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Last updated on April 19, 2014 at 18:42 EDT

Goldcorp Reports 2013 First Quarter Results; Annual Guidance Reconfirmed

May 2, 2013

VANCOUVER, May 2, 2013 /PRNewswire/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported quarterly revenues of $1.0 billion, generating adjusted
net earnings(1,2) of $253 million, or $0.31 per share, compared to $404 million, or $0.50 per share, in the first quarter of
2012.  Reported net earnings were $309 million compared to $479 million in the first quarter of 2012.  Adjusted operating cash flow(1,3) was $400 million.

First Quarter 2013 Highlights

        --  Revenues totaled $1.0 billion.
        --  Gold sales totaled 595,100 ounces1.
        --  All-in sustaining costs totaled $1,1351,4 per ounce, $565 per
            ounce on a by-product basis and $710 per ounce on a co-product
            basis1,5.
        --  Adjusted operating cash flow totaled $400million or $0.49 per
            share.
        --  Adjusted net earnings were $253 million, or $0.31 per share.
        --  Dividends paid amounted to $122million.
        --  Issued $1.5 billion in senior unsecured notes.
        --  Commercial production declared at Pueblo Viejo.

“Our mines performed as planned during the first quarter to provide a
good start to 2013,” said Chuck Jeannes, Goldcorp President and Chief
Executive Officer. “As previously reported, we expect gold production
to increase throughout the year with a corresponding decrease in
operating costs as we work through planned lower grades at Peñasquito
and Alumbrera, and benefit from the ramp up of production at Pueblo
Viejo. Based on this start, we remain quite comfortable with our annual
guidance for both gold production and operating costs.

Production at Peñasquito in Mexico was in line with expectations and
grade reconciliation continues to be very strong. We expect grades at
Peñasquito to increase over the balance of 2013 resulting in higher
production as mining progresses deeper into the Peñasco pit phase 4A. 
Red Lake in Ontario had an excellent quarter, with a good performance
in the High Grade Zone leading to strong gold production.

“I believe the long term fundamentals supporting a strong gold price
remain firmly in place, but in light of recent volatility in gold and
other metals prices we have completed a review of capital spending,
exploration and general and administrative costs. A contingency plan is
now in place that would defer spending should market conditions
warrant; however, Goldcorp’s strong cash flows, very low debt and over
$4 billion of liquidity(6) have positioned the Company for success in any conceivable metals price
environment. Our next generation of gold projects under construction,
including Cerro Negro in Argentina, Éléonore in Quebec and Cochenour in
Ontario, are expected to deliver high-margin, low-cost growth over the
next five years with over half of the capital spending related to these
projects to be completed by the end of this year. We remain comfortable
with guidance of $2.8 billion in capital spending for the year, and our
shareholders can count on continued discipline as we advance our growth
strategy and focus on execution and prudent cost management at our
mines and projects.”

Financial Review

Gold sales in the first quarter were 595,100 ounces on production of
614,600 ounces.  This compares to sales of 545,700 ounces on production
of 524,700 ounces in the first quarter of 2012. Silver production
totaled 5.6 million ounces compared to silver production of 6.6 million
ounces in the prior year’s first quarter.  Operating costs were $1,135
per ounce of gold on an all-in sustaining cost basis, $565 per ounce on
a by-product basis and $710 on a co-product basis.

Net earnings in the quarter were $309 million compared to $479 million
in the first quarter of 2012. Adjusted net earnings in the first
quarter totaled $253 million, or $0.31 per share, compared to $404
million or $0.50 per share, in the first quarter of 2012.  Adjusted net
earnings in the first quarter of 2013 primarily exclude the gains from
the foreign exchange translation of deferred income tax liabilities,
and mark-to-market gains on the conversion feature of convertible
senior notes, but include the impact of non-cash stock-based
compensation expenses which amounted to approximately $18 million or
$0.02 per share for the quarter.  Adjusted operating cash flow was $400
million compared to $480 million in last year’s first quarter.  The average realized gold price
for the quarter was $1,622(1) per ounce of gold sold during the quarter compared to $1,707 per ounce
during the year-ago quarter

Mexico

At Peñasquito, production totaled 60,100 gold ounces at total cash costs
of $611 per ounce.  As previously reported, mining in the first half of
2013 is taking place in a lower grade portion of the pit.  Process
plant throughput in the quarter averaged 103,660 tonnes per day.  As
metals grades increase, production is expected to accelerate and costs
are forecast to decrease significantly in the second half of the year.

