Goldcorp CEO & President Chuck Jeannes, “Our balance sheet is in great shape”

“I believe the long term fundamentals supporting a strong gold price remain firmly in place” and ”In terms of longterm, we are comfortable with our plans,” Chuck Jeannes(President & CEO) said.

Red Lake in Ontario had an excellent quarter, with a good performance in theHigh Grade Zone leading to strong gold production. Production at Peñasquito in Mexico was in line with Goldcorp’s expectations and grade reconciliation continues to be very strong.

“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,” Chuck Jeannes(President & CEO) said.

Goldcorp expect’s grades at Peñasquito to increase over the balance of 2013 resulting in higher production as mining progresses.

“We were pleased to begin 2013 on a positive note” and “Our balance sheet is in great shape,”  Chuck Jeannes(President & CEO) said.

With a timely advancement of three gold growth projects currently under construction that are expected to drive forecast 70% production growth in the next five years. Goldcorp is focusing on growth and a strong balance sheet. Goldcorp has adopted an all-in sustaining cash cost measure that the Company believes more fully defines the total costs.

“Never let a good crisis go to waste,” Chuck Jeannes, Goldcorp President and Chief Executive Officer said about Goldcorp mining in low geopolitical risk areas and a commitment to responsible mining associated with producing low-cost gold to reflect the fluctuations in the price of gold moving forward.

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.

First Quarter 2013 Highlights:

• Revenues totaled $1.0 billion.

• Gold sales totaled 595,100 ounces.

• All-in sustaining costs totaled $1,135per ounce, $565 per ounce on a by-product basis and $710 per ounce on a co-product basis.

• Adjusted operating cash flow totaled $400 million or $0.49 per share.

• Adjusted net earnings were $253 million.

• Dividends paid amounted to $122 million.

• Issued $1.5 billion in senior unsecured notes.

• Commercial production declared at Pueblo Viejo.

Goldcorp reported quarterly revenues of $1.0 billion in 2013 compared to $404 million 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 was $400 million.

Goldcorp CEO & President Chuck Jeannes, “Our balance sheet is in great shape”

“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,” Chuck Jeannes, Goldcorp President and Chief Executive Officer said.

With over half of the capital spending related to Cerro Negro in Argentina, Éléonore in Quebec and Cochenour in Ontario to be completed by the end of 2013. Goldcorp remains comfortable with guidance of $2.8 billion in capital spending for the year. Goldcorp assure’s that shareholders can count on continued discipline as the company advances their growth strategy and focus on execution and prudent cost management at Goldcorp mines and projects. Goldcorp is one of the world’s fastest growing senior gold producers with operating assets in Canada, U.S., Mexico and [Central & South] America.

READ FULL REPORT:  [ Goldcorp Reports 2013 First Quarter Results; Annual Guidance Reconfirmed ]

Thanks for supporting WoodlawnPost.com in 2013! 

Follow us on Twitter@WoodlawnPost 

** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **

Written By Adrian Mitchell And Woodlawn Post Staff

Barrick Gold reported strong Q1 2013 financial and operating results and the company is taking strong action and re-focusing their business based on the principle that returns will drive production and production will not drive returns. Barrick’s stock has lost almost 40% of its trading value since the beginning of the year 2013.

“We don not run our business on high gold prices” and “Our average gold costs are  already the lowest among our peers,” Barrick CFO & Executive Vice President Ammar Al-Joundi said.

 2013 Financial And Operating Results:

• Net earnings of $847 million ($0.85 per share)

• Adjusted net earnings of $923 million ($0.92 per share)

• Operating cash flow of $1.09 billion

• Adjusted operating cash flow of $1.16 billion

Barrick Gold plans to maintain it’s status as the world’s largest gold producer by cost & management, quality portfolio of mines, providing strong returns for investors(potential sale of non-core assets) and leading a fundamental change in the gold industry.

“We still have work to do,” Barrick CEO & President Jamie Sokalsky said.

Barrick Gold management plans to drive this new paradigm is the gold mining business with 5 key mines that produce 60% of the companies production.

The company continues to position itself as one of the “best” gold mining companies based on the quality of their mine’s, life of their mines and long-term gold production capacity.

“We have a strong core business even in a lower gold price environment,” Barrick CEO & President Jamie Sokalsky said.

Barrick Gold is leading the Paradigm shift in industry and while 2013 is a transition period, both China and India will play a major role in the companies focus on profitability and less emphasis on growth. The company announced a dividend of 20 cents per share for shareholders.

