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Goldcorp Inc (2)
Symbol C : G
Shares Issued 811,518,583
Close 2013-02-14 C$ 34.67
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Goldcorp earns $1.74-billion (U.S.) in 2012

2013-02-14 17:58 ET - News Release

Mr. Jeff Wilhoit reports

GOLDCORP ANNOUNCES STRONG QUARTERLY CASH FLOW AND EARNINGS; GOLD RESERVES INCREASE FOR NINTH CONSECUTIVE YEAR

Goldcorp Inc. has released record fourth quarter gold production of 700,400 ounces compared with gold production of 687,900 ounces in the fourth quarter of 2011. Reported net earnings in the quarter were $504-million, or 62 cents per share, compared with $405-million, or 50 cents per share, in the same period a year ago. Adjusted net earnings were $465-million, or 57 cents per share, compared with $531-million, or 66 cents per share, in the same period a year ago. Operating cash flows before working capital changes totalled $721-million compared with $831-million in the fourth quarter of 2011.

Fourth quarter 2012 highlights:

  • Revenues totalled $1.4-billion on gold sales of 645,100 ounces. (All amounts are in U.S. dollars unless stated otherwise.)
  • Operating cash flows before working capital changes totalled $721-million or 89 cents per share.
  • Adjusted net earnings totalled $465-million, or 57 cents per share.
  • All-in sustaining cash costs totalled $910 per ounce, $360 per ounce on a byproduct cash cost basis and $621 per ounce on a co-product cash cost basis.
  • Dividends paid amounted to $110-million. Annual dividend increased 11 per cent to 60 cents per share.

Full-year 2012 highlights:

  • Revenues increased to a record $5.4-billion on gold sales of 2.3 million ounces.
  • Operating cash flows before working capital changes totalled $2.4-billion or $2.97 per share.
  • Adjusted net earnings totalled $1.6-billion, or $2.03 per share.
  • All-in sustaining cash costs totalled $874 per ounce, $300 per ounce on a byproduct cash cost basis and $638 per ounce on a co-product cash cost basis.
  • Dividends paid amounted to $438-million.
  • Proven and probable gold mineral reserves increased 4 per cent to 67.1 million ounces or 3.5 per cent on a per-share basis.

"Excellent quarterly performances at our two largest mines resulted in a strong finish to 2012 and position Goldcorp for a much improved 2013," said Chuck Jeannes, Goldcorp president and chief executive officer. "Red Lake in Canada benefited from full access to higher-grade gold zones while Penasquito in Mexico performed well despite commencing mining in a new, lower-grade phase of the pit during the quarter. A full year of gold production at Pueblo Viejo in the Dominican Republic, coupled with production stability throughout our portfolio, will enable a renewed focus on productivity and efficiency at our mines in the year ahead. Goldcorp's operating for excellence initiative is aimed at identifying and implementing best practices to unlock the full cash flow potential within our asset base.

"Another key priority in 2013 is the timely advancement of our three gold growth projects currently under construction that are expected to drive forecast 70-per-cent production growth in the next five years. Cerro Negro in Argentina remains on track for initial gold production at the end of this year amid successful achievement of key milestones and growing ore stockpiles. Eleonore in Quebec continues to benefit from a development plan focused on capital efficiency and building a solid production platform beyond expected first production in late 2014. Development of Cochenour in Red Lake is expected to accelerate, bringing a stronger production profile to the Red Lake complex following the start of production in 2015.

"Goldcorp's consistent strategy is centred on realizing strong shareholder value in a challenging industry through growing, low-cost production. We have always focused on strengthening our overall portfolio through the addition of high-quality gold projects, divestiture of non-core assets and successful exploration investments that have driven a ninth consecutive year of growth in gold reserves. We also enter 2013 with an outstanding balance sheet with the flexibility to pursue new opportunities while maintaining an active dividend policy to return value to shareholders."

Ninth consecutive year of reserve and resource growth

Goldcorp also announced today that proven and probable gold mineral reserves increased by 4 per cent to 67.1 million ounces, the ninth consecutive year that Goldcorp has increased gold reserves. Proven and probable silver mineral reserves totalled 1.2 billion ounces, representing one of the largest silver reserves in the industry.

Gold reserve growth at Cerro Negro, Camino Rojo, Marigold and Porcupine more than offset decreases at Penasquito, Los Filos and Red Lake, which decreased primarily as a result of the removal of marginally economic gold ounces. On a per-share basis, gold reserves increased 3.5 per cent.

