Goldcorp beats by $0.03; reaffirms 2017 guidance for gold production
- Reports Q3 (Sep) earnings of $0.13 per share, $0.03 better thanthe Capital IQ Consensus of $0.10. Gold production of 633,000 ounces at all-in sustaining costs ( of $827 per ounce, compared to 715,000 ounces at AISC of $812 per ounce for the third quarter of 2016.
- 2017 guidance reconfirmed for gold production of 2.5 million ounces (+/- 5%) and AISC of $825(2) per ounce (+/- 5%), previously improved from $850 per ounce, reflecting the progress the Company has made on its efficiency program. Program to implement $250 million of sustainable annual efficiencies by the middle of 2018 is on track with $200 million expected to be achieved in 2017 across our portfolio. More than 100% of the $250 million in efficiencies have been identified, with the program likely to be extended and the efficiency target increased, after the Company achieves its current target. Solid reserve growth and project execution enhances confidence in the Company's 20/20/20 growth plan.
- 2017 reserve and resource estimates and provides exploration update: Proven and Probable Gold Mineral Reserves Increased by 26% to 53.5 Million Ounces - on track to achieve a targeted 60 million ounces of gold reserves by 2021 as part of its 20/20/20 growth plan. Strong Portfolio of Exploration Projects, Led by Cerro Negro and Coffee, to Provide Pipeline of Opportunities for Continued Future Reserve Growth. At the Silica Cap vein, gold and silver mineralization has been confirmed over a strike length of more than 1,300m and vertical depths of 350m. At Coffee, the new AmeriKona zone is delineated over a 200m strike of mineralization, and is undergoing further drill testing to connect to the Kona North zone with the potential to form a 950m contiguous mineralized zone.
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