(All Amounts in $US unless stated otherwise)
TSX: G NYSE: GG
VANCOUVER, Feb. 14, 2013 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) reported record fourth quarter gold production of 700,400 ounces
compared to gold production of 687,900 ounces in the fourth quarter of
2011. Reported net earnings in the quarter were $504million, or $0.62 per share compared to $405 million, or $0.50 per share
in the same period a year ago. Adjusted net earnings1 were $465 million, or $0.57 per share compared to $531 million, or
$0.66 per share in the same period a year ago.Operating cashflows before working capital changes2totaled $721million compared to $831 million in the fourth quarter of 2011.
Fourth Quarter 2012 Highlights
-
Revenues totaled $1.4 billion on gold sales of 645,100ounces.
-
Operating cash flows before working capital changes totaled $721million or $0.89 per share.
-
Adjusted net earnings totaled $465 million, or $0.57 per share.
-
All-in sustaining cash costs totaled $910 per ounce, $360 per ounce on a
by-product cash cost4 basis, and $621 per ounce on a co-product cash cost4 basis.
-
Dividends paid amounted to $110million. Annual dividend increased 11% to $0.60 per share.
Full-Year 2012 Highlights
-
Revenues increased to a record $5.4 billion on gold sales of 2.3 millionounces.
-
Operating cash flows before working capital changes totaled $2.4 billion
or $2.97 per share.
-
Adjusted net earnings totaled $1.6 billion, or $2.03 per share.
-
All-in sustaining cash costs totaled $874 per ounce, $300 per ounce on a
by-product cash cost basis, and $638 per ounce on a co-product cash
cost basis.
-
Dividends paid amounted to $438million.
-
Proven and probable gold mineral reserves increased 4% to 67.1 million
ounces or 3.5% on a per share basis5.
"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 Peñasquito 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% 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. Éléonore 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 centered 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% to 67.1 million ounces, the ninth consecutive
year that Goldcorp has increased gold reserves. Proven and probable
silver mineral reserves totaled 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 Peñasquito, 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%.
Complete mineral reserve and mineral resource data including tonnes,
grades and ounces can be found at the end of this news release and has
been posted to www.goldcorp.com. The following summary accounts for the changes in gold ounces year
over year:
Proven and probable reserves as of January 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 January 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% to 5.7 million ounces from the initial proven and
probable gold reserve estimate of 2.1 million ounces (7.14Mt at 9.03
g/t Au) at acquisition in December, 2010. Exploration during 2012
focused on in-fill 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 of other vein targets.
Successful drilling at the Camino Rojo project near Peñasquito
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 totaled 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 in-fill 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 Peñasquito, 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 to sales of 685,000ounces on production of 687,900 ounces in the fourth quarter of 2011.
Reported net earnings in the quarter were $504million compared to $405 million in the fourth quarter of 2011. Adjusted
net earnings in the fourth quarter totaled $465 million, or $0.57 per
share, compared to $531 million or $0.66 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 $0.01 per share for the quarter. Operating cash flows
before changes in working capital totaled $721million compared to $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
by-product cash costs, sustaining capital, corporate general &
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 by-product 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 by-product basis and $621 per ounce on a co-product
basis.
For the twelve months ended December 31, 2012, revenues totaled $5.4
billion. Net earnings for 2012 were $1.7 billion or $2.16 per share,
compared to net earnings of $1.9 billion or $2.34 per share in 2011.
Adjusted net earnings totaled $1.6 billion, or $2.03 per share,
compared to $1.8 billion or $2.22 per share, in 2011. Cash flow from
operations before changes in working capital totaled $2.4 billion
compared to $2.7 billion in the twelve months ended December 31, 2011.
For 2012, all-in sustaining cash costs were $874 per ounce. Total cash
costs were $300 per ounce on a by-product basis and $638 per ounce on a
co-product basis.
Mexico
At Peñasquito 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 by-product silver, lead and
zinc credits contributed to by-product 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, Peñasquito 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 Peñasquito district.
Full year 2013 gold production is expected to be between 360,000 to
400,000 ounces.
Gold production at Los Filos increased 16% 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 the
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% from the prior quarter to
168,300 ounces at a total cash cost of $403 per ounce. Following the
completion of the de-stressing 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 totaled 507,700 ounces at total cash costs of $494 per
ounce. Production in 2013 is expected between 475,000 to 510,000
ounces. One de-stress 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
totaled 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% share of gold production totaled 43,700
ounces for the fourth quarter and 44,700 ounces for the year.
Modifications to one of the four autoclaves was 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 ounce6. As part of a longer-term, optimized power solution for Pueblo
Viejo, a plan is underway to build a dual-fuel power plant and is
expected to commence operations in 2013.
