TSX: G NYSE:
GG
(All Amounts in $US unless stated otherwise)
VANCOUVER, Feb. 19, 2015 /PRNewswire/ - GOLDCORP INC.
(TSX: G, NYSE: GG) reported record fourth quarter gold
production1 of 890,900 ounces, compared to gold
production of 768,900 ounces for the fourth quarter of 2013.
Adjusted quarterly revenues1 were $1.1 billion, generating adjusted net
earnings1,2 of $55
million, or $0.07 per
share, compared to adjusted revenues of $1.2 billion and adjusted net earnings of
$74 million, or $0.09 per share, for the fourth quarter of
2013. Adjusted operating cash flow1,3 was
$337 million, or $0.41 per share, compared to $439 million, or $0.54 per share, for the fourth quarter of
2013.
During the fourth quarter of 2014, the Company recorded an
impairment charge of $2.3 billion,
net of tax, forthe Cerro Negro mine in Argentina due to the decline in market
valuations of future exploration potential and the ongoing
challenging fiscal conditions in Argentina. This contributed
to a reported net loss for the quarter of $2.4 billion, or ($2.94) per share compared to a net loss of
$1.1 billion, or ($1.34) per share in the fourth quarter of
2013.
Fourth Quarter 2014 Highlights
- Adjusted revenues totaled $1.1
billion.
- Gold sales1 totaled 707,900 ounces on record
gold production of 890,900 ounces.
- All-in sustaining costs1,4 were $1,035 per ounce.
- Adjusted operating cash flow totaled $337 million, or $0.41 per share.
- Adjusted net earnings totaled $55
million, or $0.07 per
share.
- Dividends paid amounted to $122million.
- Achieved commercial production at Cerro Negro on January 1, 2015.
- Announced an agreement to divest Wharf on January 12, 2015.
- Announced an agreement to acquire Probe Mines on January 19, 2015.
Full-Year 2014 Highlights
- Adjusted revenues totaled $4.5
billion.
- Gold sales totaled 2.67 millionounces on record gold production
of 2.87 million ounces.
- All-in sustaining costs were $949
per ounce.
- Adjusted operating cash flow totaled $1.4 billion, or $1.71 per share.
- Adjusted net earnings totaled $498
million, or $0.61 per
share.
- Dividends paid amounted to $488
million.
- Cerro Negro and Éléonore achieved first gold production.
- Divested the Marigold mine.
- Proven and probable mineral reserves of 49.6 million gold
ounces at December 31, 2014.
"Driven by the ongoing success of our Operating for Excellence
initiatives and growing contributions from our newest mines,
Goldcorp achieved another year of double-digit gold production
growth at lower all-in sustaining costs," said Chuck Jeannes, Goldcorp President and Chief
Executive Officer. "Expected production growth of an
additional 20% in 2015, coupled with rapidly declining capital
expenditures provides a clear path to achieving significant free
cash flow this year. Coupled with our investment grade
balance sheet, Goldcorp possesses the flexibility to pursue growth
opportunities that will further support our future success."
Record Quarterly Production
Gold sales in the fourth quarter totaled 707,900 ounces on
production of 890,900 ounces. This compares to sales of
725,700 ounces on production of 768,900 ounces in the fourth
quarter of 2013. Reported net loss for the quarter was $2.4 billion, or ($2.94) per share, compared to a net loss of
$1.1 billion, or ($1.34) per share for the fourth quarter of 2013.
Adjusted net earnings for the fourth quarter were $55 million, or $0.07 per share, compared to $74 million, or $0.09 per share, in the fourth quarter of
2013. Adjusted net earnings for the fourth quarter of 2014
exclude the effect of a non-cash foreign exchange loss on
translation of deferred income tax assets and liabilities totaling
$105 million; net impairment charges
of $2.3 billion; unrealized losses on
derivative instruments of $19
million; unrealized gains on available for sale securities
of $7 million; and a non-cash
provision related to the increase in estimates on the reclamation
and closure costs for the Company's inactive and closed mine sites
of $39 million. Adjusted net earnings
include non-cash stock option expenses of $13 million, or $0.02 per share. Adjusted operating cash
flow from operations totaled $337million, or $0.41 per share, compared to $439 million, or $0.54 per share, in the fourth quarter of
2013.
For the fourth quarter of 2014, all-in sustaining costs were
$1,035 per ounce and by-product cash
costs1,5 were $589 per
ounce.
For the year ended December 31,
2014, adjusted revenues totaled $4.5
billion. Net loss for 2014 was $2.2 billion, or ($2.66) per share, compared to a net loss of
$2.7 billion or ($3.34) per share in 2013. Adjusted net
earnings totaled $498 million, or
$0.61 per share, compared to
$634 million, or $0.78 per share, in 2013. Adjusted cash flow from
operations totaled $1.4 billion,
compared to $1.6 billion in 2013. For 2014, all-in
sustaining costs were $949 per ounce
and by-product cash costs were $542
per ounce.
Mexico
At Peñasquito, fourth quarter gold production totaled 141,100
ounces. Gold production increased 9% from the third quarter
of 2014 due to higher ore grades and higher oxide production.
Higher grade ore was primarily a result of Phase 4 high grade ore
and the first sustained ore occurrences in Phase 5C. All-in
sustaining costs increased over the prior period to $1,472 per ounce. The increase was a result
of the timing of concentrate shipments ($349 per ounce), lower by-product credit sales
($164 per ounce) and higher
sustaining capital expenditure ($120
per ounce) primarily related to the Northern Well Field
project. The Northern Well Field project is expected to
be operational by mid-2015 and will add 25 new production water
wells. The additional wells, combined with future
enhancements to Peñasquito's tailings facility, are expected to
secure the long-term water requirements of the mine. Mill
throughput in 2014 averaged 109,400 tonnes per day, resulting in
2014 gold production of 567,800 ounces at an all-in sustaining cost
of $813 per ounce. Full-year
2015 gold production is expected to be between 700,000 and 750,000
ounces, an approximate 28% increase over 2014, as a result of
mining in the higher grade portion of the pit.
The pre-feasibility studies for the Concentrate Enrichment
Process (CEP) and Pyrite Leach Process were essentially complete at
the end of 2014 and are undergoing internal review. The preliminary
economic results continue to demonstrate the robust economics of
these projects and their potential to significantly increase the
mine life at Peñasquito. The two projects are being
integrated as they enter the feasibility study phase, which is
expected to commence by the end of the first quarter and be
completed in early 2016.
At Camino Rojo, located approximately 50 kilometres from
Peñasquito, the ongoing pre-feasibility study work will focus on
the evaluation of Camino Rojo as a supplemental source of sulphide
feed to the existing Peñasquito facility, in addition to a small,
stand-alone oxide heap leach facility. This approach has the
potential to generate the highest rate of return given the
significantly lower capital costs versus building a separate
processing facility at Camino Rojo. The pre-feasibility study is
expected to be completed in 2016.
Gold production at Los Filos increased over the prior quarter to
65,900 ounces as a result of higher ore and solution processed
through the adsorption, desorption, recovery carbon plant with the
commissioning of the sixth train in November 2014. All-in
sustaining costs for the quarter were $1,369 per ounce, an increase over the prior
quarter primarily due to a non-cash impairment in the carrying
value of the heap leach ore inventory of $31
million, or $486 per
ounce. The construction of the next phase of the heap leach
pad commenced during the third quarter of 2014 and is expected to
be completed in mid-2015. In 2014, gold production totaled
258,700 ounces at an all-in sustaining cost of $993 per ounce. Full-year 2015 gold
production is expected to be between 265,000 and 290,000
ounces.