Complete mineral reserve and mineral resource data, including tonnes, grades and ounces, can be found in this news release and have been posted to Goldcorp's website. The summary in the attached summary reserves table accounts for the changes in gold ounces year over year.

                        SUMMARY RESERVES

Proven and probable reserves as of Jan. 1, 2012               64.7 moz
Mined ounces during 2012 (including mining depletion)          3.1 moz
Net discovered ounces and converted resources during 2012      4.6 moz
Net changes due to metal prices/engineering                    1.0 moz
Proven and probable reserves as of Jan. 1, 2013               67.1 moz

* Numbers may not add up due to rounding.

At Cerro Negro, an aggressive exploration program featuring eight surface diamond drills completed 421 holes for a total of 146,112 metres for the year. Proven and probable gold reserves have now increased 177 per cent to 5.7 million ounces from the initial proven and probable gold reserve estimate of 2.1 million ounces (7.14 million tonnes at 9.03 grams per tonne gold) at acquisition in December, 2010. Exploration during 2012 focused on infill drilling and expansion of the Mariana Central, Mariana Norte and San Marcos deposits. These efforts have led to extensions in the strike length of all three veins and demonstrated the emergence of adjacent vein systems. An exploration program budgeted at $36-million for 2013 will focus on further extending the Mariana Central, Mariana Norte and San Marcos veins to the east and drill testing other vein targets.

Successful drilling at the Camino Rojo project near Penasquito contributed 1.6 million ounces to proven and probable gold reserves, based on a positive study for mining of near-surface oxide and transition mineralization and conventional heap leach processing. The company is following up on positive exploration results in the sulphide portions of the deposit that will defer development of the heap leach operation. Work will continue in 2013 on sulphide zone exploration.

Red Lake 2012 proven and probable gold reserves totalled 3.2 million ounces, as drilling during the year focused on resource expansion rather than conversion of existing resources to reserves. This effort was successful with the confirmation of the extension of the high-grade zone between the 52 and 57 levels and the discovery of the new NXT zone to the west of the high-grade zone. With a budget of $40-million, the focus in 2013 will be on infill drilling between the 48 and 55 levels in the high-grade zone to convert resources to reserves and definition and extension of the NXT zone above and to the west of the 54 level, with the objective of identifying the up plunge extents. Construction is progressing on an exploration drift at the 47 level with expected completion by the end of the first quarter in 2013 that will provide a platform to increase NXT zone drill density for conversion of resources to reserves. Additional exploration work in the high-grade zone will focus on a newly discovered structure at the bottom of the 4699 ramp.

At Penasquito, proven and probable gold reserves decreased to 15.7 million ounces, consistent with normal depletion of the deposit. Exploration is now focused on testing deep mantos and skarn-type mineralization related with copper mineralization, beneath and adjacent to the current open-pit workings. Preliminary results show that the sulphide horizons contain copper, lead, zinc, gold and silver.

At Marigold, exploration activity for 2012 focused on development drilling in the GAP and central part of Mackay pit, Herco, and Red Dot areas, where positive results have increased proven and probable reserves to 3.3 million ounces, an increase of 960,000 ounces over 2011 to Goldcorp's share of the proven and probable gold reserve, extending mine life by an additional five years.

Record quarterly production drives strong revenues

Gold sales in the fourth quarter were 645,100 ounces on production of 700,400 ounces. This compares with sales of 685,000 ounces on production of 687,900 ounces in the fourth quarter of 2011. Reported net earnings in the quarter were $504-million compared with $405-million in the fourth quarter of 2011. Adjusted net earnings in the fourth quarter totalled $465-million, or 57 cents per share, compared with $531-million or 66 cents per share, in the fourth quarter of 2011. Adjusted net earnings in 2012 exclude the effect of a non-cash foreign exchange loss on translation of deferred income tax assets and liabilities, a non-cash provision related to the revision in estimates on the reclamation and closure costs for the company's inactive and closed mine sites, net impairment charges and gains on disposition related to certain of its equity investments, and unrealized gains on derivative instruments, but include the impact of non-cash stock option expenses, which amounted to approximately $10-million or one cent per share for the quarter. Operating cash flows before changes in working capital totalled $721-million compared with $831-million in last year's fourth quarter.

