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Goldcorp reports record gold production in fourth quarter |
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Written by REM
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VANCOUVER, B.C. - GOLDCORP INC. today (February 19, 2009) reported record gold production of 691,800 ounces for the quarter ended December 31, 2008. Reported net earnings amounted to $958.1 million in the quarter, or $1.31 per share, which includes a non-cash foreign exchange gain on the revaluation of future income tax liabilities. Adjusted net earnings in the quarter were $84.4 million, or $0.12 per share. The Company also announced today that total proven and probable reserves increased seven percent to 46.3 million ounces as of December 31, 2008, Goldcorp’s fifth consecutive annual reserves increase.
Fourth Quarter 2008 Highlights:
- Revenues were $609 million on gold sales of 680,200 ounces.
- Operating cash flows before working capital changes totalled $230.5 million, or $0.32 per share.
- Total cash costs3 amounted to $323 per gold ounce.
- Dividends of $32.7 million were paid during the quarter.
- Cash and equivalents were $262.3 million with no Goldcorp debt at December 31, 2008.
Full-Year 2008 Highlights:
- Produced 2.32 million ounces of gold at total cash costs of $305 per ounce.
- Sold 48 percent interest in Silver Wheaton adding $1.5 billion in cash.
- Poured first gold at Peñasquito; project remains on budget and on schedule.
- Increased company-wide gold and silver reserves by 2.9 million ounces and 182 million ounces respectively.
- Consolidated Red Lake district with the acquisition of Gold Eagle Mines Ltd.
“Goldcorp ended 2008 with strong performance at every mine in our portfolio,” said Chuck Jeannes, President and Chief Executive Officer. “Decreasing cash costs enabled the Company to capture greater margins in a rising gold price environment, contributing to 2008 margins of $563 per ounce of gold sold. Our performance in the fourth quarter underscores the substantial operational improvements underway throughout the Company, and our priority in 2009 and beyond is on building on this improved performance while delivering on our goals and objectives.”
For the full story, visit www.goldcorp.com.
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