Goldcorp beats Q2 estimates as cost picture continues to improve

Goldcorp (GG +0.4%) eases higher after beating Q2 earnings and revenue estimates, as it continues to make progress in cutting costs.

GG says all-in sustaining costs were just $852/oz., the lowest among the senior gold miners in the quarter, from $1,227/oz. in the year-ago period; the giant Penasquito mine in Mexico performed especially well, with all-in sustaining costs of $362/oz. vs. $1,484 a year earlier.

Q2 gold production rose to 648.7K oz. from 646K a year earlier, even though the company sold its Marigold mine, and a dispute with local landowners halted production at the Los Filos mine in Mexico for 43 days in the quarter.

Due to the better than expected cost performance in H1, GG now expects to come in at the low end of its 2014 all-in sustaining cost guidance of $950-$1,000/oz.

Maintains full-year production guidance of 2.95M-3.1M oz.

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