Ongoing studies to develop a long-term water strategy for the Peñasquito
district continue to progress.  A new water source has been identified
within the Company’s current permitted basin with the potential to
supply sufficient fresh water to continue the plant ramp-up to full
design capacity.    The analysis of the development of a new well field
in this location is expected to be completed in the second quarter. 
Current water availability is expected to be sufficient to achieve
guidance of between 360,000 and 400,000 ounces for 2013.

Seven drills at Peñasquito are completing wide-spaced testing of the
deep skarn potential between and below the Peñasco and Chile Colorado
deposits. Recent results continue to demonstrate the presence of
copper, gold, silver and zinc mineralization over significant widths
within skarn alteration.

Gold production at Los Filos was 81,500 ounces in the first quarter at a
total cash cost of $589 per ounce.  The construction of the next
expansion phase of the Los Filos heap leach pad facility is progressing
well and expected to be completed late in the second quarter of 2013 as
planned. With proven and probable gold reserves at Los Filos increasing
to 7.43 million ounces (296.71Mt at @ 7.43g/t Au) in 2012, a study is
underway to investigate the potential of expanding the long-term
production profile at Los Filos. The study is expected to be completed
by the end of 2013.

Canada

At Red Lake in Ontario, gold production for the first quarter was
145,500 ounces at a total cash cost of $476 per ounce.   The strong
quarterly performance was driven by an increased number of available
high grade mine headings.  Exploration drilling at Red Lake continued
to focus on the newly-discovered NXT zone adjacent to the High Grade
Zone with the objective of growing the existing gold resource and
converting resources to reserves.  Results to date indicate that the
zone remains open to the west and in both directions vertically. 
Several drills are targeting this zone both from the 4199 exploration
drift and from existing infrastructure at higher levels in the mine. 
Exploration development from the newly-completed drift at the 47 level
is expected to provide closer drill access to this zone.

At Porcupine in Ontario, gold production in the first quarter totaled
67,200 ounces at a total cash cost of $797 per ounce. The Hoyle Pond
Deep project continued to advance, which will access deeper discovered
zones of gold mineralization and enhance operational flexibility and
efficiencies throughout the Hoyle Pond underground complex.

Central America

At Pueblo Viejo, first quarter gold production totaled 64,700 ounces at
a total cash cost of $472 per ounce.  Production was lower than
expected due primarily to lower ore tonnes processed due to issues with
certain components during start-up that were largely resolved by the
end of the first quarter.  Ramp-up is expected to continue during the
first half of 2013 to full capacity, with 2013 production expected to
be between 330,000 to 435,000 ounces.

Overall construction of the 215 MW dual fuel power plant is 80%
complete, with commissioning expected by the end of the third quarter
of 2013.  Commissioning activities related to the copper circuit
continued during the quarter and first copper production is expected
during the third quarter of 2013.

The government of the Dominican Republic has asked Barrick on behalf of
the Pueblo Viejo joint venture to accelerate and increase the benefits
that the Dominican Republic will derive from the mine.  Barrick, while
reserving rights under the Special Lease Agreement (SLA), continues to
engage in dialogue with the government in an effort to achieve a
mutually acceptable outcome.  To date, the outcome of the dialogue is
uncertain but any amendments to the SLA would likely result in
significant additional and accelerated payments to the government.

Advancing the Growth Drivers

Construction of the Cerro Negro project in Argentina continued to
advance steadily in the first quarter.  The permit for the construction
of the power line to connect to the grid was received during the
quarter but later than previously expected.  The delay may affect the
mobilization of the contractor that will construct the power line and
increases the potential for initial gold production to be deferred
until the first quarter of 2014.