Beginning in 2013, Goldcorp is adopting an all-in sustaining cash cost measure that the company believes more fully defines the total costs associated with producing gold. All-in sustaining cash costs include byproduct cash costs, sustaining capital, corporate general and administrative expenses, exploration expense, and reclamation cost accretion. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included in the calculation. A full reporting of cash activities will continue to be available in the company's financial statements, and Goldcorp will continue to report cash costs on a byproduct and co-product basis in addition to all-in sustaining cash costs. For the fourth quarter 2012, all-in sustaining cash costs were $910 per ounce. Total cash costs were $360 per ounce on a byproduct basis and $621 per ounce on a co-product basis.

For the 12 months ended Dec. 31, 2012, revenues totalled $5.4-billion. Net earnings for 2012 were $1.7-billion, or $2.16 per share, compared with net earnings of $1.9-billion, or $2.34 per share, in 2011. Adjusted net earnings totalled $1.6-billion, or $2.03 per share, compared with $1.8-billion, or $2.22 per share, in 2011. Cash flow from operations before changes in working capital totalled $2.4-billion compared with $2.7-billion in the 12 months ended Dec. 31, 2011. For 2012, all-in sustaining cash costs were $874 per ounce. Total cash costs were $300 per ounce on a byproduct basis and $638 per ounce on a co-product basis.

Mexico

At Penasquito, throughput averaged 98,800 tonnes per day during the fourth quarter resulting in gold production of 112,900 ounces. Gold production decreased from the third quarter as mining commenced in a lower-grade portion of the pit. Strong byproduct silver, lead and zinc credits contributed to byproduct cash costs during the quarter of $17 per ounce of gold and negative $457 per ounce of gold for the year. Grades continue to reconcile well with reserves. Following the first quarter, Penasquito grades are expected to increase significantly throughout the year. Mill throughput in 2013 is forecast at 105,000 tonnes per day as the company continues to bring additional water wells into production within the Cedros basin in addition to new dewatering wells within the Chile Colorado pit. A water and tailings study is expected to be completed in the first half of 2013 to develop a comprehensive long-term water strategy for the Penasquito district. Full-year 2013 gold production is expected to be between 360,000 to 400,000 ounces.

Gold production at Los Filos increased 16 per cent over the prior quarter to 92,800 ounces and contributed to a record year of gold production of 340,400 ounces. The construction of the next expansion phase of Los Filos heap leach pad facility began during the fourth quarter of 2012 and is expected to be completed in the second quarter of 2013. Gold production during 2013 is expected to be between 340,000 to 350,000 ounces. During 2013, the company will investigate the potential for an expansion at Los Filos.

Canada

Gold production at Red Lake increased 39 per cent from the prior quarter to 168,300 ounces at a total cash cost of $403 per ounce. Following the completion of the destressing program in the third quarter, increased flexibility in the high-grade zone was achieved, which increased the number of high-grade mine headings available. For 2012, gold production totalled 507,700 ounces at total cash costs of $494 per ounce. Production in 2013 is expected between 475,000 to 510,000 ounces. One destress slot is planned for late 2013 at the 46/47 level.

At Porcupine in Ontario, higher grade and higher tonnage from increased mill utilization led to fourth quarter gold production of 74,100 ounces at a total cash cost of $750 per ounce. For 2012, gold production totalled 262,800 ounces at a total cash cost of $772 per ounce. The Hoyle Pond Deep project continued to progress, which will access deeper discovered zones of gold mineralization and enhance operational flexibility and efficiencies throughout the Hoyle Pond underground complex. By the end of 2012, full face shaft sinking had advanced to within 20 metres of the 720-metre level skip dump excavation. Pending receipt of permits, the initial production from the Hollinger open-pit project is expected in the first half of 2013. For 2013, total gold production at Porcupine is expected at between 270,000 and 280,000 ounces.

Central America

At Pueblo Viejo, Goldcorp's 40-per-cent share of gold production totalled 43,700 ounces for the fourth quarter and 44,700 ounces for the year. Modifications to one of the four autoclaves were carried out in December, 2012, to implement design improvements and allow for higher throughputs. These modifications are being made to the remaining three autoclaves during the first half of 2013. Pueblo Viejo achieved commercial production in January, 2013. Ramp-up to full capacity is expected to occur in the second half of 2013 with production forecast between 330,000 to 435,000 ounces to Goldcorp's account. Forecast annual average production is expected to be between 415,000 to 450,000 ounces of gold to Goldcorp's account in the first five years of full production at cash costs of less than $350 per ounce. As part of a longer-term, optimized power solution for Pueblo Viejo, a plan is under way to build a dual-fuel power plant and is expected to commence operations in 2013.

