Canadian Mining Journal

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GOLD: Goldcorp looks ahead to 2014 production, costs

VANCOUVER – Coming off a Q4 production record of 767,700 oz of gold, Goldcorp says 2013 output totaled 2.67 million oz, up 11% from a year earlier. Better yet, production is expected to grow between 13% and 18% in 2014 to the...



VANCOUVER – Coming off a Q4 production record of 767,700 oz of gold, Goldcorp says 2013 output totaled 2.67 million oz, up 11% from a year earlier. Better yet, production is expected to grow between 13% and 18% in 2014 to the neighbourhood of 3.0 million to 3.15 million oz of gold. The company says it plans to increase gold production by approximately 50% over the next two years.

Goldcorp expects all-in sustaining costs to decrease to between $950 and $1,000 per ounce this year, compared to $1,065 per ounce in 2013. Lower costs coupled with rising output is leading the company to forecast continuing AISC  reductions of 15% to 20% over the next two years.

Goldcorp’s Canadian operations will contribute to the overall increase in production. At Red Lake in Ontario mining will continue in the High Grade zone, and there will be additional ore from the recently discovered NXT zone and the Cochenour mine by the end of the year. At Porcupine, near Timmins, ON, production increases will come from the VAZ zone plus the first gold from the Hollinger open pit.

The fourth quarter is the target for first production from the Éléonore development project in Quebec. Capital expenditures there will total between $1.8 billion and $1.9 billion.

Here is a table of production targets for all of Goldcorp’s mines as supplied in a recent news release.

Mine

2013 Production (oz)  

2014 Forecast (oz)

Penasquito

404,000

530,000 – 560,000

Red Lake

493,000

440,000 – 480,000

Pueblo Viejo (40.0%)

324,000

405,000 – 420,000

Los Filos

332,000

330,000 – 345,000

Porcupine

292,000

290,000 – 305,000

Musselwhite

255,000

230,000 – 240,000

Marlin

202,000

175,000 – 185,000

Cerro Negro

nil

130,000 – 180,000

Alumbrera (37.5%)

118,000

125,000 – 130,000

El Sauzal

81,000

100,000 – 105,000

Marigold (66.7%)

108,000

95,000 – 100,000

Wharf

56,000

60,000 – 65,000

Éléonore

nil

40,000 – 60,000

Total

2,665,000

3,000,000 – 3,150,000

Additional information is available at Goldcorp.com.