Engineering, Procurement and Construction Management (EPCM) activities
at Cerro Negro are progressing with detailed engineering 92% complete
and EPCM total progress at approximately 62%. 

The Eureka vein deposit will provide the first ore to the mill and
initial stope production has commenced. The stockpile contains an
estimated 51,320 tonnes at a grade of 11.69 grams per tonne of gold and
220 grams per tonne of silver, and continues to reconcile well with
reserve estimates.  The Eureka decline has now reached a length of
2,305 metres of the approximately 3,900 metres planned.  Development of
the Mariana Norte and Mariana Central veins is also progressing well,
with scheduled ore development to commence in the second and third
quarters, respectively.

An extensive surface geological mapping and sampling program over the
various Cerro Negro concessions continued in the first quarter.  The
program has identified a number of new targets that will be
drill-tested for the first time throughout 2013.  Current exploration
drilling is focused on new gold reserves near existing veins.

Éléonore in Quebec remains on track to produce first gold in late 2014. 
The exploration ramp has now reached 2,940 metres in length which
corresponds to a vertical depth of nearly 470 metres below surface. 
The production shaft has now reached a depth of 220 metres, in line
with plan.  Conversion of the exploration shaft from sinking to
operating mode was successfully completed which has allowed off-shaft
development on the 650 metre level to commence.

Exploration during the quarter focused on in-fill drilling in the upper
mine area.  A total of 18,884 metres of diamond drilling was completed
from strategic working platforms in the exploration ramp.  Currently
six diamond drills are conducting definition and exploration drilling.

At the Cochenour project in the Red Lake district, the haulage drift has
now advanced to 71% completion with expected completion in the fourth
quarter of 2013.  Two drills continue to work in the haulage drift to
test the potential of the underexplored area.  Underground exploration
diamond drilling of the Bruce Channel Deposit will commence later in
the year once the haulage drift reaches a sufficient extent and
drilling platforms are excavated.

Exploration activities resumed late in the quarter at the Camino Rojo
project near Peñasquito with six core drills completing 2,026 metres in
six in-fill holes into the sulfide deposit in the West Extension. 
Drilling resumed following the successful signing of an agreement with
the Ejido San Tiburcio covering 2,500 hectares of land providing
long-term surface rights that enable mining at Camino Rojo.  In
addition, a five-year exploration agreement was signed that provides
permission to explore and drill on another 2,500 hectares of ejido land
within the Camino Rojo concession.

2013 Guidance Outlook

The Company today reconfirmed guidance for 2013 of between 2.55 and 2.80
million ounces at total cash costs of between $1,000 and $1,100 per
ounce on an all-in sustaining cost basis; $525 to $575 per ounce of
gold on a by-product basis and $700 to $750 per ounce on a co-product
basis. Capital spending guidance of $2.8 billion for 2013 has also been
reconfirmed.

Goldcorp is one of the world’s fastest growing senior gold producers.
Its low-cost gold production is located in safe jurisdictions in the
Americas and remains 100% unhedged.

This release should be read in conjunction with Goldcorp’s first quarter
2013 interim consolidated financial statements and MD&A report on the
Company’s website, in the “Investor Resources – Reports & Filings”
section under “Quarterly Reports”.

A conference call will be held on May 2, 2013 at 10:00 a.m. (PDT) to
discuss the first quarter results. Participants may join the call by
dialing toll free 1-800-355-4959 or 1-416-695-6617 for calls from
outside Canada and the US.  A recorded playback of the call can be
accessed after the event until June 2, 2013 by dialing 1-800-408-3053
or 1-905-694-9451 for calls outside Canada and the US.  Pass code:
5331726.  A live and archived audio webcast will also be available at www.goldcorp.com.


    (1)  The Company has included non-GAAP performance measures on an
         attributable basis 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.

    (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 42
         of the Q1 2013 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 43 of the Q1 2013 MD&A for a
         reconciliation of adjusted operating cash flows to reported
         net cash provided by operating activities.

    (4)  For 2013, the Company is adopting 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 41 of the
         Q1 2013 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 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.