Certain members of the Dominican Republic congress, including the president of the Chamber of Deputies, have expressed a desire to amend the special lease agreement to accelerate and increase the benefits that the DR will derive from the Pueblo Viejo mine. The SLA, which provides for substantial benefits to the DR, including royalties and taxes, in addition to other benefits such as employment and purchasing of goods and services, was approved by congress in 2009 and cannot be unilaterally altered. However, Barrick, as the operator, while reserving its rights under the SLA, has engaged in a dialogue with representatives of the government, with a view to achieving a mutually acceptable outcome. At this time, the outcome of the dialogue is uncertain, but any amendments to the SLA could impact overall project economics.

Advancing a high-quality project pipeline

To finance Goldcorp's peer-leading growth pipeline, capital expenditures for 2013 are forecast at approximately $2.8-billion, of which approximately 60 per cent is allocated to projects and 40 per cent for operations. Major project capital expenditures in 2013 include approximately $775-million at Cerro Negro, $650-million at Eleonore, $100-million at Cochenour and $50-million at Camino Rojo.

Cerro Negro is advancing on schedule toward first gold at the end of the current year. Engineering, procurement and construction management activities are steadily progressing with detailed engineering 55 per cent completed by the end of 2012. Progress on plant construction included completing the excavations, large concrete pours for building foundations, base and walls, and installing the anchor bolts. The ball mill is at site, and all other major imported mechanical equipment has been secured and is on site or en route. Construction of the tailings facility commenced with progress ahead of schedule. Construction of the high-voltage power line is pending receipt of government approvals, anticipated to be received in early March, 2013.

The Eureka decline, which will access the first ore from Cerro Negro, has advanced to a length of 2,135 metres of a total planned decline length of approximately 3,900 metres. The Eureka stockpile contains an estimated 40,316 tonnes at a grade of 11.08 grams per tonne gold and 204 grams per tonne silver and is reconciling well with reserve estimates. Excavation of the ramps into the Mariana Central and Mariana Norte veins are advancing according to the project development schedule. Production is expected to average approximately 525,000 ounces of gold in its first five full years of production.

At the Cochenour project, construction of the five-kilometre Cochenour-Red Lake haulage drift advanced to 68 per cent of completion at year-end with expected completion by the end of the first quarter of 2014. Two drills continue to test the exploration potential of this underexplored area. A study of the overall project was completed in the fourth quarter of 2012 that concluded that the Bruce Channel orebody is lower than previously expected, necessitating the deepening of the Cochenour shaft by 245 metres resulting in first gold deferred to the first half of 2015. Following ramp-up to full production, forecast life-of-mine gold production is expected to be between 225,000 to 250,000 ounces per year.

At the Eleonore gold project in Quebec, a milestone was reached in the fourth quarter with the completion of the production shaft hoist room and head frame facilities, allowing shaft sinking activities to commence on schedule. The exploration ramp excavation has now reached over 2,500 metres in length, which corresponds to a vertical depth of 380 metres below surface. During 2013, underground exploration drilling from the ramp will accelerate, enabling further definition drilling of the deep portion of the Roberto deposit to proceed. Currently, four diamond drills are conducting definition and exploration drilling from working platforms in the ramp. The exploration shaft is now undergoing conversion from sinking mode to designed operating mode. Engineering, procurement and construction management at the end of the 2012 had reached 44-per-cent completion.

Following the completion of work with regard to mine planning and initial development capital, the project capital estimate has been confirmed at $1.75-billion based on all available information. Initial production remains on track for late 2014 with average life-of-mine gold production once the mine is at full production of approximately 600,000 ounces.

Cyanide code certification

During the fourth quarter, Wharf mine in South Dakota became fully certified under the international cyanide management code for the manufacture, transport and use of cyanide in the production of gold, becoming Goldcorp's ninth mine to be certified.

Guidance for 2013

On Jan. 7, Goldcorp announced production and cash cost guidance for the 2013 year. The company has forecast an approximate 10-per-cent increase in gold production to between 2.55 million and 2.80 million ounces. Total cash costs are expected to be between $525 to $575 per ounce of gold on a byproduct basis and between $700 to $750 per ounce of gold on a co-product basis. All-in cash costs are expected at between $1,000 to $1,100 per ounce.

This release should be read in conjunction with Goldcorp's 2012 financial statements and management's discussion and analysis report on the company's website, in the investor resources, reports and filings section, under annual reports.

