(TSX: G; NYSE: GG) has outlined an ambitious five-year growth plan, targeting a 20% increase in both gold reserves and annual production and a 20% reduction in all-in sustaining costs, after spending 2016 restructuring its business, strengthening its management team and selling non-core assets.
“It has been a very busy year as we transition to harvest mode. But we now have a structure and people in place to increase that net asset value (NAV) per share to drive long term shareholder value,” David Garofalo, Goldcorp’s president and CEO, said on a recent conference call.
“For 2017, our production is projected to be approximately 2.5 million oz. at all-in sustaining cost of US$850 per oz. and expected to grow to 3 million oz. at all-in sustaining cost of US$700 per oz. within five years,” he added.
The improvement in annual output should come mainly from four of Goldcorp’s seven gold mines including the ramp-up to nameplate capacity at the Cerro Negro mine in Argentina and the Eleonore mine in Quebec. Both achieved commercial production in early 2015 and last year produced a total of 637,000 oz. of gold, or 22% of Goldcorp’s 2016 output of 2.9 million oz.
Read the entire story at The Northern Miner