Canada
Gold production at Red Lake
increased 31% from the prior quarter to 130,300 ounces at an all-in
sustaining cost of $809 per ounce,
driven by higher mill throughput and higher grades. The
increased tonnage was provided by the newly-developed mining areas
in the Upper Red Lake and Footwall zones combined with operational
improvements and long-hole stope mining in the High Grade
Zone. Higher grades were provided by the Sulphide, Upper Red
Lake, and Campbell Zones as a result of mine sequencing and
improved dilution control. For 2014, gold production
totaled 414,400 ounces at an all-in sustaining cost of $934 per ounce. Red Lake production for 2015 is expected to be
between 400,000 and 425,000 ounces.
At Cochenour, work on several
short-term studies for optimizing the combined Red Lake operation continues, including
geotechnical assessments; infrastructure rationalization and
placement; and backfill and material handling. Intensive
exploration will be undertaken in 2015 to upgrade the inferred
resources.
At Éléonore in Quebec,
following first gold on October 1,
2014, gold production totaled 18,300 ounces in the fourth
quarter. Production was lower than anticipated due primarily
to ramp-up issues with the tailings filter press system. These
design and operating issues were resolved in the first quarter of
2015. At December 31, 2014, the
production shaft reached a depth of 1,106 metres and sinking is
expected to be completed in the second half of 2015 and fully
commissioned in the second half of 2016, the exploration ramp
reached a depth of 865 metres and the ore stockpile on surface
totaled 337,000 tonnes at an average grade of 4.7g/t.
The initial capital forecast for Éléonore has been revised to
between $2.0 to $2.1 billion from
$1.9 billion. The increase is
due primarily to the delay of commercial production by
approximately three months to late in the first quarter of
2015. Gold production for 2015 is expected to be
between 290,000 and 330,000 ounces.
At Porcupine in Ontario, fourth
quarter gold production totaled 90,400 ounces at an all-in
sustaining cost of $857 per
ounce. The improved performance was due to higher grades from
numerous higher-grade VAZ veins in the Hoyle Pond underground
operation. The Hoyle Pond Deep project continued to progress
toward expected completion in the first quarter of 2016. Key
2014 achievements included the sinking of the #2 Winze; advancement
of lateral development to complete the 1600-metre level shaft
station; completion of the 1670-metre level loading pocket; and
continued advancement of the 1705-metre level decline to access the
1740-metre level shaft bottom. Completion of the Hoyle Pond
Deep project is expected to result in significant efficiency and
productivity improvements at the Hoyle Pond underground
operation. At the Hollinger open-pit operation, over-burden
and pre-stripping activities continued during the quarter.
Mining operations are expected to commence 24 hours a day upon the
completion of the control berm in the second quarter of 2015.
For 2014, gold production totaled 300,000 ounces at an all-in
sustaining cost of $906 per ounce.
For 2015, gold production at Porcupine is expected to be between
300,000 and 320,000 ounces.
Central America and South
America
At Cerro Negro in Argentina,
fourth-quarter and 2014 gold production totaled 133,100 and 152,100
ounces, respectively, with commercial production declared on
January 1, 2015.
Production came from both the stockpiles added during development
and underground mining at the Eureka vein. Commissioning of
the high-voltage power line by Transpa was completed on
February 2, 2015 and the mine is now
connected to the national grid. Production mining at Eureka
continued through 2014, with production mining at Mariana Central
expected to commence in the first quarter of 2015. At Mariana
Norte, development remains suspended due to mine-sequencing and
labour availability. A training program for new miners is
underway and development is expected to resume at Mariana Norte in
late 2015. Gold production for 2015 is expected to be between
425,000 and 475,000 ounces.
At the Pueblo Viejo joint
venture in the Dominican Republic,
gold production increased 5% from the prior quarter to 117,900
ounces (on a 40% basis) at an all-in sustaining cost of
$630 per ounce. Production
increased as a result of higher tonnes processed, partially offset
by lower gold grades. For 2014, gold production totaled a
record 443,400 ounces at an all-in sustaining cost of $608 per ounce. Gold production for 2015 is
expected to be between 420,000 and 460,000 ounces to Goldcorp's
account.
2015 Guidance
On January 12, Goldcorp announced
production and cash cost guidance for 2015. The Company has
forecast an approximate 20% increase in gold production to between
3.3 and 3.6 million ounces. All-in sustaining costs are
expected to be between $875 and $950
per ounce of gold. Both gold production and cash cost
guidance include the assumption of the completion of the Wharf
divestiture before March 31,
2015.
Capital expenditures for 2015 are forecast at between
$1.2 and $1.4 billion, including
approximately $235 million at Cerro
Negro, $215 million at Peñasquito,
$115 million at Éléonore and
$95 million at Cochenour.
Reserves and Resources
Goldcorp also announced today proven and probable gold mineral
reserves of 49.6 million ounces. Proven and probable silver
mineral reserves totaled 789 million ounces, representing one of
the largest silver reserves in the industry. The 8%
decrease in gold reserves was driven by depletion from mining
during the year and a focus on high-margin gold ounces in mineral
reserves. In addition, exploration drilling at Cerro Negro
remained suspended until the fourth quarter of 2014 when surface
resource confirmation drilling resumed. Results of this work did
not meet the deadline for inclusion in year-end reserve and
resource calculations.
Total measured and indicated gold mineral resources for the
Company increased by 7%, driven by successful resource expansions
at Camino Rojo and Éléonore, and the re-classification of a portion
of the Los Filos gold mineral reserves.
Complete mineral reserve and mineral resource data including
tonnes, grades and ounces can be found at the end of this news
release and have been posted at www.goldcorp.com. The
following summary accounts for the changes in gold mineral reserve
ounces year over year:
Proven and probable
reserves as of January 1, 20141
|
53.8 moz
|
Mined ounces depleted
during 2014
|
(3.4moz)
|
Net discovered ounces
and converted resources during 2014
|
1.9moz
|
Net changes due to
economics and engineering design
|
(2.8moz)
|
Proven and
probable reserves as of December 31, 2014
|
49.6
moz
|
1
|
For comparison
purposes the Wharf mine, which is expected to be divested on
February 20, 2015 has been excluded
|
2
|
Numbers may not add
due to rounding
|
At Éléonore, a successful 2014 drilling program targeting the
conversion of resources to reserves in the lower portion of the
deposit (below 650 metres) and exploring lateral extension at that
depth contributed to a 24% increase in gold mineral reserves to
five million ounces. The drilling also converted one million
ounces of inferred gold mineral resources to measured and indicated
gold mineral resources. Drilling in 2015 will continue to target
structures in the lower mine and the southern portion of the ore
body to transfer resources to reserves. .
At Camino Rojo, a new oxide block model contributed to the
conversion of 0.2 million ounces from inferred resources to mineral
reserves and added approximately one million ounces to the measured
and indicated gold mineral resources. Drilling in 2014
totaled over 94,000 metres.
At Peñasquito, proven and probable gold mineral reserves
declined 9% to 10.54 million ounces. The decrease was a
result of mining depletion and a reduction in the estimated grades
in the Peñasco pit following the completion of an updated block
model. The CEP and pyrite leach combined feasibility study
will form the basis of a new life-of-mine plan for Peñasquito which
could potentially result in a significant addition to Peñasquito's
mineral reserves. The exploration program during 2015
will focus on determining which parts of the skarn deposit will
require higher drilling density for conversion to resource.
Regional targets will also be tested.
At Los Filos, gold mineral reserves declined 15% to 6.77 million
ounces as a result of mining depletion and re-classification of
sulphide ore to mineral resources, impacting approximately 980,000
ounces of gold mineral reserves. A focus in 2015
will be on completion of a new life-of mine plan to maximize return
on investment at Los Filos.
At Red Lake, 2014 proven and
probable gold mineral reserves totaled 2.06 million ounces.
Drilling during the year focused on extending the strike length of
the HG Young discovery located 1.5 kilometres northwest of the
Red Lake complex. Drilling
on HG Young from the recently-rehabilitated underground Campbell
headings has commenced and will continue throughout 2015.