Certain members of the Dominican Republic (DR) congress, including the
President of the Chamber of Deputies, have expressed a desire to amend
the Special Lease Agreement (SLA) 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 fund Goldcorp's peer-leading growth pipeline, capital expenditures
for 2013 are forecast at approximately $2.8 billion, of which
approximately 60% is allocated to projects and 40% for operations.
Major project capital expenditures in 2013 include approximately $775
million at Cerro Negro, $650 million at Éléonore, $100 million at
Cochenour, and $50 million at Camino Rojo.
Cerro Negro is advancing on schedule towards first gold at the end of
the current year. Engineering, Procurement and Construction Management
activities are steadily progressing with detailed engineering 55%
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 g/t gold and 204 g/t
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% 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 ore
body 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 Éléonore 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 strategic 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% 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
("the Cyanide Code"), becoming Goldcorp's ninth mine to be certified.
Guidance For 2013
On January 7th, Goldcorp announced production and cash cost guidance for the 2013
year. The Company has forecast an approximate 10% increase in gold
production to between 2.55 and 2.80 million ounces. Total cash costs
are expected to be between $525 to $575 per ounce of gold on a
by-product 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 MD&A report on the Company's website, www.goldcorp.com, in the "Investor Resources - Reports & Filings" section under "Annual
Reports".
Complete reserve and resource information for all metals, including
tonnage, grade and accompanying metals price assumptions can be found
below and has been posted to www.goldcorp.com.
GOLDCORP INC. GOLD AND SILVER RESERVES AND RESOURCES SUMMARY TABLE As of December 31, 2012
|
Reserves
|
Contained Gold (Moz)
|
Contained Silver (Moz)
|
Proven
|
23.9
|
599.2
|
Probable
|
43.0
|
561.2
|
Proven & Probable | 67.1 | 1,160.4 |
|
|
|
Resources |
|
|
Measured
|
4.2
|
64.2
|
Indicated
|
21.7
|
309.9
|
Measured & Indicated | 25.9 | 374.0 |
Inferred | 25.9 | 111.3 |
Complete reserve and resource estimates are as follows:
GOLDCORP INC. PROVEN AND PROBABLE RESERVES(1),(4),(5) AS OF DECEMBER 31, 2012
Based on attributable ounces |
GOLD | Mt | Au g/t | Moz |
Peñasquito 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
|
Éléonore
|
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
|
Peñasquito 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 |
Peñasquito 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
|
Peñasquito 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 | Mlbs |
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 | Mlbs |
Peñasquito Mill
|
Mexico
|
1,062.60
|
0.25
|
5,814
|
TOTAL LEAD |
|
| 5,814 |
ZINC | Mt | % Zn | Mlbs |
Peñasquito Mill
|
Mexico
|
1,062.60
|
0.60
|
13,961
|
TOTAL ZINC |
|
| 13,961 |
GOLDCORP INC. MEASURED AND INDICATED RESOURCES(1),(2),(3),(4),(6) AS OF DECEMBER 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
|
Peñasquito 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
|
Éléonore
|
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
|
Peñasquito 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 |
Peñasquito 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
|
Peñasquito 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 | Mlbs |
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 |
Peñasquito Mill
|
Mexico
|
576.98
|
0.13
|
1,700
|
Camino Rojo
|
Mexico
|
23.14
|
0.17
|
89
|
TOTAL LEAD |
|
| 1,789 |
ZINC | Mt | % Zn | Mlbs |
Peñasquito 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 |
GOLDCORP INC. INFERRED RESOURCES(1),(2),(3),(4),(6) AS OF DECEMBER 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
|
Éléonore
|
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
|
Peñasquito 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
|
Peñasquito 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
|
Peñasquito 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
|
Peñasquito 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 | Mlbs |
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 | Mlbs |
Peñasquito Mill
|
Mexico
|
126.63
|
0.14
|
382
|
Camino Rojo
|
Mexico
|
0.64
|
0.08
|
1
|
TOTAL LEAD |
|
| 384 |
ZINC | Mt | % Zn | Mlbs |
Peñasquito 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
Goldcorp December 31, 2012 Reserve and Resource Reporting Notes:
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
JORC 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 December 31, 2012, with the
following conditions or exceptions:
|
|
|
1
|
Reserves and Resources for Pueblo Viejo are as per information provided
by Barrick Gold Corporation.
|
|
|
2
|
Reserves and Resources for Dee are as per information provided by
Barrick Gold Corporation.
|
|
|
3
|
Resources for San Nicolas are as per information provided by Teck
Resources Limited (2012 Study).
