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Goldcorp Inc. (GG)

  • Thu, Oct. 29, 9:57 AM
    • Goldcorp (GG -2.8%) opens lower after reporting a surprise Q3 loss even as revenue rose to $1.3B on increased gold production.
    • However, GG maintains its production and cost guidance, and says it generated $168M of free cash flow in Q3 despite low gold prices.
    • GG sees FY 2015 production at the high end of a range of 3.3M-3.6M oz. of gold, all-in sustaining costs of $850-$900/oz. and capital spending of $1.2B-$1.4B.
    • GG says its Q3 gold production rose to a record 922.2K oz. from 651.7K as the average realized price fell to $1,114/oz. from $1,266/oz.; all-in sustaining costs were $848/oz. vs. $1,066/oz. a year earlier.
    • Q3 production from the new Eleonore mine in Quebec reached a lower than expected 86.7K oz. as it struggles to ramp up, but delivered solid results from its Penasquito, Cerro Negro and Musselwhite operations.
    | Thu, Oct. 29, 9:57 AM | 18 Comments
  • Wed, Oct. 14, 2:26 PM
    • Gold settles at three-and-a-half month highs, rallying $14.50 (+1.2%) to $1180/oz., as soft U.S. economic data and concerns over deflationary pressures in China add to expectations the Fed will delay any interest rate increases.
    • Gold is gaining more ground in electronic trading after the Fed Beige Book release.
    • The yellow metal's eighth gain in nine sessions has sent the SPDR Gold Trust ETF (GLD +1.5%) past its 200-day moving average, and gold miners have ripped higher, as evidenced by this month's 18% gain in the Market Vectors Gold Miners ETF (GDX +5.6%).
    • Top mining stocks including Barrick Gold (ABX +7.9%), Goldcorp (GG +8.5%), Kinross Gold (KGC +8.3%), Gold Fields (GFI +5.4%), Newmont Mining (NEM +5.4%), Agnico Eagle Mines (AEM +5.7%), Silver Wheaton (SLW +6.8%), Yamana Gold (AUY +6.7%), Franco Nevada (FNV +5%), Randgold (GOLD +4.8%) and AngloGold (AU +5.6%) are all sharply higher.
    | Wed, Oct. 14, 2:26 PM | 67 Comments
  • Fri, Oct. 2, 6:28 PM
    • Goldcorp (GG +7.1%) has announced a work stoppage at its Cerro Negro mine in Argentina.
    • The stoppage began Wednesday, by miners represented by Asociacion Obrera Minera Argentina. Goldcorp is trying to win support from Argentina's government to get a 15-day conciliation period for negotiations with the miners.
    • Assuming that's granted, Goldcorp says, it would expect workers to resume "in short order" during the meetings. It says it has a comprehensive contingency plan set for quick restart.
    • Shares are up 0.2% after hours.
    | Fri, Oct. 2, 6:28 PM | 7 Comments
  • Tue, Sep. 22, 12:36 PM
    • Goldcorp (GG -3.4%) reiterates 2015 production estimates at the upper end of its 3.3M-3.6M oz. guidance range, as Latin American mines help counter minor setbacks at its newest operation in Canada.
    • Earlier this month, GG cut its production forecast for the Eleonore mine in Quebec, citing higher than expected folding, but CEO Chuck Jeannes now adds that only a small percentage of the ore body is being affected as other mines perform well.
    • The CEO also is “very comfortable” with GG's $1.2B-$1.4B capex guidance, as well as an all-in sustaining cost forecast of $850-$900/oz.
    • Also, while Jeannes says he always keeps an eye open for acquisition opportunities, the U.S. mines being marketed by Barrick Gold (ABX -5.6%) would not be the kind of assets he would find attractive.
    | Tue, Sep. 22, 12:36 PM | 19 Comments
  • Wed, Sep. 16, 3:45 PM
    • Newmont Mining's (NEM +5.8%) stock price target is lowered to $22 from $24 by RBC analysts on the back of downward revisions to base metal price assumptions, including a ~15% reduction to the firm's 2015-19 average copper price assumptions.
