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Jul 26, 2017

Goldcorp posts quarterly profit as costs fall; CFO to step down

Goldcorp

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VANCOUVER -- Canadian gold producer Goldcorp Inc (G.TO) reported better-than-expected earnings on Wednesday and lowered its forecast for costs this year, while also announcing that its chief financial officer, Russell Ball, would leave the company.

Vancouver-based Goldcorp said Jason Attew, who is Goldcorp's senior vice president of corporate development and strategy, would replace Ball, who was leaving as "part of a planned succession".

Goldcorp, which is the world's fourth-biggest gold producer by market value, reported net earnings of US$135 million, or 16 cents US per share, in the second quarter ended June 30.

That compared with a loss of US$78 million, or nine cents US per share, a year earlier when production slumped due to a maintenance shutdown and slow restart at its biggest mine, Penasquito, in Mexico.



Adjusted for one-off items, earnings were 12 cents US a share, ahead of analyst estimates of 8 cents a share, on average, according to Thomson Reuters I/B/E/S.

Goldcorp left unchanged its 2017 gold production forecast at approximately 2.5 million ounces. But it reduced its forecast for all-in sustaining costs, the industry benchmark, to US$825 an ounce from US$850 before, reflecting progress on its cost reduction program.

The company produced 635,000 ounces of gold in the second quarter at US$800 an ounce. That compared with 613,000 ounces at a cost of US$1,067 per ounce in the second quarter of 2016.