Complete reserve and resource information for all metals, including tonnage, grade and accompanying metals price assumptions, can be found herein and has been posted to the company' website.

                 GOLD AND SILVER RESERVES AND RESOURCES SUMMARY
                              (as of Dec. 31, 2012)

Reserves                                 Contained gold (Moz)         Contained silver (Moz)

Proven                                                  23.9                          599.2
Probable                                                43.0                          561.2
Proven plus probable                                    67.1                        1,160.4

Resources

Measured                                                 4.2                           64.2
Indicated                                               21.7                          309.9
Measured and indicated                                  25.9                          374.0
Inferred                                                25.9                          111.3

Complete reserve and resource estimates are found in the attached reserve and resource estimate tables.

         PROVEN AND PROBABLE RESERVES (1) (4) (5) AS OF DEC. 31, 2012, 
                         BASED ON ATTRIBUTABLE OUNCES GOLD
                                                               Mt   Au g/t      Moz

Penasquito mill                                   Mexico  1,062.6     0.44    15.17
Pueblo Viejo (40.0%)                  Dominican Republic   109.94     2.83    10.01
Los Filos                                         Mexico   296.71     0.78     7.43
El Morro (70.0%)                                   Chile   449.51     0.47     6.73
Cerro Negro                                    Argentina    18.91     9.43     5.74
Porcupine                                         Canada   108.78     1.24     4.35
Marigold (66.7%)                           United States   196.43     0.52     3.28
Red Lake                                          Canada    10.48     9.57     3.23
Eleonore                                          Canada    12.48     7.56     3.03
Musselwhite                                       Canada    11.23     6.34     2.29
Camino Rojo                                       Mexico    66.76     0.76     1.63
Marlin                                         Guatemala     7.44     4.18     1.00
Dee (40.0%)                                United States    20.42     1.44     0.95
Alumbrera (37.5%)                              Argentina    81.26     0.36     0.93
Wharf                                      United States    22.12     0.82     0.58
Penasquito heap leach                             Mexico   119.75     0.13     0.52
El Sauzal                                         Mexico     4.42     1.52     0.22
Total gold                                                                    67.08

Silver                                                         Mt   Ag g/t      Moz

Pensquito mill                                    Mexico 1,062.60    25.45   869.52
Pueblo Viejo (40.0%)                  Dominican Republic   109.94    17.69    62.53
Los Filos                                         Mexico   296.71     5.51    52.54
Cerro Negro                                    Argentina    18.91    81.20    49.36
Marlin                                         Guatemala     7.44   188.56    45.08
Penasquito heap leach                             Mexico   119.75    10.98    42.28
Camino Rojo                                       Mexico    66.76    14.94    32.07
Dee (40.0%)                                United States    20.42     7.07     4.64
Wharf                                      United States    22.12     3.34     2.37
Total silver                                                               1,160.40

Copper                                                         Mt     % Cu      Mlb

El Morro (70.0%)                                   Chile   449.51     0.49    4,886
Alumbrera (37.5%)                              Argentina    81.26     0.36      640
Pueblo Viejo (40.0%)                  Dominican Republic   109.94     0.10      232
Total copper                                                                  5,758

Lead                                                           Mt     % Pb      Mlb

Penasquito mill                                   Mexico 1,062.60     0.25    5,814
Total lead                                                                    5,814

Zinc                                                           Mt     % Zn      Mlb

Penasquito mill                                   Mexico 1,062.60     0.60   13,961
Total zinc                                                                   13,961

Numbers may not add up due to rounding.
(1) All mineral reserves and mineral resources have been calculated in 
accordance with the standards of the Canadian Institute of Mining, 
Metallurgy and Petroleum and National Instrument 43-101 or the AusIMM 
Joint Ore Reserves Committee equivalent.                             
(4) Reserves and resources are reported as of Dec. 31, 2012, with the 
following conditions or exceptions:    
1. Reserves and resources for Pueblo Viejo are as per information 
provided by Barrick Gold Corp.  
2. Reserves and resources for Dee are as per information provided by 
Barrick Gold.
3. Resources for San Nicolas are as per information provided by Teck 
Resources Ltd. (2012 study).
(5) Mineral reserves are estimated using appropriate recovery rates 
and U.S.-dollar commodity prices of $1,350 per ounce of gold, $24 per 
ounce of silver, $3 per pound of copper, 80 cents per pound of lead and 
85 cents per pound of zinc, unless otherwise noted:
1. Alumbrera: $1,400 per ounce gold and $3.20 per pound copper;
2. Pueblo Viejo and Dee: $1,500 per ounce gold, $28 per ounce silver 
and $3 per pound copper.