Exploration drilling will also continue to focus on expansion of
the R zone, NXT zone and the High Grade Zone (HGZ) up-plunge
and at depth.
At Cochenour, inferred
resources increased by 200,000 ounces. Exploration and
delineation drilling during the year focused on optimization of the
placement of capital development. In 2015,
drilling will commence in the upper level and accelerate into the
deeper portions of the Cochenour
deposit with a view towards beginning the process of converting
mineral resources to reserves.
Reserves and Resources Tables
GOLDCORP INC.
GOLD AND SILVER RESERVES AND
RESOURCES SUMMARY TABLE
As of December 31, 2014
Proven and probable
reserves as of January 1, 20141
|
53.8 moz
|
Mined ounces depleted
during 2014
|
(3.4moz)
|
Net discovered ounces
and converted resources during 2014
|
1.9moz
|
Net changes due to
economics and engineering design
|
(2.8moz)
|
Proven and
probable reserves as of December 31, 2014
|
49.6
moz
|
1
|
For comparison
purposes the Wharf mine, which is expected to be divested on
February 20, 2015 has been excluded
|
2
|
Numbers may not add
due to rounding
|
GOLDCORP INC.
GOLD AND SILVER RESERVES AND
RESOURCES SUMMARY TABLE
As of December 31, 2014
Reserves
|
Contained Gold
(Moz)
|
Contained Silver
(Moz)
|
Proven
|
18.7
|
440.5
|
Probable
|
30.9
|
348.1
|
Proven &
Probable
|
49.6
|
788.5
|
|
|
|
Resources
|
|
|
Measured
|
6.0
|
136.1
|
Indicated
|
30.2
|
474.0
|
Measured &
Indicated
|
36.2
|
610.1
|
Inferred
|
24.0
|
85.7
|
GOLDCORP
INC
PROVEN AND
PROBABLE RESERVES (1)(4)(5)
As of December 31,
2014
Based on
attributable ounces
|
GOLD
|
Mt
|
Au
g/t
|
Moz
|
Peñasquito
Mill
|
Mexico
|
546.98
|
0.55
|
9.70
|
Los Filos
|
Mexico
|
247.19
|
0.85
|
6.77
|
El Morro
(70.0%)
|
Chile
|
419.34
|
0.46
|
6.24
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
58.35
|
3.31
|
6.21
|
Cerro
Negro
|
Argentina
|
16.87
|
9.70
|
5.26
|
Éléonore
|
Canada
|
24.57
|
6.30
|
4.97
|
Porcupine
|
Canada
|
57.94
|
1.60
|
2.98
|
Red Lake
|
Canada
|
6.42
|
9.96
|
2.06
|
Camino
Rojo
|
Mexico
|
84.52
|
0.68
|
1.85
|
Musselwhite
|
Canada
|
7.61
|
6.79
|
1.66
|
Peñasquito Heap
Leach
|
Mexico
|
89.74
|
0.29
|
0.85
|
Alumbrera
(37.5%)
|
Argentina
|
56.25
|
0.31
|
0.55
|
Marlin
|
Guatemala
|
1.85
|
5.26
|
0.31
|
Dee
(40.0%)
|
United
States
|
1.14
|
4.40
|
0.16
|
TOTAL
GOLD
|
|
|
49.58
|
SILVER
|
Mt
|
Ag
g/t
|
Moz
|
Peñasquito
Mill
|
Mexico
|
546.98
|
30.12
|
529.65
|
Peñasquito Heap
Leach
|
Mexico
|
89.74
|
28.25
|
81.52
|
Cerro
Negro
|
Argentina
|
16.87
|
80.43
|
43.63
|
Los Filos
|
Mexico
|
247.19
|
5.17
|
41.11
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
58.35
|
20.73
|
38.89
|
Camino
Rojo
|
Mexico
|
84.52
|
13.80
|
37.49
|
Marlin
|
Guatemala
|
1.85
|
269.44
|
16.00
|
Dee
(40.0%)
|
United
States
|
1.14
|
6.62
|
0.24
|
TOTAL
SILVER
|
|
|
788.53
|
COPPER
|
Mt
|
%
Cu
|
Mlbs
|
El Morro
(70.0%)
|
Chile
|
419.34
|
0.49
|
4,552
|
Alumbrera
(37.5%)
|
Argentina
|
56.25
|
0.33
|
406
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
58.35
|
0.11
|
142
|
TOTAL
COPPER
|
|
|
5,100
|
LEAD
|
Mt
|
%
Pb
|
Mlbs
|
Peñasquito
Mill
|
Mexico
|
546.98
|
0.31
|
3,757
|
TOTAL
LEAD
|
|
|
3,757
|
ZINC
|
Mt
|
%
Zn
|
Mlbs
|
Peñasquito
Mill
|
Mexico
|
546.98
|
0.75
|
9,081
|
TOTAL
ZINC
|
|
|
9,081
|
GOLDCORP
INC
MEASURED AND
INDICATED RESOURCES (1)(2)(3)(4)(6)
As of December 31,
2014
Based on
attributable ounces
|
GOLD
|
Mt
|
Au
g/t
|
Moz
|
Porcupine
|
Canada
|
168.31
|
1.41
|
7.61
|
Camino
Rojo
|
Mexico
|
221.41
|
0.87
|
6.20
|
Peñasquito
Mill
|
Mexico
|
504.75
|
0.28
|
4.50
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
49.83
|
2.62
|
4.20
|
Los Filos
|
Mexico
|
123.70
|
1.04
|
4.13
|
Red Lake
|
Canada
|
4.11
|
17.74
|
2.34
|
Cerro
Blanco
|
Guatemala
|
2.52
|
15.64
|
1.27
|
Eleonore
|
Canada
|
5.19
|
6.34
|
1.06
|
Noche
Buena
|
Mexico
|
71.75
|
0.42
|
0.96
|
Dee
(40.0%)
|
United
States
|
20.47
|
1.30
|
0.86
|
El Morro
(70.0%)
|
Chile
|
64.65
|
0.41
|
0.85
|
Peñasquito Heap
Leach
|
Mexico
|
116.69
|
0.21
|
0.77
|
Cerro
Negro
|
Argentina
|
3.80
|
5.32
|
0.65
|
San Nicolas
(21.0%)
|
Mexico
|
19.26
|
0.46
|
0.28
|
El Sauzal
|
Mexico
|
2.86
|
2.29
|
0.21
|
Musselwhite
|
Canada
|
0.98
|
5.62
|
0.18
|
Marlin
|
Guatemala
|
0.62
|
4.29
|
0.09
|
TOTAL
GOLD
|
|
|
|
36.15
|
SILVER
|
|
Mt
|
Ag
g/t
|
Moz
|
Peñasquito
Mill
|
Mexico
|
504.75
|
22.77
|
369.57
|
Peñasquito Heap
Leach
|
Mexico
|
116.69
|
17.18
|
64.45
|
Camino
Rojo
|
Mexico
|
221.41
|
7.37
|
52.46
|
Noche
Buena
|
Mexico
|
71.75
|
14.06
|
32.44
|
Los Filos
|
Mexico
|
123.70
|
7.77
|
30.91
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
49.83
|
15.26
|
24.45
|
San Nicolas
(21.0%)
|
Mexico
|
19.26
|
26.70
|
16.53
|
Cerro
Blanco
|
Guatemala
|
2.52
|
72.00
|
5.83
|
Cerro
Negro
|
Argentina
|
3.80
|
45.81
|
5.59
|
Dee
(40.0%)
|
United
States
|
20.47
|
6.67
|
4.39
|
Marlin
|
Guatemala
|
0.62
|
174.12
|
3.47
|
TOTAL
SILVER
|
|
|
|
610.11
|
COPPER
|
|
Mt
|
%
Cu
|
Mlbs
|
El Morro
(70.0%)
|
Chile
