Goldcorp Lists $101 Million 3Q Loss; Output Falls
(Kitco News)- Goldcorp Inc. (TSX: G, NYSE: GG) late Wednesday reported anet loss for the third quarter as production declined from the same period ayear ago, although it is expected to improve in the current quarter.
The net loss was listed at $101 million, or 12 cents pershare. In the same period a year ago, the company listed a profit of $111million, or 13 cents. The July-September results included a non-cash foreign currencytranslation loss of 4 cents per share.
Operatingresults were impacted mainly by lower production at the Pe??asquito mine due tolower throughput and planned lower grades from stockpiles during thecommissioning of the now fully constructed Pe??asquito pyrite leach project,Goldcorp said.
Consolidatedoutput was 503,000 ounces, compared to 633,000 in the year-ago period. All-insustaining costs rose to $999 an ounce from $827 a year ago.
Goldcorpsaid it looks for production in the fourth quarter to rise to approximately620,000 ounces of gold, while AISC fall to around $750 per ounce.
“The commissioning of the PLP at Pe??asquito, ongoing developmentof the materials-handling system at Musselwhite and the near completion of theramp-up at both Cerro Negro and ??l?(C)onore are expected to lead to significantlyimproved gold production and costs in the fourth quarter of 2018,” said DavidGarofalo, president and chief executive officer. "At the same time, withour renewed focus on exploration, we essentially replaced gold reservedepletion across our operating assets, establishing a strong foundation toachieve our gold reserve target of 60 million ounces by 2021."
Meanwhile, Goldcorp reported that its estimate of proven and probablemineral reserves stood at 52.8 million ounces of gold as of June 30, comparedto 53.5 million as of the same date in 2017. Goldcorp said reserves increased atMusselwhite and Cerro Negro.
Thecompany said it achieved an additional $30 million of “sustainableannual efficiencies,” bringing Goldcorp closer to its goal $350 million by theend of 2019.
By Allen SykoraFor Kitco News
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