|
5
|
|
Mineral Reserves are estimated using appropriate recovery rates and US$
commodity prices of $1,350 per ounce of gold, $24 per ounce of silver,
$3.00 per pound of copper, $0.80 per pound of lead, and $0.85 per pound
of zinc, unless otherwise noted below:
|
|
|
1
|
Alumbrera
|
$1,400/oz gold and $3.20/lb copper
|
|
|
2
|
Pueblo Viejo, Dee
|
$1,500/oz gold, $28/oz silver, $3.00/lb copper
|
6
|
|
Mineral Resources are estimated using US$ commodity prices of $1,500 per
ounce of gold, $27 per ounce of silver, $3.50 per pound of copper,
$0.95 per pound of lead, and $0.95 per pound of zinc, unless otherwise
noted below;
|
|
|
1
|
Pueblo Viejo, Dee
|
$1,650/oz gold, $30/oz silver, $3.50/lb copper
|
|
|
2
|
San Nicolas
|
$1,000/oz gold, $16.00/oz silver, $2.70/lb copper, $1.00/lb zinc
|
Cautionary Note to United States Investors Concerning Estimates of
Measured, Indicated and Inferred Resources:
These tables use the terms "Measured", "Indicated" and "Inferred"
Resources. United States investors are advised that while such terms
are recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them. "Inferred
Mineral Resources" have a great amount of uncertainty as to their
existence, and as to their economic and legal feasibility. It cannot be
assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
other economic studies. United States investors are cautioned not to
assume that all or any part of Measured or Indicated Mineral Resources
will ever be converted into Mineral Reserves. United States investors
are also cautioned not to assume that all or any part of an Inferred
Mineral Resource exists, or is economically or legally mineable.
Scientific and technical information contained in this press release was
reviewed and approved by Maryse Belanger, P.Geo., Senior
Vice-President, Technical Services for Goldcorp, and a "qualified
person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
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 are contained in the current NI
43-101 technical reports listed below.
1
|
|
|
"Red Lake Gold Operation, Ontario, Canada NI 43-101 Technical Report"
dated March 14, 2011, as amended March 30, 2011.
|
2
|
|
|
"Goldcorp Inc., Peñasquito 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
|
|
|
"Éléonore Gold Project, Quebec, Canada NI 43-101 Technical Report" dated
January 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, parameters 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 are
included in the above technical reports, except as otherwise noted in
this press release.
A conference call will be held on February 15, 2013 at 10:00 a.m. (PDT)
to discuss the fourth quarter and 2012 results. Participants may join
the call by dialing toll free 1-800-355-4959 or 1-416-695-6617 for
calls from outside Canada and the US. A recorded playback of the call
can be accessed after the event until March 17, 2013 by dialing
1-800-408-3053 or 1-905-694-9451 for calls outside Canada and the US.
Pass code: 5331726. A live and archived audio webcast also be
available at www.goldcorp.com.
(1)
|
|
Adjusted net earnings and adjusted net earnings per share are non-GAAP
performance measures. The Company believes that, in addition to
conventional measures prepared in accordance with GAAP, the Company and
certain investors use this information to evaluate the Company's
performance. 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. Refer to page 45 for a reconciliation of adjusted net earnings to
reported net earnings attributable to shareholders of Goldcorp.
|
(2)
|
|
Operating cash flows before working capital changes and operating cash
flows before working capital changes per share are non-GAAP performance
measures which the Company believes provides additional information
about the Company's ability to generate cash flows from its mining
operations.
|
(3)
|
|
For 2013, the Company is adopting an "all-in sustaining cash cost"
non-GAAP performance measure that the Company believes more fully
defines the total costs associated with producing gold. All-in
sustaining cash costs include by-product cash costs, sustaining
capital, corporate general & 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.
|
|
|
|
|
| All-in sustaining cash cost |
|
|
|
| 2012 |
|
|
|
|
|
Total cash costs (by-product) (page 43)
|
|
|
|
|
$702
|
|
|
|
|
|
Corporate administration
|
|
|
|
|
245
|
|
|
|
|
|
Exploration and evaluation costs
|
|
|
|
|
55
|
|
|
|
|
|
Reclamation cost accretion
|
|
|
|
|
16
|
|
|
|
|
|
Sustaining capital expenditure
|
|
|
|
|
1,028
|
|
|
|
|
| All-in sustaining cash costs |
|
|
|
| $2,046 |
|
|
|
|
| Gold sales ounces |
|
|
|
| 2,340,600 |
|
|
|
|
| All-in sustaining cash costs per ounce |
|
|
|
| $874 |
|
(4)
|
|
The Company has included non-GAAP performance measures - total cash
costs, by-product and co-product, per gold ounce, throughout this
document. The Company reports total cash costs on a sales basis. In the
gold mining industry, this is a common performance measure but does not
have any standardized meaning. The Company follows the recommendations
of the Gold Institute Production Cost Standard. The Company believes
that, in addition to conventional measures prepared in accordance with
GAAP, the Company and certain investors use this information to
evaluate the Company's performance and ability to generate cash flow.
