Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Classified Sites

The Canadian Press - ONLINE EDITION

Goldcorp reports US$181M second-quarter profit, revenue climbs to $906M

VANCOUVER - Goldcorp Inc. (TSX:G) earned US$181 million in its latest quarter compared with a big loss a year ago when the company wrote down the value of its Penasquito mine and Cerro Blanco project.

The company, which keeps its books in U.S. dollars, said Thursday the profit for the quarter amounted to 22 cents per diluted share for the quarter ended June 30. That compared with a loss of $1.93 billion or $2.38 per diluted share a year ago when it took $2.56 billion in impairment charges related to Mexican mine and the Cerro Blanco project in Central America.

Revenue totalled $906 million, up from $858 million.

Excluding one-time items, Goldcorp said it earned an adjusted profit of $164 million or 20 cents per share for the quarter, compared with an adjusted profit of $117 million or 14 cents per share a year ago.

Gold sales in the second quarter totalled 639,500 ounces on production of 648,700 ounces. That compared with sales of 624,300 ounces on production of 646,000 ounces in the same period a year ago.

Silver production amounted to 9.0 million ounces compared with 7.2 million ounces in the second quarter of 2013.

All-in sustaining costs were $852 per ounce of gold compared with $1,227 per ounce a year ago, while the average realized price was $1,296 in the latest quarter, down from $1,358.

Last week, Goldcorp said it achieved the first gold production from its Cerro Negro mine in Argentina.

The company said the mine is on track for the declaration of commercial production by the end of the year.

"Continued solid production and cost performance across the portfolio contributed to strong financial results in the second quarter," Goldcorp chief executive Chuck Jeannes said in a statement.

"In addition, the three new gold projects under construction that underpin Goldcorp's leading growth profile continued to advance steadily. We were very pleased to announce last week the commencement of gold production at Cerro Negro on schedule and within our capital cost guidance."

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.


Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100

Social Media

Canadian Mortgage Rates