|
64.65
|
0.42
|
597
|
San Nicolas
(21.0%)
|
Mexico
|
19.26
|
1.24
|
527
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
49.83
|
0.08
|
93
|
TOTAL
COPPER
|
|
|
|
1,216
|
GOLDCORP
INC
MEASURED AND
INDICATED RESOURCES (1)(2)(3)(4)(6)
As of December 31,
2014
Based on
attributable ounces
|
LEAD
|
Mt
|
%
Pb
|
Mlbs
|
Peñasquito
Mill
|
Mexico
|
504.75
|
0.22
|
2,395
|
Camino
Rojo
|
Mexico
|
221.41
|
0.08
|
388
|
TOTAL
LEAD
|
|
|
2,784
|
ZINC
|
Mt
|
%
Zn
|
Mlbs
|
Peñasquito
Mill
|
Mexico
|
504.75
|
0.48
|
5,379
|
Camino
Rojo
|
Mexico
|
221.41
|
0.25
|
1,224
|
San Nicolas
(21.0%)
|
Mexico
|
19.26
|
1.68
|
713
|
TOTAL
ZINC
|
|
|
7,316
|
GOLDCORP
INC
INFERRED RESOURCES
(1)(2)(3)(4)(6)
As of December 31,
2014
Based on
attributable ounces
|
GOLD
|
Mt
|
Au
g/t
|
Moz
|
Los Filos
|
Mexico
|
175.86
|
0.82
|
4.64
|
El Morro
(70.0%)
|
Chile
|
474.65
|
0.30
|
4.52
|
Cochenour
|
Canada
|
9.30
|
11.55
|
3.45
|
Éléonore
|
Canada
|
12.09
|
7.19
|
2.80
|
Camino
Rojo
|
Mexico
|
86.14
|
0.78
|
2.17
|
Red Lake
|
Canada
|
3.00
|
19.58
|
1.89
|
Porcupine
|
Canada
|
16.92
|
2.87
|
1.56
|
Musselwhite
|
Canada
|
7.02
|
5.61
|
1.27
|
Cerro
Blanco
|
Guatemala
|
1.35
|
15.44
|
0.67
|
Cerro
Negro
|
Argentina
|
1.54
|
6.44
|
0.32
|
Noche
Buena
|
Mexico
|
17.67
|
0.42
|
0.24
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
1.33
|
2.51
|
0.11
|
Peñasquito Heap
Leach
|
Mexico
|
24.44
|
0.19
|
0.15
|
Peñasquito
Mill
|
Mexico
|
17.47
|
0.13
|
0.08
|
Dee
(40.0%)
|
United
States
|
3.87
|
0.68
|
0.08
|
Marlin
|
Guatemala
|
0.09
|
7.17
|
0.02
|
San Nicolas
(21.0%)
|
Mexico
|
2.28
|
0.26
|
0.02
|
El Sauzal
|
Mexico
|
0.04
|
1.33
|
0.00
|
TOTAL
GOLD
|
|
|
23.97
|
SILVER
|
Mt
|
Ag
g/t
|
Moz
|
Los Filos
|
Mexico
|
175.86
|
6.31
|
35.67
|
Camino
Rojo
|
Mexico
|
86.14
|
4.43
|
12.28
|
Peñasquito
Mill
|
Mexico
|
17.47
|
19.46
|
10.93
|
Peñasquito Heap
Leach
|
Mexico
|
24.44
|
13.72
|
10.78
|
Noche
Buena
|
Mexico
|
17.67
|
13.92
|
7.91
|
Cerro
Blanco
|
Guatemala
|
1.35
|
59.60
|
2.59
|
Cerro
Negro
|
Argentina
|
1.54
|
37.64
|
1.86
|
San Nicolas
(21.0%)
|
Mexico
|
2.28
|
17.40
|
1.27
|
Marlin
|
Guatemala
|
0.09
|
358.29
|
1.08
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
1.33
|
21.22
|
0.91
|
Dee
(40.0%)
|
United
States
|
3.87
|
3.46
|
0.43
|
TOTAL
SILVER
|
|
|
85.70
|
COPPER
|
Mt
|
%
Cu
|
Mlbs
|
El Morro
(70.0%)
|
Chile
|
474.65
|
0.35
|
3,633
|
San Nicolas
(21.0%)
|
Mexico
|
2.28
|
1.24
|
62
|
Pueblo Viejo
(40.0%)
|
Dominican
Republic
|
1.33
|
0.02
|
1
|
TOTAL
COPPER
|
|
|
3,696
|
GOLDCORP
INC
INFERRED RESOURCES
(1)(2)(3)(4)(6)
As of December 31,
2014
Based on
attributable ounces
|
LEAD
|
Mt
|
%
Pb
|
Mlbs
|
Peñasquito
Mill
|
Mexico
|
17.47
|
0.24
|
93
|
Camino
Rojo
|
Mexico
|
86.14
|
0.03
|
51
|
TOTAL
LEAD
|
|
|
143
|
ZINC
|
Mt
|
%
Zn
|
Mlbs
|
Camino
Rojo
|
Mexico
|
86.14
|
0.17
|
315
|
Peñasquito
Mill
|
Mexico
|
17.47
|
0.48
|
186
|
San Nicolas
(21.0%)
|
Mexico
|
2.28
|
0.97
|
49
|
TOTAL
ZINC
|
|
|
550
|
*Numbers may not add up due to rounding
Goldcorp December
31, 2014 Reserve and Resource Reporting Notes:
|
|
|
|
|
1
|
All Mineral Reserves
and Mineral Resources have been calculated in accordance with the
standards of the Canadian Institute of Mining, Metallurgy and
Petroleum and National Instrument 43-101, or the AusIMM JORC
equivalent.
|
2
|
All Mineral Resources
are reported exclusive of Mineral Reserves.
|
3
|
Mineral Resources
which are not Mineral Reserves do not have demonstrated economic
viability.
|
4
|
Reserves and
Resources are reported as of December 31, 2014, with the following
conditions or exceptions:
|
|
(i)
|
Reserves and
Resources for Pueblo Viejo are as per information provided by
Barrick Gold Corporation.
|
|
(ii)
|
Reserves and
Resources for Dee are as per information provided by Barrick Gold
Corporation.
|
|
(iii)
|
Resources for San
Nicolas are as per information provided by Teck Resources Limited
(2012 Study).
|
|
|
|
5
|
Mineral Reserves are
estimated using appropriate recovery rates and US$ commodity prices
of $1,300 per ounce of gold, $22 per ounce of silver, $3.00 per
pound of copper, $0.90 per pound of lead, and $0.90 per pound of
zinc, unless otherwise noted below:
|
|
(i)
|
Alumbrera
|
$1,332/oz gold and
$3.17/lb copper
|
|
(ii)
|
Pueblo Viejo,
Dee
|
$1,100/oz gold,
$17/oz silver, $3.00/lb copper
|
6
|
Mineral Resources are
estimated using US$ commodity prices of $1,500 per ounce of gold,
$24 per ounce of silver, $3.50 per pound of copper, $1.00 per pound
of lead, and $1.00 per pound of zinc, unless otherwise noted
below;
|
|
(i)
|
Pueblo Viejo,
Dee
|
$1,400/oz gold,
$19/oz silver, $3.50/lb copper
|
|
(ii)
|
San
Nicolas
|
$1,275/oz gold,
$22.50.00/oz silver, $2.75/lb copper, $1.00/lb zinc
|
|
(iii)
|
Éléonore
|
$1,300/oz
gold
|
Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources:
These tables use the terms "Measured", "Indicated" and
"Inferred" Resources. United
States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them.
