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.
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