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. Total cash costs on a
by-product basis are calculated by deducting by-product silver, copper,
lead and zinc sales revenues from production costs.
|
|
|
Commencing January 1, 2011, total cash costs on a co-product basis are
calculated by allocating production costs to each co-product based on
the ratio of actual sales volumes multiplied by budget metal prices as
compared to realized sales prices. Prior period comparatives have been
restated accordingly. The budget metal prices used in the calculation
of co-product total cash costs were as follows:
|
|
|
|
|
| |
|
|
|
| 2012 |
|
|
|
| 2011 |
|
|
|
|
|
Gold
|
|
|
|
|
$1,600
|
|
|
|
|
$1,250
|
|
|
|
|
|
Silver
|
|
|
|
|
34.00
|
|
|
|
|
20.00
|
|
|
|
|
|
Copper
|
|
|
|
|
3.50
|
|
|
|
|
3.25
|
|
|
|
|
|
Lead
|
|
|
|
|
0.90
|
|
|
|
|
0.90
|
|
|
|
|
|
Zinc
|
|
|
|
|
0.90
|
|
|
|
|
0.90
|
(5)
|
|
Reserves per share is a non-GAAP performance measure. The Company
believes that, in addition to conventional measures prepared in
accordance with GAAP, the Company and certain investors use this
information to evaluate the Company's performance. 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.
|
(6)
|
|
Based on first full five year average and gold and WTI oil price
assumptions of $1,700/oz and $90/bbl, respectively. Does not include
escalation for future inflation.
|
Goldcorp is one of the world's fastest growing senior gold producers.
Its low-cost gold production is located in safe jurisdictions in the
Americas and remains 100% unhedged.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of
Goldcorp Inc. ("Goldcorp"). Forward-looking statements include, but are
not limited to, statements with respect to the future price of gold,
silver, copper, lead and zinc, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and
amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, hedging
practices, currency exchange rate fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, timing and
possible outcome of pending litigation, title disputes or claims and
limitations on insurance coverage. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking statements are made based upon certain assumptions and
other important factors that, if untrue, could cause the actual
results, performances or achievements of Goldcorp to be materially
different from future results, performances or achievements expressed
or implied by such statements. Such statements and information are
based on numerous assumptions regarding present and future business
strategies and the environment in which Goldcorp will operate in the
future, including the price of gold, anticipated costs and ability to
achieve goals. Certain important factors that could cause actual
results, performances or achievements to differ materially from those
in the forward-looking statements include, among others, gold price
volatility, discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), activities by governmental authorities (including changes
in taxation), currency fluctuations, the speculative nature of gold
exploration, the global economic climate, dilution, share price
volatility, competition, loss of key employees, additional funding
requirements and defective title to mineral claims or property.
Although Goldcorp has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other important factors that may cause the actual
results, level of activity, performance or achievements of Goldcorp to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks related
to the integration of acquisitions; risks related to international
operations, including economic and political instability in foreign
jurisdictions in which Goldcorp operates; risks related to current
global financial conditions; risks related to joint venture operations;
actual results of current exploration activities; environmental risks;
future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; mine development
and operating risks; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; risks related to indebtedness and the service of such
indebtedness, as well as those factors discussed in the section
entitled "Description of the Business - Risk Factors" in Goldcorp's
annual information form for the year ended December 31, 2011available at www.sedar.com. Although Goldcorp has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Forward-looking
statements are made as of the date hereof and accordingly are subject
to change after such date. Except as otherwise indicated by Goldcorp,
these statements do not reflect the potential impact of any
non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations or
other transactions that may be announced or that may occur after the
date hereof. Forward-looking statements are provided for the purpose
of providing information about management's current expectations and
plans and allowing investors and others to get a better understanding
of our operating environment. Goldcorp does not undertake to update any
forward-looking statements that are included in this document, except
in accordance with applicable securities laws.