    • NEM has significant leverage to copper prices through its Batu Hijau, Boddington and Phoenix mines, prompting the firm to reduce its EPS and cash flow/share estimates.
    • But for today at least, shares of gold miners are surging, following gold prices higher as optimism grows that the Fed will not raise rates tomorrow: ABX +7%, KGC +9.2%, GG +5.3%, AEM +6.9%, GFI +3%, SBGL +2.4%, FNV +4.7%, NGD +7.1%, AUY +9.1%, IAG +7.6%, BTG +4.1%, EGO +9.7%, SLW +7.1%.
    | Wed, Sep. 16, 3:45 PM | 3 Comments
  • Fri, Sep. 11, 2:39 PM
    | Fri, Sep. 11, 2:39 PM | 51 Comments
  • Tue, Sep. 8, 7:44 PM
    • Goldcorp (NYSE:GG) +1.9% AH after cutting its 2015 production forecast for its new Eleonore gold mine in Quebec, citing higher than expected folding in the underground rock resulting in higher dilution and thus lower than planned mined grades and gold production.
    • GG says it now expects Eleonore to produce 250K-270K oz. of gold this year, after previously anticipating production of 290K-330K oz.
    • GG leaves its overall gold production outlook for the year unchanged, saying it still  expects output at the higher end of 3.3M-3.6M oz.
    | Tue, Sep. 8, 7:44 PM | 10 Comments
  • Thu, Aug. 20, 2:29 PM
    • Alongside interest rate sensitive names, the gold miners are well-bid as the major averages tumble.
    • The yellow metal itself is higher by 2.15% to $1,152 per ounce.
    • Gold Fields (GFI +15.1%), AngloGold Ashanti (AU +11.2%), Sibanye Gold (SBGL +11.3%), Alamos Gold (AGI +9.7%), IAMGOLD (IAG +6.1%), Randgold (GOLD +5.6%), Barrick (ABX +4.9%), Newmont (NEM +3.7%), Kincross (KGC +2.6%), Goldcorp (GG +3.2%).
    | Thu, Aug. 20, 2:29 PM | 20 Comments
  • Thu, Aug. 13, 2:58 PM
    • Goldcorp (GG -5.2%) is well positioned to identify strategic M&A opportunities following strong Q2 results with further improvement expected, proceeds from the Tahoe sale, an expanded credit facility and additional capital after its dividend cut, RBC analyst Steven Walker says.
    • Walker expects GG to identify its non-core mines that could be spun out like Tahoe and higher-quality new mines and projects identified for the portfolio; candidates for non-core assets include the Los Filos and Porcupine mines, each forecast to produce 275K-300K oz./year of gold, or 8%-9% of the production profile, so any acquisition should contribute at least 10% to production.
    • Walker has a Sector Perform rating on GG and a $21 price target.
    | Thu, Aug. 13, 2:58 PM | 10 Comments
  • Wed, Aug. 12, 3:46 PM
    • China's moves to devalue the yuan and the potential for further devaluation have favorably shifted the risk/reward for stocks of precious metal miners, Deutsche Bank says as it upgrades Newmont Mining (NEM +6.1%) and Barrick Gold (ABX +5.2%) to Buy from Hold, citing improving balance sheets and share pullbacks the firm views as overdone compared to the move in gold prices.
    • The firm notes 82% of ABX's and NEM's estimated 2016 revenues come from gold; Kinross Gold (KGC +2.8%) and Goldcorp (GG +4.9%) derive a respective 97% and 73% of their expected 2016 revenues from gold.
    • Among silver miners, Deutsche Bank upgrades Pan American Silver (PAAS +6.1%) and Hecla Mining (HL +7.6%) to Buy from Hold, citing their cost exposures outside the U.S. and their respective 26% and 38% gold exposure.
    | Wed, Aug. 12, 3:46 PM | 11 Comments
  • Thu, Jul. 30, 9:59 AM
    • Goldcorp (GG -2.1%) opens lower after saying it will cut its dividend by 60% even though it has a strong balance sheet compared to many of its peers, while reporting slightly better than expected Q2 earnings as well as improved production and cost forecasts.