"Inferred Mineral Resources" have a great amount of uncertainty as
to their existence, and as to their economic and legal feasibility.
It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or other economic studies. United States investors are cautioned not to
assume that all or any part of Measured or Indicated Mineral
Resources will ever be converted into Mineral Reserves.
United States investors are also
cautioned not to assume that all or any part of an Inferred Mineral
Resource exists, or is economically or legally mineable.
Scientific and technical information contained in this MD&A
was reviewed and approved by Gil
Lawson, P.Eng., Vice-President, Geology and Mine Planning
for Goldcorp, and a "qualified person" as defined by National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101").
This release should be read in conjunction with Goldcorp's 2014
financial statements and MD&A report on the Company's website,
www.goldcorp.com, in the "Investor Resources – Reports &
Filings" section under "Annual Reports".
A conference call will be held on February 19, 2015 at 10:00
a.m. (PDT) to discuss the fourth quarter and 2014 results.
Participants may join the call by dialing toll free 1-800-355-4959
or 1-416-340-2216 for calls from outside Canada and the US. A recorded playback
of the call can be accessed after the event until March 19, 2015 by dialing 1-800-408-3053 or
1-905-694-9451 for calls outside Canada and the US. Pass code:
9358735. A live and archived audio webcast also be available
at www.goldcorp.com.
1.
|
The Company has
included non-GAAP performance measures on an attributable basis
(Goldcorp share) throughout this document. Attributable
performance measures include the Company's mining operations and
projects and the Company's share from Alumbrera and Pueblo Viejo.
The Company believes that disclosing certain performance measures
on an attributable basis is a more accurate measurement of the
Company's operating and economic performance and reflects the
Company's view of its core mining operations. The Company believes
that, in addition to conventional measures prepared in accordance
with GAAP, the Company and certain investors use this information
to evaluate the Company's performance and ability to generate cash
flow. However these performance measures do not have any
standardized meaning. Accordingly, it is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with GAAP. The amounts disclosed also include the results of
the Company's discontinued operations, Marigold and
Wharf.
|
|
|
2.
|
Adjusted net earnings
and adjusted net earnings per share are non-GAAP performance
measures. The Company believes that, in addition to conventional
measures prepared in accordance with GAAP, the Company and certain
investors use this information to evaluate the Company's
performance. Accordingly, it is intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Refer to page 48 of the 2014 Annual Management Discussion
& Analysis ("MD&A") for a reconciliation of adjusted net
earnings to reported net earnings attributable to shareholders of
Goldcorp.
|
|
|
3.
|
Adjusted operating
cash flows and adjusted operating cash flows per share are non-GAAP
performance measures which the Company believes provides additional
information about the Company's ability to generate cash flows from
its mining operations. Refer to page 50 of the 2014 Annual MD&A
for a reconciliation of adjusted operating cash flows to reported
net cash provided by operating activities.
|
|
|
4.
|
For 2013, the Company
adopted an "all-in sustaining cost" non-GAAP performance measure
that the Company believes more fully defines the total costs
associated with producing gold. All-in sustaining costs include
by-product cash costs, sustaining capital expenditures, corporate
administrative expense, exploration and evaluation costs and
reclamation cost accretion. As the measure seeks to reflect the
full cost of gold production from current operations, new project
capital is not included in the calculation. Accordingly, it is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. The Company reports
this measure on a sales basis. Refer to page 46 of the 2014 Annual
MD&A for a reconciliation of all-in sustaining
costs.
|
|
|
5.
|
The Company has
included non-GAAP performance measures - total cash costs,
by-product and co-product, per gold ounce, throughout this
document. The Company reports total cash costs on a sales basis. In
the gold mining industry, this is a common performance measure but
does not have any standardized meaning. The Company follows the
recommendations of the Gold Institute Production Cost Standard. The
production cost standard developed by the Gold Institute remains
the generally accepted standard of reporting cash costs of
production by gold mining companies. In addition to conventional
measures prepared in accordance with GAAP, the Company assesses
this measure in a manner that isolates the impacts of gold
production volumes, the by-product credits, and operating costs
fluctuations such that the non-controllable and controllable
variability is independently addressed. The Company uses total cash
costs, by product and co-product, per gold ounce, to monitor its
operating performance internally, including operating cash costs,
as well as in its assessment of potential development projects and
acquisition targets. The Company believes these measures provide
investors and analysts with useful information about the Company's
underlying cash costs of operations and the impact of by-product
credits on the Company's cost structure and is a relevant metric
used to understand the Company's operating profitability and
ability to generate cash flow. When deriving the production costs
associated with an ounce of gold, the Company includes by-product
credits as the Company considers that the cost to produce the gold
is reduced as a result of the by-product sales incidental to the
gold production process, thereby allowing the Company's management
and other stakeholders to assess the net costs of gold
production. The Company believes that, in addition to
conventional measures prepared in accordance with GAAP, the Company
and certain investors use this information to evaluate the
Company's performance and ability to generate cash flow.
Accordingly, it is intended to provide additional information and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. Total
cash costs on a by-product basis are calculated by deducting
Goldcorp's share of by-product silver, copper, lead and zinc sales
revenues from Goldcorp's share of production costs.
|
|
|
6.
|
Total cash costs on a
co-product basis are calculated by allocating Goldcorp's share of
production costs to each co-product based on the ratio of actual
sales volumes multiplied by budget metal prices as compared to
realized sales prices. The budget metal prices used in the
calculation of co-product total cash costs were as
follows:
|
|
|
|
|
|
|
|
2014
|
2013
|
|
|
Gold
|
$1,200
|
$1,600
|
|
|
Silver
|
$20.00
|
30.00
|
|
|
Copper
|
$3.00
|
3.50
|
|
|
Lead
|
$1.00
|
0.90
|
|
|
Zinc
|
$0.90
|
0.90
|
|
|
|
|
|
Refer to page 44 of
the 2014 Annual MD&A for a reconciliation of total cash costs
to reported production costs.
|
|
|
7.
|
At December 31, 2014
the Company held $482 million of cash and cash equivalents $53
million of money market investments, and had $1.2 billion undrawn
on its $2.0 billion revolving credit facility.
|
Goldcorp is one of the world's fastest growing gold producers.
Its low-cost gold production is located in safe jurisdictions in
the Americas and remains 100% unhedged.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 Section 21E of the United States Securities
Exchange Act of 1934, as amended, Section 27A of the United States
Securities Act of 1933, as amended and applicable Canadian
securities legislation, concerning the business, operations and
financial performance and condition of Goldcorp Inc. ("Goldcorp").
Forward-looking statements include, but are not limited to,
statements with respect to the future price of gold, silver,
copper, lead and zinc, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines,
hedging practices, currency exchange rate fluctuations,
requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation
expenses, timing and possible outcome of pending litigation, title
disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation
thereof.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performances or achievements of Goldcorp
to be materially different from future results, performances or
achievements expressed or implied by such statements. Such
statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which Goldcorp will operate in the future, including
the price of gold, anticipated costs and ability to achieve goals.
Certain important factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements include, among others, gold price
volatility, discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), activities by governmental authorities (including
changes in taxation), currency fluctuations, the speculative nature
of gold exploration, the global economic climate, dilution, share
price volatility, competition, loss of key employees, additional
funding requirements and defective title to mineral claims or
property. Although Goldcorp has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of
Goldcorp to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
risks related to the integration of acquisitions; risks related to
international operations, including economic and political
instability in foreign jurisdictions in which Goldcorp operates;
risks related to current global financial conditions; risks related
to joint venture operations; actual results of current exploration
activities; environmental risks; future prices of gold, silver,
copper, lead and zinc; possible variations in ore reserves, grade
or recovery rates; mine development and operating risks; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; risks related to
indebtedness and the service of such indebtedness, as well as those
factors discussed in the section entitled "Description of the
Business – Risk Factors" in Goldcorp's annual information form for
the year ended December 31, 2013
available at www.sedar.com. Although Goldcorp has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements.