SUMMARIZED FINANCIAL RESULTS |
(in millions of United States dollars, except per share amounts and
where noted)
|
|
|
|
| Three Months Ended December 31 |
|
|
|
| 2012 |
|
|
2011
|
Revenues |
|
|
| $1,435 |
|
|
$ 1,515
|
Gold produced (ounces)
|
|
|
| 700,400 |
|
|
687,900
|
Gold sold (ounces)
|
|
|
| 645,100 |
|
|
685,000
|
Copper produced (thousands of pounds)
|
|
|
| 25,400 |
|
|
18,500
|
Copper sold (thousands of pounds)
|
|
|
| 33,300 |
|
|
23,100
|
Silver produced (ounces)
|
|
|
| 7,158,600 |
|
|
8,688,200
|
Silver sold (ounces)
|
|
|
| 6,312,800 |
|
|
8,153,400
|
Lead produced (thousands of pounds)
|
|
|
| 29,200 |
|
|
46,100
|
Lead sold (thousands of pounds)
|
|
|
| 23,700 |
|
|
40,200
|
Zinc produced (thousands of pounds)
|
|
|
| 67,000 |
|
|
97,900
|
Zinc sold (thousands of pounds)
|
|
|
| 73,600 |
|
|
78,400
|
Average realized gold price (per ounce)
|
|
|
| $1,692 |
|
|
$1,663
|
Average London spot gold price (per ounce)
|
|
|
| $1,722 |
|
|
$1,688
|
Average realized copper price (per pound)
|
|
|
| $3.47 |
|
|
$3.70
|
Average London spot copper price (per pound)
|
|
|
| $3.59 |
|
|
$3.40
|
Average realized silver price (per ounce)
|
|
|
| $25.77 |
|
|
$26.28
|
Average London spot silver price (per ounce)
|
|
|
| $32.68 |
|
|
$31.87
|
Average realized lead price (per ounce)
|
|
|
| $0.96 |
|
|
$0.89
|
Average London spot lead price (per ounce)
|
|
|
| $1.00 |
|
|
$0.90
|
Average realized zinc price (per ounce)
|
|
|
| $0.86 |
|
|
$0.84
|
Average London spot zinc price (per ounce)
|
|
|
| $0.88 |
|
|
$0.86
|
Total cash costs - by-product (per gold ounce)
|
|
|
| $360 |
|
|
$261
|
Total cash costs - co-product (per gold ounce)
|
|
|
| $621 |
|
|
$529
|
|
|
|
|
|
|
|
|
Production Data:
|
|
|
|
|
|
|
|
Red Lake gold mines :
|
Tonnes of ore milled
|
|
|
| 214,000 |
|
|
226,300
|
|
Average mill head grade (grams per tonne)
|
|
|
| 26.67 |
|
|
22.18
|
|
Gold ounces produced
|
|
|
| 168,300 |
|
|
154,000
|
|
Total cash cost per ounce - by-product
|
|
|
| $403 |
|
|
$374
|
Porcupine mines :
|
Tonnes of ore milled
|
|
|
| 1,084,100 |
|
|
1,074,200
|
|
Average mill head grade (grams per tonne)
|
|
|
| 2.35 |
|
|
2.32
|
|
Gold ounces produced
|
|
|
| 74,100 |
|
|
74,700
|
|
Total cash cost per ounce - by-product
|
|
|
| $750 |
|
|
$593
|
Musselwhite mine :
|
Tonnes of ore milled
|
|
|
| 324,600 |
|
|
341,300
|
|
Average mill head grade (grams per tonne)
|
|
|
| 6.52 |
|
|
5.47
|
|
Gold ounces produced
|
|
|
| 64,000 |
|
|
56,800
|
|
Total cash cost per ounce - by-product
|
|
|
| $693 |
|
|
$753
|
Peñasquito :
|
Tonnes of ore mined
|
|
|
| 12,480,000 |
|
|
12,034,400
|
|
Tonnes of waste removed
|
|
|
| 31,442,300 |
|
|
24,223,400
|
|
Tonnes of ore milled
|
|
|
| 9,087,200 |
|
|
8,617,000
|
|
Average head grade (grams per tonne) - gold
|
|
|
| 0.55 |
|
|
0.44
|
|
Average head grade (grams per tonne) - silver
|
|
|
| 24.41 |
|
|
28.68
|
|
Average head grade (%) - lead
|
|
|
| 0.23 |
|
|
0.35
|
|
Average head grade (%) - zinc
|
|
|
| 0.52 |
|
|
0.76
|
|
Gold ounces produced
|
|
|
| 112,900 |
|
|
82,300