         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:

                                2013       2012        2011

    Gold                      $1,600     $1,600      $1,250

    Silver                     34.00      34.00       20.00

    Copper                     3.50        3.50        3.25

    Lead                        0.90       0.90        0.90

    Zinc                        0.90       0.90        0.90

        Refer to page 40 of the MD&A for a reconciliation of total cash
        costs to reported production costs.

    (6) At March 31, 2013 the Company held $1,463 of cash and cash
        equivalents, $551 of money market investments and held an undrawn
        $2 billion revolving credit facility.

Cautionary Note Regarding Mineral Reserves and Mineral Resources

All Mineral Reserves and Mineral Resources have been estimated as at
December 31, 2012 in accordance with the standards of the Canadian
Institute of Mining, Metallurgy and Petroleum and National Instrument
43-101 (“NI 43-101″), or the AusIMM JORC equivalent. These estimates,
as well as all other scientific and technical information relating to
Goldcorp’s mineral properties contained herein, have been prepared by
employees of Goldcorp, its joint venture partners or its joint venture
operating companies, as applicable, and have been reviewed and approved
by Maryse Belanger, P. Geo., Senior Vice-President, Technical Services
of Goldcorp, a “qualified person” for the purposes of NI 43-101. These
estimates incorporate current and/or expected mine plans and cost
levels at each property.  Varying cut-off grades have been used
depending on the mine and type of ore.  Goldcorp’s normal data
verification procedures have been employed in connection with these
estimates.  For a breakdown of Mineral Reserves and Mineral Resources
by category and for a more detailed description of the key assumptions,
parameters and methods used in calculating Goldcorp’s Mineral Reserves
and Mineral Resources, please refer to Goldcorp’s most recently filed
Annual Information Form/ Form 40-F filed with Canadian provincial
securities regulatory authorities and the U.S. Securities and Exchange
Commission.

Cautionary Note to United States Investors Concerning Estimates of
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
Goldcorp’s 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.

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 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, 2012 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.


    SUMMARIZED FINANCIAL RESULTS
    (in millions of United States dollars, except per
    share amounts and where noted)

                                                        Three Months Ended
                                                             March 31

                                                            2013       2012

    Revenues                                              $1,015     $1,211

    Gold produced (ounces)                               614,600    524,700

    Gold sold (ounces)                                   595,100    545,700

    Copper produced(thousands of pounds)                  18,800     24,100

    Copper sold(thousands of pounds)                      16,500     21,600

    Silver produced (ounces)                           5,633,400  6,618,500

    Silver sold (ounces)                               5,541,800  8,714,000

    Lead produced(thousands of pounds)                    29,100     39,200

    Lead sold(thousands of pounds)                        24,200     52,400

    Zinc produced(thousands of pounds)                    52,000     63,800

    Zinc sold(thousands of pounds)                        50,400     75,900

    Average realized gold price(per ounce)                $1,622     $1,707

    Average London spot gold price(per ounce)             $1,631     $1,691

    Average realized copper price(per pound)               $3.38      $4.25

    Average London spot copper price(per pound)            $3.59      $3.77

    Average realized silver price(per ounce)              $26.18     $26.80

    Average London spot silver price(per ounce)           $30.07     $32.63

    Average realized lead price(per pound)                 $1.00      $0.96

    Average London spot lead price(per pound)              $1.04      $0.95

    Average realized zinc price(per pound)                 $0.89      $0.98

    Average London spot zinc price(per pound)              $0.92      $0.92

    Total cash costs - by-product(per gold ounce)           $565       $251

    Total cash costs - co-product(per gold ounce)           $710       $648

    Production Data:                                                       

    Red Lake gold mines :    Tonnes of ore milled        196,900    220,100

                             Average mill head grade       22.91      16.32
                             (grams per tonne)

                             Gold ounces produced        145,500    114,200

                             Total cash cost per            $476       $523
                             ounce - by-product

    Porcupine mines :        Tonnes of ore milled      1,036,700  1,017,800

                             Average mill head grade        2.17       2.07
                             (grams per tonne)

                             Gold ounces produced         67,200     60,700

                             Total cash cost per            $797       $786
                             ounce - by-product