Forward-looking statements are made as of the date hereof and
accordingly are subject to change after such date. Except as
otherwise indicated by Goldcorp, these statements do not reflect
the potential impact of any non-recurring or other special items or
of any dispositions, monetizations, mergers, acquisitions, other
business combinations or other transactions that may be announced
or that may occur after the date hereof. Forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of our operating
environment. Goldcorp does not undertake to update any
forward-looking statements that are included in this document,
except in accordance with applicable securities laws.
FINANCIAL STATEMENTS TO FOLLOW
SUMMARIZED
FINANCIAL RESULTS
|
(in millions of
United States dollars, except per share amounts and where
noted)
|
|
|
Three Months
Ended
|
|
December
31
|
Goldcorp's share
(1)
|
2014
|
|
2013
|
Revenues
|
|
1,087
|
|
|
1,203
|
Gold
produced(ounces)
|
|
890,900
|
|
|
768,900
|
Gold
sold(ounces)
|
|
707,900
|
|
|
725,700
|
Copper
produced(thousands of pounds)
|
|
27,200
|
|
|
28,800
|
Copper
sold(thousands of pounds)
|
|
20,200
|
|
|
20,300
|
Silver
produced(ounces)
|
|
10,426,300
|
|
|
9,768,100
|
Silver
sold(ounces)
|
|
7,887,500
|
|
|
8,888,200
|
Lead
produced(thousands of pounds)
|
|
27,200
|
|
|
53,600
|
Lead
sold(thousands of pounds)
|
|
29,400
|
|
|
46,100
|
Zinc
produced(thousands of pounds)
|
|
68,900
|
|
|
80,900
|
Zinc
sold(thousands of pounds)
|
|
84,000
|
|
|
77,000
|
Average realized
gold price(per ounce)
|
$
|
1,203
|
|
$
|
1,254
|
Average London
spot gold price(per ounce)
|
$
|
1,201
|
|
$
|
1,272
|
Average realized
copper price(per pound)
|
$
|
2.82
|
|
$
|
3.21
|
Average London
spot copper price(per pound)
|
$
|
3.00
|
|
$
|
3.24
|
Average realized
silver price(per ounce)
|
$
|
14.31
|
|
$
|
17.28
|
Average London
spot silver price(per ounce)
|
$
|
16.47
|
|
$
|
20.76
|
Average realized
lead price(per pound)
|
$
|
0.83
|
|
$
|
1.00
|
Average London
spot lead price(per pound)
|
$
|
0.91
|
|
$
|
0.96
|
Average realized
zinc price(per pound)
|
$
|
0.99
|
|
$
|
0.91
|
Average London
spot zinc price(per pound)
|
$
|
1.01
|
|
$
|
0.87
|
Total cash costs –
by-product(per gold ounce)
|
$
|
589
|
|
$
|
467
|
Total cash costs –
co-product(per gold ounce)
|
$
|
669
|
|
$
|
645
|
All-in sustaining
costs(per gold ounce)
|
$
|
1,035
|
|
$
|
810
|
|
|
|
|
|
|
Production
Data:
|
|
|
|
|
Red Lake
mines:
|
Tonnes of ore
milled
|
|
186,900
|
|
|
189,700
|
|
Average mill head
grade (grams per tonne)
|
|
21.52
|
|
|
22.65
|
|
Gold ounces
produced
|
|
130,300
|
|
|
128,000
|
|
Total cash costs –
by-product (per ounce)
|
$
|
493
|
|
$
|
500
|
|
All-in sustaining
costs (per ounce)
|
$
|
809
|
|
$
|
822
|
Porcupine
mines:
|
Tonnes of ore
milled
|
|
1,094,100
|
|
1,081,800
|
|
Average mill head
grade (grams per tonne)
|
|
2.82
|
|
2.37
|
|
Gold ounces
produced
|
|
90,400
|
|
78,900
|
|
Total cash costs –
by-product (per ounce)
|
$
|
591
|
|
$
|
671
|
|
All-in sustaining
costs (per ounce)
|
$
|
857
|
|
$
|
907
|
Musselwhite
mine:
|
Tonnes of ore
milled
|
|
312,000
|
|
345,500
|
|
Average mill head
grade (grams per tonne)
|
|
7.46
|
|
6.88
|
|
Gold ounces
produced
|
|
73,100
|
|
74,600
|
|
Total cash costs –
by-product (per ounce)
|
$
|
619
|
|
$
|
675
|
|
All-in sustaining
costs (per ounce)
|
$
|
779
|
|
$
|
883
|
Peñasquito
mines:
|
Tonnes of ore
mined
|
|
10,016,400
|
|
|
16,195,700
|
|
Tonnes of waste
removed
|
|
32,778,100
|
|
|
28,376,400
|
|
Tonnes of ore
milled
|
|
10,195,800
|
|
|
9,717,100
|
|
Average head grade
(grams per tonne) – gold
|
|
0.65
|
|
|
0.55
|
|
Average head grade
(grams per tonne) – silver
|
|
21.61
|
|
|
31.05
|
|
Average head grade
(%) – lead
|
|
0.19
|
|
|
0.34
|
|
Average head grade
(%) – zinc
|
|
0.52
|
|
|
0.58
|
|
Gold ounces
produced
|
|
141,100
|
|
|
141,700
|
|
Silver ounces
produced
|
|
5,834,700
|
|
|
7,427,000
|
|
Lead (thousands of
pounds) produced
|
|
27,200
|
|
|
53,600
|
|
Zinc (thousands of
pounds) produced
|
|
68,900
|
|
|
80,900
|
|
Total cash costs –
by-product (per ounce)
|
$
|
728
|
|
$
|
102
|
|
Total cash costs –
co-product (per ounce of gold)
|
$
|
820
|
|
$
|
666
|
|
All-in sustaining
costs (per ounce)
|
$
|
1,472
|
|
$
|
473
|
Los Filos
mine:
|
Tonnes of ore
mined
|
|
7,184,100
|
|
|
7,579,800
|
|
Tonnes of waste
removed
|
|
9,685,000
|
|
|
10,547,800
|
|
Tonnes of ore
processed
|
|
7,227,200
|
|
|
8,046,500
|
|
Average grade
processed (grams per tonne)
|
|
0.53
|
|
|
0.74
|
|
Gold ounces
produced
|
65,900
|
|
|
94,000
|
|
Total cash costs –
by-product (per ounce)
|
$
|
1,194
|
|
$
|
637
|
|
All-in sustaining
costs (per ounce)
|
$
|
1,369
|
|
$
|
860
|
El Sauzal
mine:
|
Tonnes of ore
mined
|
|
59,000
|
|
|
559,100
|
|
Tonnes of waste
removed
|
|
600,600
|
|
|
3,379,600
|
|
Tonnes of ore
milled
|
|
44,400
|
|
|
461,800
|
|
Average mill head
grade (grams per tonne)
|
|
0.67
|
|
|
1.54
|
|
Gold ounces
produced
|
|
900
|
|
|
21,300
|
|
Total cash costs –
by-product (per ounce)
|
