Goldcorp Reports Q3 Gold Output of 922,200 Ounces

Goldcorp Inc. (TSX:G,NYSE:GG) released its results for the third quarter of 2015, commenting that it produced 922,200 ounces of gold, up 42 percent from the year-ago quarter. Gold sales came to 942,600 ounces.
Other highlights are as follows:

• Free cash flow of $243 million before dividends; $168 million after dividends.
• Revolving credit facility fully repaid.
• Adjusted revenues of $1.3 billion.
• All-in sustaining costs of $848 per ounce.
• Adjusted operating cash flow of $374 million.
• Adjusted net loss of $37 million, or $0.04 per share.
• 2015 production and cost guidance re-confirmed.
• Announced joint venture (50/50) with Teck Resources Limited (“Teck”) to combine El Morro and Relincho projects into a single project.

Chuck Jeannes, president and CEO of Goldcorp, commented:

Our third quarter results highlight the essence of Goldcorp’s investment proposition: growing gold production, declining all-in sustaining costs and decreasing capital spending resulting in strong, sustained free cash flow, despite lower metals prices. Record quarterly gold production, successful cost containment efforts and the wind-down of a capital investment program that has brought two high-quality gold mines into commercial production this year contributed to quarterly free cash flow of $243 million.  The benefit of managing a strong portfolio of mines was illustrated in the quarter as good results at Peñasquito, Cerro Negro and Musselwhite more than offset lower-than-expected production from Éléonore as the mine continues to ramp up.  As a result, we remain on track to meet the upper end of our production guidance of between 3.3 and 3.6 million ounces at all-in sustaining costs of between $850 and $900 per ounce.  Our focus over the balance of 2015 and into 2016 is on vigilant management of our costs in the current gold price environment, successful replacement of mined gold reserves and the prudent allocation of free cash flow to fortify our already-strong balance sheet and fund the next wave of Goldcorp’s promising organic growth opportunities.

Click here to read the full Goldcorp Inc. (TSX:G,NYSE:GG) press release.