Barrick Gold CEO & President Jamie Sokalsky, "We still have work to do"

READ FULL REPORT: [ Barrick Reports Q1 2013 Results ]

Thanks for supporting WooodlawnPost.com in 2013! 

Follow us on Twitter@WoodlawnPost 

** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **

Written By Adrian Mitchell And Woodlawn Post Staff

“I am pleased to announce a 21 percent increase in our first quarter 2013 dividend compared to the same period last year,” said Gary Goldberg, President and Chief Operating Officer.

In 2012″]

Newmont Announces 2013 Quarterly Dividend, [Net Income of $1.9 Billion & Gold Reserves

“We were pleased to return the highest dividends in the gold industry on a per share basis in 2012,” said Gary Goldberg, President and Chief Operating Officer.

The company reported net income from continuing operations of $1.9 billion or $3.80 per basic share ($3.78 per share on a fully diluted basis) in 2012, compared with $0.5 billion, or $1.02 per share in 2011. Adjusted net income[1] was $1.9 billion or $3.71 per share in 2012, compared with $2.2 billion, or $4.31 per share a year ago.

2012 Highlights include:

• Gold reserves of 99.2 million ounces;
• Copper reserves of 9.5 billion pounds;
• The addition of 2.9 million ounces of gold reserves at the Merian project in Suriname; and
• The addition of 2.6 million ounces of gold inferred resources at the Long Canyon project in Nevada.

“We are pleased to announce 6.6 million ounces of gold reserve additions in 2012 at higher grades than depleted, with 2.9 million ounces of new reserves declared at Merian in Suriname” and ”We also declared 2.6 million ounces of gold inferred resource at Long Canyon in Nevada,” President and Chief Operating Officer Gary Goldberg said.

The company  announced it increased attributable gold reserves by 0.4 million ounces, net of depletion, to 99.2 million ounces in 2012.

Gold and copper reserves¹ were calculated at $1,400 per ounce, and $3.25 per pound, respectively. A $100 increase in gold price would result in an approximate 2.8% increase in gold reserves while a $100 decrease in gold price would result in an approximate 7.6% decrease in gold reserves. Gold and copper price related reserve additions accounted for 1.5 million ounces of gold and approximately 0.1 billion pounds of copper in 2012.

Attributable measured and indicated gold resources for 2012 were 22.3 million ounces. In addition, attributable inferred gold resources were 17.9 million ounces.  Attributable measured and indicated copper resources for 2012 were 2.2 billion pounds. In addition, attributable inferred copper resources were 970 million pounds. Gold and copper resources were calculated using prices of $1,600 per ounce and $3.50 per pound, respectively.

Attributable proven and probable silver reserves for 2012 were 186 million ounces.  Attributable measured and indicated silver resources for 2012 were 53 million ounces, with additional inferred silver resources of 35 million ounces. Silver reserves and resources were calculated using prices of $30 and $35 per ounce, respectively.

2012 Financial Results:

• Annual revenue of $9.9 billion;
• Record regular dividends paid to shareholders of $695 million, or $1.40 per share, representing a payout ratio of 38% of adjusted net income;
• Gold operating margin of $985 per ounce;
• Operating cash flow of $2.4 billion;
• Attributable gold and copper production of 5.0 million ounces and 143 million pounds, respectively;
• Gold and copper consolidated costs applicable to sales (“CAS”)[2] of $677 per ounce and $2.34 per pound, respectively;
• All-in sustaining cost[3] of $1,149 per ounce; and
• Average realized gold and copper price of $1,662 per ounce and $3.43 per pound, respectively.

Q4 2012 Financial Results:

• Approved Q1 2013 dividend payable of $0.425 per share;
• Attributable gold and copper production of 1.3 million ounces and 35 million pounds, respectively;
• Gold and copper CAS of $720 per ounce and $2.61 per pound, respectively;
• All-in sustaining cost of $1,192 per ounce; and
• Average realized gold and copper price of $1,700 per ounce and $3.22 per pound, respectively.

Newmont plans to  maintain their competitive advantage by focusing on reducing our total cost of production. The company plans to continue building a sustainable mining business that delivers top quartile shareholder returns while leading in safety, environmental stewardship and social responsibility.

In 2012″]

Newmont Announces 2013 Quarterly Dividend, [Net Income of $1.9 Billion & Gold Reserves

READ FULL REPORT: [ Newmont Announces Net Income from Continuing Operations of 1.9 Billion]

SOURCE Newmont Mining Corporation

Goldcorp CEO & President Chuck Jeannes, "Excellent Quarterly Performances At Our 2 Largest Mines"

Goldcorp has adopted an all-in sustaining cash cost measure that the Company believes more fully defines the total costs associated with producing gold, that began in 2013.