|
|
Silver ounces produced
|
|
|
| 5,200,400 |
|
|
5,865,600
|
|
Lead (thousands of pounds) produced
|
|
|
| 29,200 |
|
|
46,100
|
|
Zinc (thousands of pounds) produced
|
|
|
| 67,000 |
|
|
97,900
|
|
Total cash cost per ounce - by-product
|
|
|
| $17 |
|
|
($447)
|
|
Total cash cost per ounce - co-product
|
|
|
| $764 |
|
|
$768
|
Los Filos mine :
|
Tonnes of ore mined
|
|
|
| 8,319,900 |
|
|
7,124,100
|
|
Tonnes of waste removed
|
|
|
| 11,170,300 |
|
|
9,974,600
|
|
Tonnes of ore processed
|
|
|
| 8,424,800 |
|
|
7,228,000
|
|
Average grade processed (grams per tonne)
|
|
|
| 0.70 |
|
|
0.75
|
|
Gold ounces produced
|
|
|
| 92,800 |
|
|
85,200
|
|
Total cash cost per ounce - by-product
|
|
|
| $572 |
|
|
$503
|
El Sauzal mine :
|
Tonnes of ore mined
|
|
|
| 595,900 |
|
|
483,400
|
|
Tonnes of waste removed
|
|
|
| 2,774,400 |
|
|
981,500
|
|
Tonnes of ore milled
|
|
|
| 471,900 |
|
|
506,300
|
|
Average mill head grade (grams per tonne)
|
|
|
| 1.51 |
|
|
1.80
|
|
Gold ounces produced
|
|
|
| 21,300 |
|
|
27,500
|
|
Total cash cost per ounce - by-product
|
|
|
| $856 |
|
|
$535
|
Marlin mine :
|
Tonnes of ore milled
|
|
|
| 481,700 |
|
|
525,300
|
|
Average mill head grade (grams per tonne) - gold
|
|
|
| 3.27 |
|
|
7.96
|
|
Average mill head grade (grams per tonne) - silver
|
|
|
| 122 |
|
|
186
|
|
Gold ounces produced
|
|
|
| 49,500 |
|
|
130,700
|
|
Silver ounces produced
|
|
|
| 1,780,900 |
|
|
2,822,600
|
|
Total cash cost per ounce - by-product
|
|
|
| ($182) |
|
|
($337)
|
|
Total cash cost per ounce - co-product
|
|
|
| $551 |
|
|
$275
|
Alumbrera mine : (1) |
Tonnes of ore mined
|
|
|
| 2,936,600 |
|
|
3,023,700
|
|
Tonnes of waste removed
|
|
|
| 6,126,500 |
|
|
4,878,400
|
|
Tonnes of ore milled
|
|
|
| 3,915,500 |
|
|
3,528,500
|
|
Average mill head grade (grams per tonne) - gold
|
|
|
| 0.35 |
|
|
0.30
|
|
Average mill head grade (%) - copper
|
|
|
| 0.34 |
|
|
0.30
|
|
Gold ounces produced
|
|
|
| 31,800 |
|
|
23,000
|
|
Copper (thousands of pounds) produced
|
|
|
| 25,400 |
|
|
18,500
|
|
Total cash cost per ounce - by-product
|
|
|
| ($894) |
|
|
$508
|
|
Total cash cost per ounce - co-product
|
|
|
| $692 |
|
|
$1,155
|
Marigold mine : (2) |
Tonnes of ore mined
|
|
|
| 2,396,800 |
|
|
1,946,000
|
|
Tonnes of waste removed
|
|
|
| 6,862,500 |
|
|
6,963,200
|
|
Tonnes of ore processed
|
|
|
| 2,396,800 |
|
|
1,946,000
|
|
Average grade processed (grams per tonne)
|
|
|
| 0.65 |
|
|
0.58
|
|
Gold ounces produced
|
|
|
| 28,300 |
|
|
27,800
|
|
Total cash cost per ounce - by-product
|
|
|
| $847 |
|
|
$799
|
Wharf mine :
|
Tonnes of ore mined
|
|
|
| 1,390,700 |
|
|
727,300
|
|
Tonnes of ore processed
|
|
|
| 751,200 |
|
|
689,500
|
|
Average grade processed (grams per tonne)
|
|
|
| 0.77 |
|
|
0.97
|
|
Gold ounces produced
|
|
|
| 13,700 |
|
|
25,700
|
|
Total cash cost per ounce - by-product
|
|
|
| $849 |
|
|
$523
|
|
|
|
|
|
|
|
|
Financial Data: |
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
| $787 |
|
|
$727
|
Net earnings attributable to shareholders of Goldcorp Inc.
