The Coffee project is a future star in the Goldcorp portfolio. (Image: Goldcorp)
VANCOUVER – Goldcorp reports net earnings of $67 million (all figures are U.S. dollars), or $0.08 per share, for the first quarter of 2018. Earnings were down substantially from the $170 million, or $0.20 per share, for the same quarter a year earlier.
The decrease was due to a drop in gold sales, notably to 590,000 oz. in Q1 2018, compared to 655,000 oz. a year earlier. All-in sustaining costs were relatively unchanged at $810 per oz. this year and $800 per oz. last year.
Gold production is set to increase during the second half of the year as output increases at the Eleonore mine in Quebec and Cerro Negro mine in Argentina.
Goldcorp remains confident that it has a solid pipeline of projects that support its 20/20/20 growth plan. The Penasquito pyrite leach project in Mexico is 86% complete. The materials handling project at Musselwhite is 65%, ahead of schedule and 10% below budget. The Borden mine is on track for commercial gold production in the second half of 2019. The latter two projects are located in Ontario. The pre-feasibility study at the NuevaUnion joint venture with Teck Resources in Chile is complete, and the copper-gold project is moving into the feasibility stage.
“Our operations again delivered on target quarterly results while we continue to execute very well on our robust pipeline of growth projects, which together with excellent exploration results from across our portfolio, continues to enhance confidence in our 20/20/20 plan of growing production and reserves by 20%, and reducing AISC by 20% by 2021,” said Goldcorp president and CEO David Garofalo.
Additional Q1 information is available at the company’s website, www.Goldcorp.com.