Goldcorp 4Q Output Jumps 25% From 3Q, Tops Guidance
(Kitco News) - Goldcorp Inc. (TSX: G, NYSE: GG), which announced Monday that it will be acquired by Newmont Mining Corp. (NYSE: NEM), reports that gold production in the fourth quarter was 630,000 ounces, a 25% increase from the third quarter and above previously stated guidance.
Production for full-year 2018 was 2,294,000 ounces. All-in sustaining costs for the full year are expected to be at the revised guidance of $850 per ounce.
The company’s shares fell in October when third-quarter output fell to 503,000 ounces from 633,000 in the same period a year ago. David Garofalo, president and chief executive officer of Goldcorp Inc., gold Kitco News at the time that “nothing is broken” and said third-quarter results were weaker largely because of a decision to move processing of its stockpile of lower-grade ore ahead by one quarter at the new PeÃ±asquito pyrite leach plant.
He said at the time that Goldcorp would be back to processing higher-grade ore in the fourth quarter, and that the company expected fourth-quarter output to recover to around 620,000 ounces.
Goldcorp will release 2018 financial results on Feb. 13.
The company also reported that the Pyrite leach project at PeÃ±asquito achieved commercial production during December. “The project was completed under budget and ahead of schedule and was one the first major projects completed using Goldcorp’s Investment Framework,” Goldcorp says.
Meanwhile, due to announcement of the proposed merger with Newmont, Goldcorp says it has cancelled its Investor Day that had been scheduled for Friday.