|
|
|
| $504 |
|
|
$405
|
Net earnings per share - basic
|
|
|
| $0.62 |
|
|
$0.50
|
Adjusted net earnings per share - basic
|
|
|
| $0.57 |
|
|
$0.66
|
Weighted average shares outstanding (000's)
|
|
|
| 811,394 |
|
|
809,829
|
(1) Shown at Goldcorp's interest - 37.5%
(2) Shown at Goldcorp's interest - 66.7%
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
(In millions of United States dollars, except for per share amounts -
Unaudited)
|
|
|
|
|
|
|
| Three Months Ended December 31 |
|
|
| Twelve Months Ended December 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)
|
|
|
|
(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 Inc. |
| $ | 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
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(In millions of United States dollars - Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended December 31 |
|
|
| Twelve Months Ended December 31 |
|
|
| 2012 |
|
|
|
2011
|
|
|
| 2012 |
|
|
|
2011
|
Net earnings |
| $ | 504 |
|
|
$
|
405
|
|
| $ | 1,749 |
|
|
$
|
1,881
|
Other comprehensive (loss) income, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market losses on available-for-sale securities
|
|
| (5) |
|
|
|
(8)
|
|
|
| (52) |
|
|
|
(199)
|
|
Reclassification adjustment for impairment losses included in net
earnings
|
|
| 2 |
|
|
|
75
|
|
|
| 63 |
|
|
|
76
|
|
Reclassification adjustment for realized gain on disposition of
available-for-sale securities recognized in net earnings
|
|
| (2) |
|
|
|
1
|
|
|
| (3) |
|
|
|
(294)
|
|
|
| (5) |
|
|
|
68
|
|
|
| 8 |
|
|
|
(417)
|
Total comprehensive income attributable to shareholders of Goldcorp Inc. |
| $ | 499 |
|
|
$
|
473
|
|
| $ | 1,757 |
|
|
$
|
1,464
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In millions of United States dollars - Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended December 31 |
|
|
| Twelve Months Ended December 31 |
|
|
|
2012 |
|
|
|
2011
|
|
|
|
2012 |
|
|
|
2011
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
| $ | 504 |
|
|
$
|
405
|
|
| $ | 1,749 |
|
|
$
|
1,881
|
Adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclamation expenditures
|
|
| (4) |
|
|
|
(5)
|
|
|
| (21) |
|
|
|
(23)
|
(Gains) losses on disposition of securities, net
|
|
|
(3) |
|
|
|
1
|
|
|
|
(4) |
|
|
|
(319)
|
Gains on dispositions of mining interests, net
|
|
| (12) |
|
|
|
-
|
|
|
| (12) |
|
|
|
-
|
Items not affecting cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and depletion
|
|
| 175 |
|
|
|
189
|
|
|
| 675 |
|
|
|
694
|
|
Share of net losses (earnings) of associates
|
|
| 16 |
|
|
|
86
|
|
|
| (47) |
|
|
|
98
|
|
Share-based compensation expense
|
|
|
10 |
|
|
|
23
|
|
|
| 82 |
|
|
|
100
|
|
Impairment of available-for-sale securities
|
|
|
3 |
|
|
|
87
|
|
|
| 71 |
|
|
|
87
|
|
Realized gain on share purchase warrants, net
|
|
| - |
|
|
|
-
|
|
|
| - |
|
|
|
(33)
|
|
Unrealized gains on derivatives, net
|
|
|
(128) |
|
|
|
(81)
|
|
|
| (155) |
|
|
|
(61)
|
|
Revisions in estimates and accretion of reclamation and closure cost
obligations
|
|
|
87 |
|
|
|
55
|
|
|
| 99 |
|
|
|
35
|
|
Deferred income tax expense (recovery)
|
|
| 76 |
|
|
|
70
|
|
|
| (32) |
|
|
|
213
|
|
Other
|
|
| (3) |
|
|
|
1
|
|
|
| 3 |
|
|
|
20
|
Change in working capital
|
|
|
66 |
|
|
|
(104)
|
|
|
| (311) |
|
|
|
(326)
|
Net cash provided by operating activities
|
|
| 787 |
|
|
|
727
|
|
|
|
2,097 |
|
|
|
2,366
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures on mining interests
|
|
| (636) |
|
|
|
(460)
|
|
|
| (2,333) |
|
|
|
(1,677)
|
Deposits on mining interests expenditures
|
|
| (83) |
|
|
|
(62)
|
|
|
| (275) |
|
|
|
(101)
|
Interest paid
|
|
| - |
|
|
|