       MEASURED AND INDICATED RESOURCES (1) (2) (3) (4) (6) AS OF DEC. 31, 2012, 
                           BASED ON ATTRIBUTABLE OUNCES GOLD 
                                                                  Mt   Au g/t      Moz

Porcupine                                            Canada   169.22     1.18     6.43
Pueblo Viejo (40.0%)                     Dominican Republic    80.78     2.14     5.57
Penasquito mill                                      Mexico   576.98     0.18     3.41
Red Lake                                             Canada     4.69    15.41     2.32
Los Filos                                            Mexico    71.02     1.03     2.35
Cerro Blanco                                      Guatemala     2.52    15.64     1.27
Noche Buena                                          Mexico    71.75     0.42     0.96
Camino Rojo                                          Mexico    23.14     0.76     0.57
Cerro Negro                                       Argentina     5.12     3.12     0.51
Dee (40.0%)                                   United States     9.90     1.53     0.49
Eleonore                                             Canada     1.36    10.95     0.48
Marigold (66.7%)                              United States    30.39     0.42     0.42
El Morro (70.0%)                                      Chile    23.20     0.40     0.30
San Nicolas (21.0%)                                  Mexico    19.26     0.46     0.28
Wharf                                         United States     8.60     0.87     0.24
Musselwhite                                          Canada     0.46     5.63     0.08
El Sauzal                                            Mexico     2.15     1.11     0.08
Penasquito heap leach                                Mexico    25.45     0.07     0.06
Marlin                                            Guatemala     0.46     2.71     0.04
Total gold                                                                        25.9

Silver                                                            Mt   Ag g/t      Moz

Penasquito mill                                      Mexico   576.98    13.41   248.72
Camino Rojo                                          Mexico    23.14    14.94    11.11
Noche Buena                                          Mexico    71.75    14.06    32.44
Pueblo Viejo (40.0%)                     Dominican Republic    80.78    11.93    30.99
San Nicolas (21.0%)                                  Mexico    19.26    26.70    16.53
Los Filos                                            Mexico    71.02     7.00    15.97
Cerro Blanco                                      Guatemala     2.52    72.00     5.83
Cerro Negro                                       Argentina     5.12    22.95     3.78
Penasquito heap leach                                Mexico    25.45     4.31     3.52
Dee (40.0%)                                   United States     9.90     7.42     2.36
Marlin                                            Guatemala     0.46   102.36     1.50
Wharf                                         United States     8.60     4.62     1.28
Total silver                                                                    374.04

Copper                                                            Mt     % Cu      Mlb 

San Nicolas (21.0%)                                  Mexico    19.26     1.24      527
El Morro (70.0%)                                      Chile    23.20     0.52      264
Pueblo Viejo (40.0%)                     Dominican Republic    80.78     0.09      164
Total copper                                                                       955
Lead                                                              Mt     % Pb     Mlbs
Penasquito mill                                      Mexico   576.98     0.13    1,700
Camino Rojo                                          Mexico    23.14     0.17       89
Total lead                                                                       1,789

Zinc                                                              Mt     % Zn      Mlb

Penasquito mill                                      Mexico   576.98     0.35    4,493
San Nicolas (21.0%)                                  Mexico    19.26     1.68      713
Camino Rojo                                          Mexico    23.14     0.37      189
Total zinc                                                                       5,395

Numbers may not add up due to rounding.
(1) All mineral reserves and mineral resources have been calculated in accordance 
with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum 
and National Instrument 43-101 or the AusIMM Joint Ore Reserves Committee 
equivalent.
(2) All mineral resources are reported exclusive of mineral reserves.
(3) Mineral resources which are not mineral reserves do not have demonstrated 
economic viability. 
(4) Reserves and resources are reported as of Dec. 31, 2012, with the following 
conditions or exceptions:    
1. Reserves and resources for Pueblo Viejo are as per information provided by 
Barrick Gold Corp.
2. Reserves and resources for Dee are as per information provided by Barrick Gold.
3. Resources for San Nicolas are as per information provided by Teck Resources 
Ltd. (2012 study).   
(6) Mineral resources are estimated using U.S.-dollar commodity prices of $1,500 
per ounce of gold, $27 per ounce of silver, $3.50 per pound of copper, 95 cents 
per pound of lead and 95 cents per pound of zinc, unless otherwise noted: 
1. Pueblo Viejo and Dee: $1,650 per ounce gold, $30 per ounce silver and $3.50 
per pound copper;
2. San Nicolas: $1,000 per ounce gold, $16 per ounce silver, $2.70 per pound 
copper and $1 per pound zinc.

