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Market: TSX, NYSE
Sector: Gold Mining
Epic: TSX:G
News: Latest news
Web Site: Goldcorp
Other Articles: 18-02-201010-02-201021-01-2010

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Monday March 15, 09:01China's growth boosting commodity prices

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Goldcorp

Goldcorp

Goldcorp is one of the world's largest gold mining companies employing more than 9,000 people worldwide. Goldcorp has 16 operations and development projects focused throughout the Americas with over 70% of reserves in NAFTA countries.  

Tuesday, January 12, 2010

Goldcorp targets 2.6 million ounces of gold in 2010

company news image

By Dorothy Kosich, Mineweb.com

Goldcorp announced Monday that it plans to produce 2.6 million ounces of gold at $350 per ounces on a by-product basis and $450/oz on a co-product basis, up from record 2009 gold production of 2,421,000 ounces.
The company hopes to achieve 3.8 million of gold production in 2014.

"In a year that began with uneconomic uncertainty and ended with record-high gold prices, we delivered on our core mandate of sustainable prosperity for all Goldcorp stakeholders," said Goldcorp CEO Chuck Jeannes in a news release.

"Our mines all performed at or ahead of expectations, we advanced projects throughout our growth pipeline, including the commencement of regular production and concentrate sales from Peñasquito, and we funded all of this progress from existing sources of liquidity without dilution of shareholders' equity," he said. "Very importantly, we achieved these successes while also continuing to improve safety and environmental performance throughout the organization."

Jeannes said Goldcorp expects this year to fund nearly half of its overall capital commitment on its 40%-owned Pueblo Viejo joint venture in the Dominican Republic, which remains on budget and on schedule for start-up in late 2011.

Goldcorp has budgeted $485 million for Pubelo Viejo this year, along with a $1 billion capex for other mines and projects.

"Finally, we look forward to closing our recently announced transactions with New Gold Inc, regarding the El Morro copper-gold project in Chile and Canplats Resource Corporation and its Camino Rojo project in Mexico, and moving aggressively to advance these important new additions to our growth profile," he added.

Earlier this month, Goldcorp struck a $513-million deal with New Gold Inc. to fund its right of first refusal on a 70% interest in the El Morro project owned by Xstrata. New Gold, which owns a 30% stake in El Morro, will transfer the 70-per-cent interest to Goldcorp.

Goldcorp is also awaiting the results of a January 28 shareholders' meeting of Canplats Resource concerning approval of Goldcorp's US$277 million cash and share offer for the junior gold and silver company. Canplats owns Camino Rojo project in Mexico, The Represa deposit at Camino Rojo hosts 3.44 million ounces of gold and 60.7 million ounces of silver on a measured and indicated resources basis.

Goldcorp's substantial Peñasquito mine is located 50 kilometers away from Camino Rojo.

Meanwhile, Goldcorp recently chose to not exercise its option to convert a 240-million share equity into a direct Mt. Milligan project interest. Some analysts suggest Goldcorp could eventually choose to take over Mt. Milligan's parent company Terrane Metals at a later date.

Goldcorp's Los Filos mine in Guerrero state is expected to remain Mexico's largest gold producer this year. "The mine will be an important driver of Goldcorp's growth as commissioning of a crushing and agglomeration plants takes place during the first quarter of 2010," the company said.

A production increase is also forecast at the El Sauzal mine in Mexico as the operation nears the end of minelife.

Peñasquito remains the primary drive of Goldcorp's gold production growth of 50% expected in the next five years, with significant contributions from Pueblo Viejo and incremental increases at a number of assets.

At $1,000/oz gold, $16/oz silver, $2.75/lb copper, 80-cents/lb zinc and 80-cents/lb lead, Goldcorp's by-product cash costs are expected to trend below $300 per ounce over the five year plan, which the company says will position Goldcorp for strong sustained margins and cash flows over the long term.

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