-
|
|
|
| (17) |
|
|
|
(17)
|
Return of capital investment in Pueblo Viejo
|
|
| - |
|
|
|
-
|
|
|
| - |
|
|
|
64
|
Proceeds from dispositions of mining interests, net
|
|
| 43 |
|
|
|
-
|
|
|
| 43 |
|
|
|
-
|
Purchase of securities and other investments
|
|
| (2) |
|
|
|
(353)
|
|
|
| (19) |
|
|
|
(507)
|
Proceeds from sale of securities and other investments, net
|
|
| 6 |
|
|
|
216
|
|
|
| 289 |
|
|
|
735
|
Other
|
|
| 3 |
|
|
|
1
|
|
|
| 16 |
|
|
|
(5)
|
Net cash used in investing activities of continuing operations
|
|
|
(669) |
|
|
|
(658)
|
|
|
| (2,296) |
|
|
|
(1,508)
|
Net cash provided by (used in) investing activities of discontinued
operations
|
|
|
5 |
|
|
|
30
|
|
|
|
10 |
|
|
|
(58)
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued, net of issue costs
|
|
| 12 |
|
|
|
7
|
|
|
| 44 |
|
|
|
477
|
Dividends paid to shareholders
|
|
| (110) |
|
|
|
(91)
|
|
|
| (438) |
|
|
|
(330)
|
Net cash (used in) provided by financing activities
|
|
| (98) |
|
|
|
(84)
|
|
|
| (394) |
|
|
|
147
|
Effect of exchange rate changes on cash and cash equivalents
|
|
| (1) |
|
|
|
11
|
|
|
| (1) |
|
|
|
(1)
|
Increase (decrease) in cash and cash equivalents |
|
|
24 |
|
|
|
26
|
|
|
| (584) |
|
|
|
946
|
Cash and cash equivalents, beginning of period
|
|
| 894 |
|
|
|
1,476
|
|
|
| 1,502 |
|
|
|
556
|
Cash and cash equivalents, end of period |
| $ | 918 |
|
|
$
|
1,502
|
|
| $ | 918 |
|
|
$
|
1,502
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
(In millions of United States dollars - Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31 2012 |
|
|
|
At December 31
2011
|
Assets |
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
| $ | 918 |
|
|
$
|
1,502
|
|
Accounts receivable
|
|
|
| 713 |
|
|
|
473
|
|
Inventories and stockpiled ore
|
|
|
| 722 |
|
|
|
574
|
|
Notes receivable
|
|
|
| 5 |
|
|
|
40
|
|
Other
|
|
|
| 170 |
|
|
|
361
|
|
|
|
| 2,528 |
|
|
|
2,950
|
Mining interests
|
|
|
|
|
|
|
|
|
|
Owned by subsidiaries
|
|
|
| 24,279 |
|
|
|
22,673
|
|
Investments in associates
|
|
|
| 2,088 |
|
|
|
1,536
|
|
|
|
| 26,367 |
|
|
|
24,209
|
Goodwill
|
|
|
| 1,737 |
|
|
|
1,737
|
Investments in securities
|
|
|
| 162 |
|
|
|
207
|
Note receivable
|
|
|
| 37 |
|
|
|
42
|
Deposits on mining interests expenditures
|
|
|
| 95 |
|
|
|
73
|
Other
|
|
|
| 286 |
|
|
|
156
|
Total assets |
|
|
| 31,212 |
|
|
|
29,374
|
Liabilities |
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
| $ | 886 |
|
|
$
|
619
|
|
Income taxes payable
|
|
|
| 151 |
|
|
|
48
|
|
Derivative liabilities
|
|
|
| 68 |
|
|
|
65
|
|
Other
|
|
|
| 70 |
|
|
|
39
|
|
|
|
| 1,175 |
|
|
|
771
|
Deferred income taxes
|
|
|
| 5,542 |
|
|
|
5,560
|
Long-term debt
|
|
|
| 783 |
|
|
|
737
|
Derivative liabilities
|
|
|
| 79 |
|
|
|
237
|
Provisions
|
|
|
| 518 |
|
|
|
375
|
Income taxes payable
|
|
|
| 62 |
|
|
|
113
|
Other
|
|
|
| 124 |
|
|
|
96
|
Total liabilities
|
|
|
| 8,283 |
|
|
|
7,889
|
Equity |
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
Common shares, stock options and restricted share units
|
|
|
| 17,117 |
|
|
|
16,992
|
|
Investment revaluation reserve
|
|
|
| 51 |
|
|
|
43
|
|
Retained earnings
|
|
|
| 5,548 |
|
|
|
4,237
|
|
|
|
| 22,716 |
|
|
|
21,272
|
Non-controlling interests
|
|
|
| 213 |
|
|
|
213
|
Total equity
|
|
|
| 22,929 |
|
|
|
21,485
|
Total liabilities and equity |
|
| $ | 31,212 |
|
|
$
|
29,374
|
SOURCE: Goldcorp Inc.
<p> Jeff Wilhoit<br/> Vice President, Investor Relations<br/> Goldcorp Inc.<br/> Telephone: (604) 696-3074<br/> Fax: (604) 696-3001<br/> E-mail: <a href="mailto:info@goldcorp.com">info@goldcorp.com</a><br/> website: <a href="http://www.goldcorp.com">www.goldcorp.com</a> </p>