Goldcorp Sees Net Loss of $1.1 Billion in Q4 2013

Goldcorp Inc. (TSX:G,NYSE:GG) announced yesterday its results for the fourth quarter of 2013, as well as for 2013 as a whole, commenting that during Q4 it produced a record 768,900 ounces of gold.

However, the company recorded a net loss of $1.1 billion, or $1.34 per share, during the quarter. That’s down from net earnings of $504 million, or $0.62 per share, in the year-ago quarter. Goldcorp also said its gold reserves have decreased by 15 percent.

Other fourth-quarter highlights include:

• Adjusted revenues totaled $1.2 billion.
• Gold sales1 totaled 725,700 ounces on record gold production of 768,900 ounces.
• All-in sustaining costs1,4 were $810 per ounce.
• Adjusted operating cash flow totaled $439 million ($0.54 per share).
• Adjusted net earnings totaled $74 million ($0.09 per share).
• Dividends paid amounted to $121 million.
• Commenced an offer to acquire Osisko Mining Corporation on January 13, 2014.
• Reached an agreement to divest Marigold mine on February 3, 2014.

Chuck Jeannes, Goldcorp’s president and CEO, commented:

I am very proud of how our people responded to the changes in our industry in 2013. Most mines in our portfolio ended the year with significantly lower all-in sustaining costs than when the year began while meeting or exceeding production guidance.  Initiatives under our Operating for Excellence program have taken root, resulting in significant efficiency and productivity gains and a culture that continues to place a premium on safe, profitable production growth despite lower gold prices during the year.

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