    Musselwhite mine :       Tonnes of ore milled        325,300    327,400

                             Average mill head grade        5.86       5.43
                             (grams per tonne)

                             Gold ounces produced         59,100     53,200

                             Total cash cost per            $841       $844
                             ounce - by-product

    Peñasquito :             Tonnes of ore mined      10,888,700  8,224,800

                             Tonnes of waste removed  36,079,200 32,225,100

                             Tonnes of ore milled      9,329,400  8,393,100

                             Average head grade             0.31       0.36
                             (grams per tonne) - gold

                             Average head grade            17.88      24.84
                             (grams per tonne) -
                             silver

                             Average head grade (%) -       0.22       0.31
                             lead

                             Average head grade (%) -       0.43       0.56
                             zinc

                             Gold ounces produced         60,100     68,600

                             Silver ounces produced    3,932,600  4,955,400

                             Lead (thousands of           29,100     39,200
                             pounds) produced

                             Zinc (thousands of           52,000     63,800
                             pounds) produced

                             Total cash cost per            $611     ($751)
                             ounce - by-product

                             Total cash cost per          $1,128       $726
                             ounce - co-product

    Los Filos mine :         Tonnes of ore mined       6,770,500  7,391,100

                             Tonnes of waste removed  12,163,200 10,368,400

                             Tonnes of ore processed   6,740,700  7,404,300

                             Average grade processed        0.68       0.70
                             (grams per tonne)

                             Gold ounces produced         81,500     82,700

                             Total cash cost per            $589       $521
                             ounce - by-product

    El Sauzal mine :         Tonnes of ore mined         544,600    576,500

                             Tonnes of waste removed   3,206,900  2,678,900

                             Tonnes of ore milled        479,000    516,300

                             Average mill head grade        1.32       1.37
                             (grams per tonne)

                             Gold ounces produced         18,200     21,400

                             Total cash cost per            $946       $605
                             ounce - by-product

    Marlin mine :            Tonnes of ore milled        480,300    477,900

                             Average mill head grade        3.30       3.49
                             (grams per tonne) - gold

                             Average mill head grade         110        118
                             (grams per tonne) -
                             silver

                             Gold ounces produced         50,000     53,200

                             Silver ounces produced    1,583,000  1,663,100

                             Total cash cost per            $102     ($187)
                             ounce - by-product

                             Total cash cost per            $641       $501
                             ounce - co-product

    Marigold mine :(1)       Tonnes of ore mined       2,253,600  1,713,200

                             Tonnes of waste removed   6,478,600  6,785,400

                             Tonnes of ore processed   2,253,600  1,713,200

                             Average grade processed        0.40       0.65
                             (grams per tonne)

                             Gold ounces produced         31,700     26,500

                             Total cash cost per            $854       $679
                             ounce - by-product

    Wharf mine :             Tonnes of ore mined         700,300    716,200

                             Tonnes of ore processed     693,100    737,900

                             Average grade processed        0.70       0.94
                             (grams per tonne)

                             Gold ounces produced         12,500     16,600

                             Total cash cost per            $836       $663
                             ounce - by-product

    Alumbrera mine :(2)      Tonnes of ore mined       1,693,200  2,311,700

                             Tonnes of waste removed   5,865,300  5,394,500

                             Tonnes of ore milled      3,513,200  3,499,900

                             Average mill head grade        0.34       0.36
                             (grams per tonne) - gold

                             Average mill head grade        0.32       0.39
                             (%) - copper

                             Gold ounces produced         24,700     27,600

                             Copper (thousands of         18,800     24,100
                             pounds) produced

                             Total cash cost per             $14   ($1,131)
                             ounce - by-product

                             Total cash cost per            $915       $918
                             ounce - co-product

    Pueblo Viejo mine :(3,4) Tonnes of ore mined       1,156,000          -

                             Tonnes of waste removed     398,500          -

                             Tonnes of ore processed     288,700          -

                             Average grade (grams per       7.20          -
                             tonne) - gold

                             Average grade (grams per      47.13          -
                             tonne) - silver

                             Gold ounces produced         64,100          -

                             Silver ounces produced      117,800          -

                             Total cash cost per            $472          -
                             ounce - by-product

                             Total cash cost per            $535          -
                             ounce - co-product

    Financial Data:                                                        

    Cash flows from operating activities                    $294       $339

    Net earnings attributable to shareholders of            $309       $479
    Goldcorp Inc.