$
|
—
|
|
$
|
850
|
|
All-in sustaining
costs (per ounce)
|
$
|
—
|
|
$
|
880
|
Marlin
mine:
|
Tonnes of ore
milled
|
|
490,800
|
|
|
491,700
|
|
Average mill head
grade (grams per tonne) – gold
|
|
3.41
|
|
|
3.36
|
|
Average mill head
grade (grams per tonne) – silver
|
|
151
|
|
|
131
|
|
Gold ounces
produced
|
|
52,300
|
|
|
52,800
|
|
Silver ounces
produced
|
|
2,216,700
|
|
|
1,969,100
|
|
Total cash costs –
by-product (per ounce)
|
$
|
273
|
|
$
|
159
|
|
Total cash costs –
co-product (per ounce)
|
$
|
569
|
|
$
|
539
|
|
All-in sustaining
costs (per ounce)
|
$
|
703
|
|
$
|
515
|
Alumbrera mine
(2):
|
Tonnes of ore
mined
|
|
2,600,000
|
|
|
3,585,800
|
|
Tonnes of waste
removed
|
|
3,370,900
|
|
|
4,098,200
|
|
Tonnes of ore
milled
|
|
3,526,200
|
|
|
3,634,800
|
|
Average mill head
grade (grams per tonne) – gold
|
|
0.47
|
|
|
0.40
|
|
Average mill head
grade (%) – copper
|
|
0.39
|
|
|
0.43
|
|
Gold ounces
produced
|
|
41,700
|
|
|
34,000
|
|
Copper (thousands of
pounds) produced
|
|
27,200
|
|
|
28,800
|
|
Total cash costs –
by-product (per ounce)
|
$
|
(282)
|
|
$
|
(558)
|
|
Total cash costs –
co-product (per ounce)
|
$
|
512
|
|
$
|
692
|
|
All-in sustaining
costs (per gold ounce)
|
$
|
89
|
|
$
|
37
|
Pueblo Viejo mine
(3):
|
Tonnes of ore
mined
|
|
955,600
|
|
|
1,720,100
|
|
Tonnes of waste
removed
|
|
2,568,800
|
|
|
915,900
|
|
Tonnes of ore
processed
|
|
725,200
|
|
|
632,400
|
|
Average grade (grams
per tonne) – gold
|
|
5.42
|
|
|
5.68
|
|
Average grade (grams
per tonne) – silver
|
|
35.0
|
|
|
37.7
|
|
Gold ounces
produced
|
|
117,900
|
|
|
104,700
|
|
Silver ounces
produced
|
|
445,100
|
|
|
372,000
|
|
Total cash costs –
by-product (per ounce)
|
$
|
477
|
|
$
|
592
|
|
Total cash costs –
co-product (per ounce)
|
$
|
509
|
|
$
|
614
|
|
All-in sustaining
costs (per gold ounce)
|
$
|
630
|
|
$
|
688
|
Discontinued
Operation:
|
|
|
|
|
Wharf
mine:
|
Tonnes of ore
mined
|
|
929,000
|
|
|
591,800
|
|
Tonnes of ore
processed
|
|
1,002,600
|
|
|
637,100
|
|
Average grade
processed (grams per tonne)
|
|
0.82
|
|
|
0.98
|
|
Gold ounces
produced
|
|
25,900
|
|
|
10,800
|
|
Total cash costs –
by-product (per ounce)
|
$
|
772
|
|
$
|
1,092
|
|
All-in sustaining
costs (per ounce)
|
$
|
832
|
|
$
|
1,411
|
Financial Data
(including discontinued operation):
|
|
|
|
|
|
Cash flows from
operating activities
|
$
|
274
|
|
$
|
307
|
Net loss attributable
to shareholders of Goldcorp Inc.
|
$
|
(2,396)
|
|
$
|
(1,089)
|
Net loss per share –
basic
|
$
|
(2.94)
|
|
$
|
(1.34)
|
Adjusted net earnings
per share – basic
|
$
|
0.07
|
|
$
|
0.09
|
Weighted average
shares outstanding (000's)
|
|
813,792
|
|
|
812,217
|
(1)
|
Includes non-GAAP
performance measures on an attributable (or Goldcorp's share)
basis. See footnote (2) on page 2 of the Q4 2014
MD&A.
|
(2)
|
Shown at Goldcorp's
interest – 37.5%
|
(3)
|
Shown at Goldcorp's
interest – 40.0%
|
|
|
|
|
INTERIM AND ANNUAL
CONSOLIDATED STATEMENTS OF LOSS
|
|
|
|
|
(In millions of
United States dollars, except for per share amounts –
Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
December
31
|
|
Twelve Months
Ended December
31
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues
|
$
|
835
|
$
|
956
|
$
|
3,436
|
$
|
3,609
|
Mine operating
costs
|
|
|
|
|
|
|
|
|
|
Production
costs
|
|
(582)
|
|
(470)
|
|
(2,079)
|
|
(1,939)
|
|
Depreciation and
depletion
|
|
(215)
|
|
(170)
|
|
(753)
|
|
(630)
|
|
|
(797)
|
|
(640)
|
|
(2,832)
|
|
(2,569)
|
Earnings from mine
operations
|
|
38
|
|
316
|
|
604
|
|
1,040
|
Exploration and
evaluation costs
|
|
(12)
|
|
(11)
|
|
(41)
|
|
(45)
|
Share of net earnings
(loss) of associates
|
|
25
|
|
(294)
|
|
156
|
|
(395)
|
Impairment of mining
interests and goodwill
|
|
(2,980)
|
|
(88)
|
|
(2,999)
|
|
(2,646)
|
Corporate
administration
|
|
(59)
|
|
(47)
|
|
(247)
|
|
(236)
|
Loss from
operations and associates
|
|
(2,988)
|
|
(124)
|
|
(2,527)
|
|
(2,282)
|
Gains (losses) on
securities, net
|
|
8
|
|
(17)
|
|
17
|
|
(32)
|
(Losses) gains on
derivatives, net
|
|
(34)
|
|
4
|
|
(40)
|
|
83
|
(Loss) gain on
disposition of mining interests, net
|
|
-
|
|
(11)
|
|
18
|
|
(11)
|
Finance
costs
|
|
(8)
|
|
(10)
|
|
(49)
|
|
(49)
|
Other
expenses
|
|
(6)
|
|
(57)
|
|
(27)
|
|
(57)
|
Loss from
continuing operations before taxes
|
|
(3,028)
|
|
(215)
|
|
(2,608)
|
|
(2,348)
|
Income tax recovery
(expense)
|
|
625
|
|
(786)
|
|
440
|
|
309
|
Net loss from
continuing operations
|
|
(2,403)
|
|
(1,001)
|
|
(2,168)
|
|
(2,657)
|
Net earnings
(loss) from discontinued operations
|
|
7
|
|
88
|
|
9
|
|
(52)
|
Net
loss
|
$
|
(2,396)
|
$
|
(1,089)
|
$
|
(2,159)
|
$
|
(2,709)
|
Net (loss)
earnings from continuing operations attributable to:
|
|
|
|
|
|
|
|
|
|
Shareholders of
Goldcorp Inc.
|
$
|
(2,403)
|
$
|
(1,001)
|
$
|
(2,170)
|
$
|
(2,657)
|
|
Non-controlling
interest
|
|
-
|
|
-
|
|
2
|
|
-
|
|
$
|
(2,403)
|
$
|
(1,001)
|
$
|
(2,168)
|
$
|
(2,657)
|
Net (loss)
earnings attributable to:
|
|
|
|
|
|
|
|
|
|
Shareholders of
Goldcorp Inc.