            INFERRED RESOURCES (1) (2) (3) (4) (6) AS OF DEC. 31, 2012, 
                     BASED ON ATTRIBUTABLE OUNCES GOLD
                                                              Mt   Au g/t      Moz

Los Filos                                        Mexico   236.18     0.84     6.49
El Morro (70.0%)                                  Chile   472.19     0.25     3.85
Eleonore                                         Canada    12.25    10.60     4.17
Cochenour                                        Canada     9.05    11.18     3.25
Red Lake                                         Canada     3.19    16.11     1.65
Porcupine                                        Canada    18.85     1.95     1.18
Musselwhite                                      Canada     4.99     5.72     0.92
Penasquito mill                                  Mexico   126.63     0.20     0.83
Cerro Negro                                   Argentina     5.32     4.81     0.82
Marigold (66.7%)                          United States    54.17     0.43     0.74
Cerro Blanco                                  Guatemala     1.35    15.31     0.67
Pueblo Viejo (40.0%)                 Dominican Republic     6.57     2.18     0.46
Penasquito heap leach                            Mexico    50.66     0.17     0.28
Dee (40.0%)                               United States    17.01     0.51     0.28
Noche Buena                                      Mexico    17.67     0.42     0.24
Marlin                                        Guatemala     0.44     4.51     0.06
San Nicolas (21.0%)                              Mexico     2.28     0.26     0.02
Camino Rojo                                      Mexico     0.64     0.27     0.01
El Sauzal                                        Mexico     0.04     1.35     0.00
Total gold                                                                   25.93

Silver                                                        Mt   Ag g/t      Moz

Los Filos                                        Mexico   239.18     6.04    46.47
Penasquito mill                                  Mexico   126.63     9.13    37.17
Noche Buena                                      Mexico    17.67    13.92     7.91
Cerro Negro                                   Argentina     5.32    34.35     5.87
Pueblo Viejo (40.0%)                 Dominican Republic     6.57    14.32     3.02
Marlin                                        Guatemala     0.44   210.78     3.01
Penasquito heap leach                            Mexico    50.66     1.61     2.62
Cerro Blanco                                  Guatemala     1.35    59.60     2.59
Dee (40.0%)                               United States    17.01     2.38     1.30
San Nicolas (21.0%)                              Mexico     2.28    17.40     1.27
Camino Rojo                                      Mexico     0.64     4.53     0.09
Total silver                                                                111.33

Copper                                                        Mt     % Cu      Mlb

El Morro (70.0%)                                  Chile   472.19     0.35    3,689
San Nicolas (21.0%)                              Mexico     2.28     1.24       62
Pueblo Viejo (40.0%)                 Dominican Republic     6.57     0.07       11
Total copper                                                                 3,762

Lead                                                          Mt     % Pb      Mlb

Penasquito mill                                  Mexico   126.63     0.14      382
Camino Rojo                                      Mexico     0.64     0.08        1
Total lead                                                                     384

Zinc                                                          Mt     % Zn      Mlb

Penasquito mill                                  Mexico   126.63     0.26      736
San Nicolas (21.0%)                              Mexico     2.28     0.97       49
Camino Rojo                                      Mexico     0.64     0.25        4
Total zinc                                                                     788  

Numbers may not add up due to rounding.
(1) All mineral reserves and mineral resources have been calculated in accordance 
with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum 
and National Instrument 43-101 or the AusIMM Joint Ore Reserves Committee 
equivalent.
(2) All mineral resources are reported exclusive of mineral reserves. 
(3) Mineral resources which are not mineral reserves do not have demonstrated 
economic viability. 
(4) Reserves and resources are reported as of Dec. 31, 2012, with the following 
conditions or exceptions:    
1. Reserves and resources for Pueblo Viejo are as per information provided by 
Barrick Gold Corp.
2. Reserves and resources for Dee are as per information provided by Barrick Gold.
3. Resources for San Nicolas are as per information provided by Teck Resources 
Ltd. (2012 study).   
(6) Mineral resources are estimated using U.S.-dollar commodity prices of $1,500 
per ounce of gold, $27 per ounce of silver, $3.50 per pound of copper, 95 cents 
per pound of lead and 95 cents per pound of zinc, unless otherwise noted: 
1. Pueblo Viejo and Dee: $1,650 per ounce gold, $30 per ounce silver and $3.50 
per pound copper;
2. San Nicolas: $1,000 per ounce gold, $16 per ounce silver, $2.70 per pound 
copper and $1 per pound zinc.

