The Northern Miner, first published in 1915, during the Cobalt Silver Rush, is considered Canada’s leading authority on the mining industry.
VANCOUVER — Despite posting a US$192 million net loss during the third quarter, Goldcorp’s (TSX: G; NYSE: GG) management team is telling investors to focus on what it labels “strong fundamentals.”
The company churned out record quarterly gold production and generated around US$243 million in free cash flow over the past three months. President and CEO Chuck Jeannes pointed out that successful cost control measures and promising macro-economic conditions should contribute to brighter days ahead.
Goldcorp produced 922,200 oz. during the third quarter at all-in sustaining costs of US$848 per oz. Assuming an average realized gold price of $1,114 per oz., the company reported adjusted revenues of US$1.3 billion and adjusted operating cash flow of US$374 million for the quarter.
Excluding unrealized losses from the foreign exchange translation on deferred income taxes, Goldcorp’s adjusted net loss totalled US$37 million, or 4¢ per share, during the quarter, which compares to adjusted earnings of US$65 million, or 8¢ per share, in the previous quarter.