    Net earnings per share - basic                         $0.38      $0.59

    Adjusted net earnings per share - basic                $0.31      $0.50

    Weighted average shares outstanding (000's)          811,668    810,046

    (1)      Shown at Goldcorp's interest - 66.7%

    (2)      Shown at Goldcorp's interest - 37.5%

    (3)      Shown at Goldcorp's interest - 40.0%

    (4)      The Company announced commercial production at Pueblo Viejo
             mine on January 8, 2013.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
(In millions of United States dollars, except for per share amounts -
Unaudited)


                                                         Three Months
                                                        Ended March 31

                                                       2013       2012(5)

    Revenues                                        $ 1,015       $ 1,211

    Mine operating costs                                        

      Production costs                                (503)         (489)

      Depreciation and depletion                      (150)         (141)

                                                      (653)         (630)

    Earnings from mine operations                       362           581

    Exploration and evaluation costs                   (13)          (19)

    Share of net earnings from associates                37            14

    Corporate administration                           (66)          (72)

    Earnings from operations and associates             320           504

    Losses on securities, net                           (3)           (5)

    Gains on derivatives, net                            49            55

    Finance costs                                      (10)           (6)

    Other income                                          3            14

    Earnings before taxes                               359          562 

    Income taxes                                       (50)         (83) 

    Net earnings attributable to shareholders        $ 309         $ 479
    of Goldcorp Inc.

    Net earnings per share                                               

      Basic                                          $ 0.38        $ 0.59

      Diluted                                          0.33          0.51

    (5) Effective January 1, 2013, the Company's 37.5% interest in
        Alumbrera, which was previously proportionately consolidated in the
        Company's consolidated financial statements, has been classified as
        an investment in associate and is accounted for using the equity
        method. The Company has accounted for this change in consolidation
        retrospectively and has restated the 2012 comparative periods
        accordingly.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions of United States dollars – Unaudited)


                                                               Three Months
                                                             Ended March 31

                                                        2013        2012(5)

    Net earnings attributable to shareholders          $ 309          $ 479
    of Goldcorp Inc.

    Other comprehensive (loss) income, net of
    tax

    Items that may be reclassified subsequently
    to net earnings:

      Mark-to-market (losses) gains on                  (34)             12
      available-for-sale securities

      Reclassification adjustment for                      4              5
      impairment losses included in net
      earnings

      Reclassification adjustment for realized           (1)              -
      gains on disposition of
      available-for-sale securities recognized
      in net earnings

                                                      $ (31)           $ 17

    Total comprehensive income attributable to         $ 278          $ 496
    shareholders of Goldcorp Inc.

    (5) Effective January 1, 2013, the Company's 37.5% interest in
        Alumbrera, which was previously proportionately consolidated in the
        Company's consolidated financial statements, has been classified as
        an investment in associate and is accounted for using the equity
        method. The Company has accounted for this change in consolidation
        retrospectively and has restated the 2012 comparative periods
        accordingly.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of United States dollars – Unaudited)


                                                               Three Months
                                                             Ended March 31

                                                       2013         2012(5)

    Operating Activities                                                   

    Net earnings                                      $ 309           $ 479

    Adjustments for:                                                       

    Dividends from associate                             21               -

    Reclamation expenditures                            (3)             (5)

    Losses on securities, net                             3               5

    Items not affecting cash:                                              

      Depreciation and depletion                        150             141

      Share of net earnings of associates              (37)            (14)

      Share-based compensation expense                   18              28

      Unrealized gains on derivatives, net             (49)            (55)

      Accretion of reclamation and closure                5               4
      cost obligations

      Deferred income tax recovery                     (83)           (151)

      Other                                               5             (2)

    Change in working capital                          (45)            (91)