|
$
|
(2,396)
|
$
|
(1,089)
|
$
|
(2,161)
|
$
|
(2,709)
|
|
Non-controlling
interest
|
|
-
|
|
-
|
|
2
|
|
-
|
|
$
|
(2,396)
|
$
|
(1,089)
|
$
|
(2,159)
|
$
|
(2,709)
|
Net loss per share
from continuing operations
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(2.95)
|
$
|
(1.23)
|
$
|
(2.67)
|
$
|
(3.27)
|
|
Diluted
|
|
(2.95)
|
|
(1.23)
|
|
(2.67)
|
|
(3.27)
|
Net loss per
share
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(2.94)
|
$
|
(1.34)
|
$
|
(2.66)
|
$
|
(3.34)
|
|
Diluted
|
|
(2.94)
|
|
(1.34)
|
|
(2.66)
|
|
(3.34)
|
INTERIM AND ANNUAL
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
(In millions of
United States dollars – Unaudited)
|
|
Three Months
Ended
December
31
|
Twelve Months
Ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Net
loss
|
$
(2,396)
|
$
(1,089)
|
$
(2,159)
|
$
(2,709)
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
Items that may be
reclassified subsequently to net loss:
|
|
|
|
|
|
Mark-to-market
(losses) gains on available-for-sale securities
|
(3)
|
(24)
|
9
|
(76)
|
|
Reclassification
adjustment for available-for-sale securities impairment losses
included in net loss
|
3
|
14
|
5
|
29
|
|
Reclassification
adjustment for realized gains on disposition of available-for-sale
securities recognized in net loss
|
(10)
|
-
|
(20)
|
(1)
|
|
(10)
|
(10)
|
(6)
|
(48)
|
Items that will not
be reclassified to net loss:
|
|
|
|
|
|
Remeasurements on
defined benefit pension plans
|
1
|
2
|
-
|
(2)
|
Total other
comprehensive loss, net of tax
|
(9)
|
(8)
|
(6)
|
(50)
|
Total
comprehensive loss
|
$
(2,405)
|
$
(1,097)
|
$
(2,165)
|
$
(2,759)
|
Total
comprehensive (loss) income attributable to:
|
|
|
|
|
|
Shareholders of
Goldcorp Inc.
|
$
(2,405)
|
$
(1,097)
|
$
(2,167)
|
$
(2,759)
|
|
Non-controlling
interest
|
-
|
-
|
2
|
-
|
|
$
(2,405)
|
$
(1,097)
|
$
(2,165)
|
$
(2,759)
|
INTERIM AND ANNUAL
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In millions of
United States dollars – Unaudited)
|
|
Three Months
Ended
December
31
|
Twelve Months
Ended
December
31
|
|
2014
|
2013
|
2014
|
2013
|
Operating
activities
|
|
|
|
|
Net loss from
continuing operations
|
$ (2,403)
|
$ (1,001)
|
$ (2,168)
|
$ (2,657)
|
Adjustments
for:
|
|
|
|
|
Dividends from
associates
|
4
|
37
|
109
|
108
|
Reclamation
expenditures
|
(12)
|
(3)
|
(33)
|
(14)
|
Items not affecting
cash:
|
|
|
|
|
|
Impairment of
inventories
|
31
|
-
|
72
|
-
|
|
Depreciation and
depletion
|
215
|
170
|
753
|
630
|
|
Share of net
(earnings) loss of associates
|
(25)
|
294
|
(156)
|
395
|
|
Impairment of mining
interests and goodwill
|
2,980
|
88
|
2,999
|
2,646
|
|
Share-based
compensation
|
13
|
8
|
72
|
72
|
|
(Gains) losses on
securities, net
|
(8)
|
17
|
(17)
|
32
|
|
Unrealized loss
(gains) on derivatives, net
|
26
|
(4)
|
28
|
(70)
|
|
Loss (gain) on
disposition of mining interests, net
|
-
|
11
|
(18)
|
11
|
|
Revision of estimates
and accretion of reclamation and closure cost
obligations
|
61
|
(20)
|
95
|
(6)
|
|
Deferred income tax
(recovery) expense
|
(629)
|
762
|
(575)
|
212
|
|
Other
|
6
|
7
|
27
|
40
|
Change in working
capital
|
6
|
(70)
|
(206)
|
(513)
|
Net cash provided by
operating activities of continuing operations
|
265
|
296
|
982
|
886
|
Net cash provided by
operating activities of discontinued operations
|
9
|
11
|
32
|
69
|
Investing
activities
|
|
|
|
|
Expenditures on
mining interests
|
(473)
|
(553)
|
(1,882)
|
(1,982)
|
Deposits on mining
interest expenditures
|
(34)
|
(32)
|
(139)
|
(195)
|
Proceeds from
disposition of mining interest, net of transaction costs
|
-
|
8
|
193
|
8
|
Interest
paid
|
(33)
|
-
|
(101)
|
(23)
|
Purchases of money
market investments and available-for-sale securities
|
(13)
|
-
|
(133)
|
(615)
|
Proceeds from
maturities and sales of money market investments and
available-for-sale securities, net
|
32
|
18
|
116
|
621
|
Net cash used in
investing activities of continuing operations
|
(521)
|
(559)
|
(1,946)
|
(2,186)
|
Net cash (used in)
provided by investing activities of discontinued
operations
|
(1)
|
(4)
|
203
|
(60)
|
Financing
activities
|
|
|
|
|
Debt borrowings, net
of transaction costs
|
235
|
29
|
1,223
|
1,641
|
Debt
repayments
|
(50)
|
-
|
(994)
|
-
|
Draw down of credit
facility, net of repayments
|
290
|
-
|
840
|
-
|
Dividends paid to
shareholders
|
(122)
|
(121)
|
(488)
|
(486)
|
Common shares
issued
|
1
|
-
|
5
|
3
|
Net cash provided by
(used in) financing activities of continuing operations
|
354
|
(92)
|
586
|
1,158
|
Effect of exchange
rate changes on cash and cash equivalents
|
-
|
1
|
-
|
1
|
Increase
(decrease) in cash and cash equivalents
|
106
|
(347)
|
(143)
|
(132)
|
Cash and cash
equivalents, beginning of the period
|
376
|
972
|
625
|
757
|
Cash and cash
equivalents, end of the period
|
$
482
|
$
625
|
$
482
|
$
625
|
CONSOLIDATED BALANCE
SHEETS
|
(In millions of
United States dollars)
|
|
At December
31
2014
|
At
December 31
2013
|
Assets
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
482
|
$
625
|
|
Money market
investments
|
53
|
-
|
|
Accounts
receivable
|
394
|
469
|
|
Inventories
|
772
|
727
|
|
Income taxes
receivable
|
207
|
182
|
|
Assets held for
sale
|
81
|
227
|
|
Other
|
158
|
144
|
|
2,147
|
2,374
|
Mining
interests
|
|
|
|
Owned by
subsidiaries
|
22,458
|
22,928
|
|
Investments in
associates
|
2,087
|
2,210
|
|
24,545
|
25,138
|
Goodwill
|
479
|
1,454
|
Investments in
securities
|
43
|
77
|
Deposits on mining
interest expenditures
|
32
|
71
|
Deferred income
taxes
|
26
|
19
|
Inventories
|
249
|
141
|
Other
|
345
|
290
|
Total
assets
|
$
27,866
|
$
29,564
|
Liabilities
|
|
|
Current
liabilities
|
|
|
|
Accounts payable and
accrued liabilities
|
$
1,039
|
$
856
|
|
Income taxes
payable
|
45
|
6
|
|
Debt
|
150
|
997
|
|
Liabilities relating
to assets held for sale
|
55
|
44
|
|
Other
|
167
|
130
|
|
1,456
|
2,033
|
Deferred income
taxes
|
4,959
|
5,594
|
Debt
|
3,442
|
1,510
|
Provisions
|
671
|
517
|
Income taxes
payable
|
80
|
55
|
Other
|
83
|
97
|
Total
liabilities
|
10,691
|
9,806
|
Equity
|
|
|
Shareholders'
equity
|
|
|
|
Common shares, stock
options and restricted share units
|
17,261
|
17,191
|
|
Accumulated other
comprehensive (loss) income
|
(5)
|
1
|
|
(Deficit) retained
earnings
|
(296)
|
2,353
|
|
16,960
|
19,545
|
Non-controlling
interest
|
215
|
213
|
Total
equity
|
17,175
|
19,758
|
Total liabilities
and equity
|
$
27,866
|
$
29,564
|
SOURCE Goldcorp Inc.