Goldcorp's Gold Production Success and Forecast
Goldcorp Inc announced today its success in 2011 gold production and its forward thinking for 2012 through 2016. Producing a total of 2.51 million ounces, Goldcorp’s 2011 production costs are estimated to total approximately $220 per ounce.
"Very strong gold production in the fourth quarter of 2011 underscores the overall high quality of our mine portfolio," said Chuck Jeannes, President and Chief Executive Officer. "Peñasquito met its production target and continued to emerge as the linchpin of our asset base in 2011, with strong operating cash flow in just its first full year of production. Also in Mexico, the Los Filos mine achieved record production of 336,500 ounces while continuing with its excellent safety performance. Red Lake in 2011 remained the anchor of our overall gold production at very low cash costs while Porcupine and Musselwhite mines in Ontario provided stable production and exciting exploration results. In Guatemala, the last year of open pit mining in the highest grade portion of the pit at Marlin resulted in record gold production of 382,400 ounces.”
"Our forecast gold production of 2.6 million ounces in 2012 will be driven by another strong year throughout the portfolio, while significantly increased production at Peñasquito will be offset by lower production at Marlin as the mine transitions to 100% underground mining. Year over year growth in our overall production target comes from new gold production from the Pueblo Viejo joint venture in the Dominican Republic but at a significantly reduced level due to previously reported project delays. Consistent production levels at other mines throughout the portfolio will create a stable foundation for the years ahead.”
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Goldcorp forecasts its gold production in 2012 to reach 2.6 million ounces of gold with a cost of $250 to $275 an ounce.
Over the next five years, Goldcorp forecasts its production to grow 70 per cent, an estimated total of 4.2 million ounces in 2016.
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