    • GG says its move to cut the cut the monthly payout to US$0.02/share from $0.05 will save nearly $300M/year.
    • Q2 gold sales totaled 903K oz. on production of 908K oz., vs. sales of 639.5K oz. on production of 648.7K oz. in the year-ago quarter; the quarterly record was driven by higher grades at Penasquito in Mexico and an ongoing ramp-up at Cerro Negro in Argentina, but the average realized price dropped to $1,189/oz. from $1,296/oz.
    • Q2 all-in sustaining costs were $846/oz. of gold compared to $852/oz. in the year-ago quarter.
    • GG says it sees 2015 production at the high end of its forecast of 3.3M-3.6M oz., with all-in sustaining costs at $850-$900/oz., down from an earlier estimate of $875-$950/oz.
    • In addition to the dividend cut, GG has taken a couple of other measures in recent weeks to improve its liquidity: It sold its take in Tahoe Resources for nearly $1B, and expanded a credit facility by $1B.
    | Thu, Jul. 30, 9:59 AM | 7 Comments
  • Fri, Jul. 24, 5:40 PM
    • Top gainers, as of 5.25 p.m.: CZR +6.8%. BBG +6.3%. PX +4.9%. IXYS +4.8%. SFUN +4.3%.
    • Top losers, as of 5.25p.m.: GG -3.3%. CENX -3.1%. FNV -3.1%. CLD -2.5%. CDE -2.4%.
    | Fri, Jul. 24, 5:40 PM | 7 Comments
  • Mon, Jul. 20, 10:39 AM
    | Mon, Jul. 20, 10:39 AM | 128 Comments
  • Mon, Jul. 20, 9:14 AM
    | Mon, Jul. 20, 9:14 AM | 17 Comments
  • Fri, Jul. 17, 2:58 PM
    • Barrick Gold (ABX -4.9%) sinks to 24-year lows in Toronto trading, leading a rout among bullion miners as the yellow metal extends its selloff to five-year lows.
    • ABX is under particular pressure, as the fall in gold casts doubt on the company’s strategy of shedding assets to pay down its $12.9B debt, as it "becomes harder and harder to sell those assets at any kind of reasonable value if metal prices are unwinding," Macquarie analyst Ron Stewart says.
    • ABX reportedly is nearing a deal to sell its Zaldivar copper mine in Chile, and is looking for buyers for its 50% stake in its Kalgoorlie mine, among other properties.
    • NEM -2.6%, GG -5.7%, GFI -1.1%, KGC -5.2%, AEM -5.1%, NG -2.2%, AGI -6.6%, AU -5.7%, GOLD -2.5%, SBGL -4.2%, BTG -6.4%, IAG -7.6%, EGO -7.6%, HL -3.5%, NGD -8.4%, AUY -2.9%, RGLD -2.9%, FNV -3.6%, SLW -3.3%.
    | Fri, Jul. 17, 2:58 PM | 112 Comments
  • Tue, Jun. 23, 11:14 AM
    • Goldcorp (GG +2.2%) is upgraded to Action List Buy with a $29 price target at TD Securities, which cites the miner's free cash flow generation, debt reduction, rising production, and lower capex and operating costs.
    • "It is time to put away the rear-view mirror" in evaluating GG, the firm says, believing investors are too focused on the company's recent past and not what's coming in the next 12 months, and that its net debt appears to have peaked in Q1 2015.
    • TD expects GG to generate $1.3B in free cash flow over the next three years, more than enough to fund a dividend of ~$500M and allow for some debt repayment.
    | Tue, Jun. 23, 11:14 AM | 1 Comment
Company Description
Goldcorp Inc is a gold producer. The Company is engaged in the operation, exploration, development, and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America.
Industry: Gold
Country: Canada