Scientific and technical information contained in this press release was reviewed and approved by Maryse Belanger, PGeo, senior vice-president, technical services, for Goldcorp, and a qualified person as defined by National Instrument 43-101 (standards of disclosure for mineral projects).

Information on data verification performed on the mineral properties mentioned in this press release that are considered to be material mineral properties to the company is contained in the current NI 43-101 technical reports listed herein:

  1. "Red Lake gold operation, Ontario, Canada, NI 43-101 technical report" dated March 14, 2011, as amended March 30, 2011;
  2. "Goldcorp Inc., Penasquito polymetallic project, Zacatecas state, Mexico, NI 43-101 technical report" dated March 21, 2011;
  3. "Pueblo Viejo gold project, Dominican Republic technical report" dated March 29, 2011;
  4. "Cerro Negro gold project, Santa Cruz province, Argentina, NI 43-101 technical report on updated feasibility study" dated April 5, 2011;
  5. "Eleonore gold project, Quebec, Canada, NI 43-101 technical report" dated Jan. 26, 2011.

The company will be filing a technical report in respect of its Los Filos mine within 45 days of the date of this press release. Information on mineral resource and mineral reserve effective dates, and key assumptions, limits, and methods used to estimate the mineral resources and mineral reserves with respect to the company's material mineral properties contained in this press release is included in the technical reports, except as otherwise noted in this press release.

A conference call will be held on Feb. 15, 2013, at 10 a.m. (PDT) to discuss the fourth quarter and 2012 results. Participants may join the call by dialling toll-free 1-800-355-4959 or 1-416-695-6617 for calls from outside Canada and the United States. A recorded playback of the call can be accessed after the event until March 17, 2013, by dialling 1-800-408-3053 or 1-905-694-9451 for calls outside Canada and the U.S. Passcode is 5331726. A live and archived audio webcast will also be available at the company's website.

For 2013, the company is adopting an all-in sustaining cash cost non-generally accepted accounting principles performance measure that the company believes more fully defines the total costs associated with producing gold. All-in sustaining cash costs include byproduct cash costs, sustaining capital, corporate general and administrative expenses, exploration expense, and reclamation cost accretion. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included in the calculation. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The company reports this measure on a sales basis.

                                                                                                                
                                  CONSOLIDATED STATEMENTS OF EARNINGS                                                                   
                    (in millions of U.S. dollars, except for per-share amounts)                           
                                                                                                         
                                                      Three months ended Dec. 31,     Twelve months ended Dec. 31,
                                                         2012               2011         2012                2011

Revenues                                          $     1,435        $     1,515  $     5,435       $       5,362
Mine operating costs  
Production costs                                         (667)              (619)      (2,337)             (2,042)
Depreciation and depletion                               (175)              (189)        (675)               (694)
Total                                                    (842)              (808)      (3,012)             (2,736)
Earnings from mine operations                             593                707        2,423               2,626
Exploration and evaluation costs                           (3)               (19)         (55)                (61)
Share of net (losses) earnings of associates              (16)               (86)          47                 (98)
Corporate administration                                  (57)               (57)        (245)               (229)
Earnings from operations and associates                   517                545        2,170               2,238
Gains (losses) on disposition of securities, net            3                 (1)           4                 319
Impairment of available-for-sale securities                (3)               (87)         (71)                (87)
Gains on derivatives, net                                 126                 87          155                  82
Gains on dispositions of mining interests, net             12                 --           12                  --
Finance costs                                              (6)                (7)         (30)                (23)
Other income                                                4                 17           12                  38
Earnings before taxes                                     653                554        2,252               2,567
Income taxes                                             (149)              (149)        (503)               (686)
Net earnings attributable to shareholders of
Goldcorp                                         $        504        $       405  $     1,749       $       1,881
Net earnings per share
Basic                                            $       0.62        $      0.50  $      2.16       $        2.34
Diluted                                                  0.47               0.39         1.95                2.18

We seek Safe Harbor.

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