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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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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.  

Thursday, January 08, 2009

Goldcorp reports record fourth quarter gold production

by Ian Mclelland company news image

Top-tier gold producer, Goldcorp (TSX: G, NYSE: GG) said it would exceed its 2008 gold production guidance after production a record 692,000 ounces in the fourth quarter.  Previously Goldcorp has set a target of 2.3 million ounces.  Cash costs for the full year are anticipated to come in around $300/ounce, in line with previous guidance.

"Goldcorp completed 2008 with production momentum, financial strength and a strong, well-funded growth pipeline in safe jurisdictions," said Chuck Jeannes, President and Chief Executive Officer. "Our top priorities in the year ahead are meeting or exceeding operational targets, preserving our strong balance sheet amid a challenging metals price environment and continuing the development of an asset portfolio that is expected to deliver 50% growth in gold production over the next five years. We are particularly focused on start-up of the Penasquito mill during 2009, as the expected commencement of commercial production at year-end will be the primary driver of our gold production growth in 2010 and beyond."

Goldcorp finds itself in an enviable position.  With no debt, 100% unhedged production, excellent cash from its operations and an undrawn $1.5 billion credit facility, the company is well positioned to meet its own goal of increasing production by an additional 50% over the next five years to 3.5 million ounces per annum.  Production in 2009 is expected to be similar to 2008, at 2.3 million ounces, as the Alumbrera and El Sauzal mines decline, but are offset by increased production at the company's other assets. Goldcorp said it was targeting a total cash cost of approximately $365/ounce on a by-product basis and $400/ounce on a co-product basis.

The company added that it would defer some of its development programs to focus on its key projects, including the construction of the Pueblo Viejo Project, the underground development at Red Lake, and the sulphide mill circuit at Penasquito. Goldcorp's total capital expenditure for 2009 is forecast to be $1.4 billion.
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