Oct. 6, 2014, 11:59 AM
Oct. 2, 2014, 9:58 AM
- Goldcorp (GG +0.7%) says it has achieved first gold production at the Éléonore mine in the James Bay region of northern Quebec, on schedule and in line with capital cost guidance.
- GG expects 2014 production at the mine of 40K-60K oz., and says progress remains on track for declaration of commercial production in Q1 2015; capital costs remain unchanged at $1.8B-$1.9B.
- GG plans for Éléonore to ramp-up to design throughput of 7K metric tons/day by 2018.
Oct. 1, 2014, 3:43 PM
- Goldcorp (GG +0.5%) tells the BNamericas mining summit in Mexico City that it expects to produce ~1M oz. of gold in the Mexican region this year, roughly one third of the company's total estimated output for 2014, despite the suspension of its Sauzal mine a month ago after instability in the pit wall.
- Local media says GG already has abandoned Sauzal, which is in its last year of active mine life.
- GG has said it expects to produce an overall 2.95M-3.1M oz. of gold this year, up from 2.67M oz. last year.
Sep. 24, 2014, 3:46 PM
- Goldcorp (GG -0.4%) is upgraded to Outperform from Neutral with a $33 price target at Credit Suisse, which considers GG its preferred senior gold stock and the best positioned to weather a lower gold price environment.
- The firm believes GG merits a premium valuation because of its strong balance sheet, lower cost new mines, longer mine life and superior dividend yield.
- Credit Suisse also is looking for the company to produce the highest free cash flows among the senior gold producers by 2016.
Sep. 8, 2014, 12:03 PM
Sep. 8, 2014, 11:49 AM
- Miners have reached "peak gold," in which gold production has hit its high as easy-to-mine gold deposits become harder to find, Goldcorp (GG -2.4%) CEO Chuck Jeannes tells WSJ.
- Jeannes says a falloff in supply will support the gold price but make mining it even harder and lead to further consolidation in the industry; yet investors are wrong to believe GG is poised to make acquisitions of its own, he says.
- Gold production has been on the upswing since the late 1970s, hitting 2,270 metric tons last year, but Jeannes believes that without a dramatic technological advance gold production is unlikely to increase during his career.
- ETFs: GDX, NUGT, DUST, GLDX, RING, GGGG, SGDM, PSAU
Sep. 4, 2014, 2:58 PM
- Goldcorp's (GG -2.8%) gold production this year could end up near the bottom end of its forecast range if it is unable to restart output at one of its Mexican mines, CEO Chuck Jeannes says.
- GG said yesterday it suspended mining at its El Sauzal mine in Mexico as a safety precaution after instability in the pit wall, and Jeannes says it could be weeks or months before mining could resume there; in a worst case scenario, the company would not restart the operation, which is in its last year of active mine life.
- GG had expected to produce 2.95M-3.1M oz. of gold this year, up from 2.67M oz. last year, but the CEO says the combination of the El Sauzal problem and the Los Filos shutdown earlier in the year would push output toward the bottom end of guidance for 2014.
Sep. 2, 2014, 6:47 PM
- Goldcorp (NYSE:GG) says it has suspended mining at its El Sauzal mine in Mexico as a safety precaution after instability in the pit wall.
- GG says the mine, which is in its final year of active mine life, is experiencing movement in the highwall slope of the Trini pit.
- A geotechnical team is assessing the impact of the movement on the mine, which had been expected to produce ~105K oz. of gold this year.
Aug. 13, 2014, 12:28 PM
- Austerity moves clearly have helped gold miners navigate through the lower price environment, but Citigroup analysts warn that further belt-tightening will be difficult, and may even hurt long-term prospects.
- Citi cautions that the slowdown in capex invariably will result in a fall in production, which in turn will lead to a faster rise in unit costs; also, the recent increase in head grades across the global mining space is an unsustainable mining practice that can have further detrimental effects on future mine plans and ore bodies.
- Among miners Citi sees as most vulnerable to a low gold price environment are Sibanye Gold (NYSE:SBGL), Harmony Gold (NYSE:HMY) and DRDGOLD (NYSE:DRD), which the least vulnerable are Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX), Yamana (NYSE:AUY), Medusa Mining (OTC:MDSMF) and OceanaGold (OTCPK:OCANF).
- ETFs: GDX, NUGT, DUST, GLDX, RING, GGGG, PSAU
Aug. 12, 2014, 11:16 AM
- Oppenheimer technical analyst Ari Wald sees big upside in gold miners going forward, and is more bullish on the miners than the metal itself.
- Wald thinks the Market Vectors Gold Miners ETF (GDX +1.6%) can soar more than 40% from current levels to his price objective of $38; GDX has finally broken out from a long-term downtrend, he says, suggesting a new trend of outperformance is underway.
- The analyst considers GDX a top trade idea, and believe the ETF has a stronger floor and offers more upside opportunity than the SPDR Gold Shares (GLD +0.4%).
- Among individual GDX components, Wald recommends Goldcorp (GG +2.5%), Randgold Resources (GOLD +0.4%) and Royal Gold (RGLD +2%).
Aug. 11, 2014, 2:35 PM
Aug. 1, 2014, 10:32 AM
- Goldcorp (GG +1.8%) shares were swept away by yesterday's market carnage and didn't reflect the miner's strong Q2 earnings report, but they're moving higher today in recognition of continuing solid performance even as rivals grab the headlines.
- GG said yesterday it is positioned for a prolonged period of production growth as three significant construction projects would be completed by 2015.
- Continuing cost improvements - most notably at the giant Penasquito mine in Mexico - are a particular source of pride for CEO Chuck Jeannes, who is also happy with cost reductions at GG’s older mines, which needed to get leaner in order to stay competitive in a low gold price environment.
- All-in sustaining costs averaged $846/oz. in H1, far below full-year guidance of $950-$1,000, but the company maintains that guidance, as it expects sustaining capital spending to be much higher in H2; Jeannes saysit will take time for investors to get used to the fact that all-in numbers will fluctuate as opposed to steadier operating costs.
- Raymond James upgrades shares to Outperform from Market Perform with a $33 price target, raised from $31.
Jul. 31, 2014, 10:58 AM
- 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.
Jul. 31, 2014, 7:34 AM
Jul. 30, 2014, 5:30 PM
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Jul. 25, 2014, 5:11 PM
- Goldcorp (NYSE:GG) says it has achieved first gold production at its Cerro Negro high-grade gold mine in Argentina, which the company says was completed within its capital cost guidance range.
- GG says its 2014 gold production guidance remains on track at 130K-180K oz., while reducing expected initial capital costs by $100M to $1.6B-$1.7B.
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