Goldcorp Reports Preliminary Q4 and Full Year 2016 Production Results Totaling 2.873 Million Ounces
VANCOUVER, Jan. 16, 2017 /CNW/ - Goldcorp Inc. (TSX: G, NYSE: GG) announced today it will host its Investor Day on Tuesday, January 17, 2017 at 8:00am EST. The Company's senior management team will provide details behind its strategy of growing net asset value per share through organic growth, lower operating costs and brownfield exploration. The event will be webcast and available at www.goldcorp.com.
The Company also announced preliminary gold production1 for the fourth quarter and full year of 2016 of 761,000 ounces and 2,873,000 ounces, respectively, and all-in sustaining costs ("AISC")1,2 for the full year 2016 are expected to be at the low end of the original guidance range of between $850 and $925 per ounce3. Goldcorp's 2016 financial results will be released on February 15, 2017.
"Goldcorp achieved production and all-in sustaining cost guidance as we re-oriented the business model in 2016," said David Garofalo, President and Chief Executive Officer of Goldcorp. "Significant changes have been undertaken to focus the company on growing net asset value per share. The changes have resulted in a renewed growth strategy where we expect over the next five years to achieve 20% growth in gold production, 20% growth in gold reserves and a 20% reduction in our all-in sustaining costs. The ramp-up to nameplate capacity at Cerro Negro and Éléonore, a continued focus on productivity and efficiency improvements at our existing camps and advancing our robust project pipeline, will position the Company to deliver significant growth in net asset value per share."
The Company expects to produce approximately 2.5 million ounces (+/- 5%) of gold in 2017, in line with previous 2017 guidance after accounting for the recently announced sale of Los Filos and the closure of Marlin; AISC are expected to be approximately $850 per ounce3 (+/- 5%) as the company continues to realize savings from its $250 million target in annual sustainable efficiencies.
Over the next five years gold production is expected to increase 20% to approximately 3 million ounces, excluding potential production from the Cochenour and HG Young projects in the Red Lake Camp, the Century project in the Porcupine camp and the NuevaUnión project in Chile. AISC are expected to decrease by 20% to approximately $700 per ounce over the next five years driven by the focus on cost efficiencies and productivity improvements. Reserves are expected to increase 20% to 50 million ounces over the next five years from the conversion of existing resources at the Century Project, Peñasquito and Pueblo Viejo.
For 2017 and five year guidance details refer to:
Goldcorp is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines.