Record Gold Production and Operating Cash Flow by Goldcorp Inc.
Mar/13/2010 | Under Exploration - Gold Mine - Mineral Exploration - Stock
Goldcorp Inc. today reported gold production of 601,300 ounces at a total cash cost(1) of $289 per ounce for the quarter ended December 31, 2009. Fourth quarter adjusted net earnings(2) amounted to $182.7 million, or $0.25 per share, and operating cash flows before working capital changes(3) for the fourth quarter was $307.6 million or $0.42 per share. For the year, Goldcorp produced 2.42 million ounces of gold at a total cash cost of $295 per ounce, generating adjusted net earnings of $588.2 million or $0.80 per share and operating cash flows before working capital changes of $1.2 billion or $1.61 per share.
Fourth Quarter 2009 Highlights:
- Revenues increased by 28% over the 2008 fourth quarter, to $778.3 million on gold sales of 573,100 ounces.
- Operating cash flows before working capital changes totaled $307.6 million, or $0.42 per share.
- Total cash costs were $289 per ounce on a by-product basis, and $422 per ounce on a co-product basis.
- Dividends of $33.0 million were paid.
- Cash and equivalents amounted to $874.6 million with $879.2 million of debt at December 31, 2009.
Full-Year 2009 Highlights:
- Revenues increased by 13% over 2008, to $2.7 billion on gold sales of 2.3 million ounces.
- Total cash costs were $295 per ounce on a by-product basis, and $391 per ounce on a co-product basis.
- Operating cash flows before working capital changes totaled $1.2 billion, or $1.61 per share, a 29% increase over 2008.
- Dividends of $131.7 million were paid.
- Two strategic acquisitions were closed subsequent to year end, the Camino Rojo project near Penasquito and the El Morro project in Chile.
“Achieving record gold production at the lowest cash costs of any major gold mining company while increasing gold reserves for a sixth consecutive year made 2009 a very successful year for Goldcorp,” said Chuck Jeannes, President and Chief Executive Officer. “In addition, we brought one of our cornerstone mines, Penasquito, into operational production on time and on budget and repositioned another, the prolific Red Lake mine, for long term success. With Pueblo Viejo advancing on time toward first gold production in late 2011, the three major drivers of our five-year, 57% growth profile remain well on track. We also enhanced our outstanding project pipeline with the recent closing of two acquisitions that brought us the Camino Rojo project near Penasquito and the El Morro project in Chile. In a gold price environment exhibiting sustained strength well above $1,000 per ounce, our peer-leading cash margins will produce the necessary internally generated cash flows to build these growth opportunities.”