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, 8:02 AM
Wed, Jul. 29, 5:30 PM
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Thu, Apr. 30, 12:42 PM
- Goldcorp (GG -6.8%) sinks to lows of the day after Q1 earnings fell far short of analyst expectations, as lower gold prices and higher cash costs outweighed increased gold production.
- GG says its Q1 average realized gold price fell to $1,217/oz. from $1,297 a year earlier; cash costs also were higher, with all-in sustaining costs rising 5% to $885/oz.
- Q1 gold production rose to 724.8K oz. from 679.9K oz. in the year-ago quarter, while silver production fell to 8.5M oz. from 9.6M.
- For the full year, GG reaffirms its guidance for production of 3.3M-3.6M oz., driven primarily by new contributions from Cerro Negro and Éléonore, at costs of $875-$950/oz.; the miner also backed guidance for capital spending of $1.2B-$1.4B for the year.
- However, the company raises its tax guidance, now expecting an annual effective tax rate of 45% in 2015 on adjusted net earnings, with a 39% effective tax rate for each of the year's final three quarters.
Thu, Apr. 30, 8:07 AM
Wed, Apr. 29, 5:30 PM
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Thu, Feb. 19, 10:26 AM
- Goldcorp (GG -3.2%) missed Q4 earnings and revenue expectations, as lower prices and higher costs offset a big jump in production.
- GG's unadjusted $2.4B loss in Q4 was mostly attributable to a $2.3B writedown on its Cerro Negro gold mine in Argentina, which achieved commercial production just after the end of Q4; GG previously had warned it could take a charge of up to $2.7B on the project.
- Q4 gold production totaled a record 890.9K oz., up from 768.9K oz. in the year-ago period, but all-in sustaining costs were much higher at $1,035/oz. from $810/oz. a year earlier.
- GG forecasts 2015 production to rise ~20% Y/Y to 3.3M-3.6M oz. and all-in sustaining costs of $875-$950/oz.; plans capital spending for the year at $1.2B-$1.4B.
- GG expects major contributions from its new operations at Cerro Negro, Eleonore and Cochenour (still in development); Eleonore reached production in October but produced only 18.3K oz. due to issues with a tailings filter press system that the company says have been resolved.
- Also announced proven and probable mineral reserves of 49.6M oz. of gold and 789M oz. of silver.
Thu, Feb. 19, 8:03 AM
Wed, Feb. 18, 5:30 PM| Wed, Feb. 18, 5:30 PM | 7 Comments
Oct. 30, 2014, 9:17 AM
- Goldcorp (NYSE:GG) -1.7% premarket after reporting Q3 earnings and revenues that fell well short of analyst estimates as costs rose.
- Q3 gold production rose 2% Y/Y to 651.7K oz., but average all-in sustaining cost was $1,066/oz., compared with $995/oz. a year ago and much higher than analysts expected.
- GG says it reduced the carrying value of a low-grade ore stockpile at its Penasquito mine in Mexico, which raised average costs by $64/oz. and negatively affected adjusted earnings by $0.04/share.
- Expects FY 2014 gold output will be at the low end of its forecast range of 2.95M-3.1M oz., citing pit wall instability at El Sauzal and the suspension of activities at Los Filos in Q2; expects all-in sustaining costs at the low end of its guidance range of $950-$1,000/oz.
- Full-year capital spending guidance remains unchanged at $2.3B-$2.4B.
Oct. 30, 2014, 8:03 AM
Oct. 29, 2014, 5:30 PM
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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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May 1, 2014, 8:59 AM
- Goldcorp (GG) flat premarket after reporting Q1 earnings that beat analyst estimates as costs declined more than forecast.
- Q1 gold sales totaled 684K oz. on production of 679.9K oz., vs. sales of 595.1K oz. on production of 614.6K oz. in the prior-year quarter.
- All-in sustaining costs were $840/oz., compared with $1,134 a year earlier and earlier expectations of ~$875.
- Gold averaged $1,292/oz. in Q1, down 21% Y/Y.
- Reaffirms 2014 guidance of 2.95M-3.1M oz. (following the divestiture of Marigold) at all-in sustaining costs of $950-$1,000 per gold oz.; reaffirms 2014 capital spending guidance of $2.3B-$2.5B.
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