
|
|
|
|
|
Common shares issued, net of issue
costs |
|
|
6 |
|
11 |
Dividends paid to shareholders |
|
|
(109) |
|
(75) |
Net cash used in financing
activities |
|
|
(103) |
|
(64) |
Effect of exchange
rate changes on cash and cash equivalents |
|
|
- |
|
(10) |
(Decrease) increase in cash
and cash equivalents |
|
|
(108) |
|
724 |
Cash and cash
equivalents, beginning of period |
|
|
1,502 |
|
556 |
Cash and cash
equivalents, end of period |
|
$ |
1,394 |
$ |
1,280
|
|
|
|
|
|
|
CONDENSED INTERIM CONSOLIDATED BALANCE
SHEETS
(In millions of United States dollars - Unaudited)
|
|
|
|
|
|
March 31
2012 |
December
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
expenditures |
|
|
106 |
|
73 |
Other |
|
|
177 |
|
156 |
Total assets |
|
$ |
29,751 |
$ |
29,374 |
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
651 |
$ |
619 |
|
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 restricted share
units |
|
|
17,022 |
|
16,992 |
|
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 |
SOURCE Goldcorp Inc.