    Net cash provided by operating                      294             339
    activities

    Investing Activities                                                   

    Expenditures on mining interests                  (479)           (537)

    Deposits on mining interests                       (54)            (50)
    expenditures

    Interest paid                                       (9)             (9)

    Purchases of money market securities              (553)            (14)
    and other investments

    Proceeds from sales of securities and                 8             273
    other investments, net

    Other                                                 1               8

    Net cash used in investing activities           (1,086)           (329)

    Net cash provided by investing                        8               5
    activities of discontinued operations

    Financing Activities                                                   

    Debt borrowings, net of borrowing costs           1,481               -

    Borrowings from associate                           131               -

    Common shares issued, net of issue                    -               6
    costs

    Dividends paid to shareholders                    (122)           (109)

    Net cash provided by (used in)                    1,490           (103)
    financing activities

    Effect of exchange rate changes on cash               -               -
    and cash equivalents

    Increase (decrease) in cash and cash                706            (88)
    equivalents

    Cash and cash equivalents, beginning of             757           1,458
    period

    Cash and cash equivalents, end of               $ 1,463         $ 1,370
    period

(5) Effective January 1, 2013, the Company’s 37.5% interest in
Alumbrera, which was previously proportionately consolidated in the
Company’s consolidated financial statements, has been classified as an
investment in associate and is accounted for using the equity method.
The Company has accounted for this change in consolidation
retrospectively and has restated the 2012 comparative periods
accordingly.

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(In millions of United States dollars – Unaudited)


                               March 31         December 31          January 1
                                   2013             2012(5)            2012(5)

    Assets                                                                    

    Current assets                                                            

      Cash and cash             $ 1,463               $ 757            $ 1,458
      equivalents

      Money market                  551                   -                272
      investments

      Accounts                      454                 567                403
      receivable

      Inventories                   749                 696                550
      and
      stockpiled
      ore

      Notes                           5                   5                 40
      receivable

      Other                         218                 170                 88

                                  3,440               2,195              2,811

    Mining
    interests

      Owned by                   24,289              23,902             22,249
      subsidiaries

      Investments                 2,693               2,663              1,940
      in associates

                                 26,982              26,565             24,189

    Goodwill                      1,737               1,737              1,737

    Investments in                  126                 162                207
    securities

    Notes                            28                  37                 42
    receivable

    Deposits on                     121                  95                 73
    mining
    interests
    expenditures

    Other                           198                 188                 87

    Total assets               $ 32,632           $ 30,979           $ 29,146 

    Liabilities                                                               

    Current
    liabilities

      Accounts                    $ 785               $ 830              $ 545
      payable and
      accrued
      liabilities

      Income taxes                  154                 101                 32
      payable

      Derivative                     70                  68                 65
      liabilities

      Other                         201                  69                 39

                                  1,210               1,068                681

    Deferred income               5,344               5,434              5,442
    taxes

    Long-term debt                2,275                 783                737

    Derivative                       36                  79                237
    liabilities

    Provisions                      495                 500                355

    Income taxes                     60                  62                113
    payable

    Other                           113                 124                 96

    Total                         9,533               8,050              7,661
    liabilities

    Equity                                                                    

    Shareholders'
    equity

      Common                     17,131              17,117             16,992
      shares, stock
      options and
      restricted
      share units

      Investment                     20                  51                 43
      revaluation
      reserve

      Retained                    5,735               5,548              4,237
      earnings

                                 22,886              22,716             21,272

    Non-controlling                 213                 213                213
    interests

    Total equity                 23,099              22,929
                                                                        21,485

    Total                      $ 32,632            $ 30,979           $ 29,146
    liabilities and
    equity

    (5) Effective January 1, 2013, the Company's 37.5% interest in
        Alumbrera, which was previously proportionately consolidated in the
        Company's consolidated financial statements, has been classified as
        an investment in associate and is accounted for using the equity
        method. The Company has accounted for this change in consolidation
        retrospectively and has restated the 2012 comparative periods
        accordingly. 

 

SOURCE Goldcorp Inc.


Source: PR Newswire