“Key priority in 2013 is the timely advancement of our three gold growth projects currently under construction that are expected to drive forecast 70% production growth in the next five years,” said Chuck Jeannes, Goldcorp President and Chief Executive Officer.

Goldcorp announced that proven and probable gold mineral reserves increased by 4% to 67.1 million ounces, the 9th consecutive year that Goldcorp has increased gold reserves. Goldcorp announced that proven and probable silver mineral reserves totaled 1.2 billion ounces, representing one of the largest silver reserves in the industry.

Fourth Quarter 2012 Highlights:

• Revenues totaled $1.4 billion on gold sales of 645,100 ounces.
• Operating cash flows before working capital changes totaled $721 million or $0.89 per share.
• Adjusted net earnings totaled $465 million, or $0.57 per share.
• All-in sustaining cash costs totaled $910 per ounce, $360 per ounce on a by-product cash cost basis, and $621 per ounce on a co-product cash cost basis.
• Dividends paid amounted to $110 million.  Annual dividend increased 11% to $0.60 per share.

Full-Year 2012 Highlights:

• Revenues increased to a record $5.4 billion on gold sales of 2.3 million ounces.
• Operating cash flows before working capital changes totaled $2.4 billion or $2.97 per share.
• Adjusted net earnings totaled $1.6 billion, or $2.03 per share.
• All-in sustaining cash costs totaled $874 per ounce, $300 per ounce on a by-product cash cost basis, and $638 per ounce on a co-product cash cost basis.
• Dividends paid amounted to $438 million.
• Proven and probable gold mineral reserves increased 4% to 67.1 million ounces or 3.5% on a per share basis^.

The company reported record Q4 gold production of 700,400 ounces compared to gold production of 687,900 ounces in Q4 of 2011. Gold sales in Q4 were 645,100 ounces on production of 700,400 ounces.  This compares to sales of 685,000 ounces on production of 687,900 ounces in Q4 of 2011.

“Excellent quarterly performances at our two largest mines resulted in a strong finish to 2012 and position Goldcorp for a much improved 2013,” said Chuck Jeannes, Goldcorp President and Chief Executive Officer.

Reported net earnings in the quarter were $504 million compared to $405 million in Q4 of 2011. Adjusted net earnings in Q4 totaled $465 million, or $0.57 per share, compared to $531 million or $0.66 per share, in Q4 of 2011.

“Goldcorp’s consistent strategy is centered on realizing strong shareholder value in a challenging industry through growing, low-cost production,” said Chuck Jeannes, Goldcorp President and Chief Executive Officer.

Operating cashflows before working capital changes totaled $721 million compared to $831 million in Q4 of 2011. For the twelve months ended December 31, 2012, revenues totaled $5.4 billion.

READ FULL REPORT:  [ Goldcorp ]

Thanks for supporting WoodlawnPost.com in 2013! 

Follow us on Twitter@WoodlawnPost 

CIBC Institutional Investor Conference: Goldcorp Inc. "Our Focus Is On Execution"

Goldcorp President & CEO Chuck Jeannes discussed how Goldcorp has a great balance sheet, variety of quality projects in the pipeline, excellent 5-year plan, less than $1 billion in Long-term debt and the company has a BBB+ investment grading.

“Lot of reason to be excited going forward” and “2014 strong free, cash flow position“, President & CEO of GoldCorp Chuck Jeannes said.

Goldcorp had a strong Q4 2012 gold production totaling 696,700 ounces and the company expects to grow approximately 10% to between 2.55 and 2.80 million ounces moving forward. Goldcorp President & CEO Chuck Jeannes stated that the power plant completion at Pueblo Viejo is a milestone.

“2013 gold production from Pueblo Viejo is expected to be between [330,000 and 435,000] ounces,” President & CEO of GoldCorp Chuck Jeannes said

President & CEO Chuck Jeannes forecast a five-year gold production plan that will increase to 4.0 – 4.2 million ounces by 2017. Attributed to the [reduction-in-cost] over time as Pueblo Viejo and Argentina ram-up and are added on to the cost structure.

CIBC Institutional Investor Conference: Goldcorp Inc. "Our Focus Is On Execution"

Thanks for supporting WooodlawnPost.com in 2013! 

Follow us on Twitter@WoodlawnPost 

Copyright 2013 by Woodlawn Post. Any commercial use or distribution without the express written consent of Woodlawn Post is strictly prohibited.

CIBC Institutional Investor Conference: Barrick Gold Corporation "Paradigm Shift In Industry"

“We are only gonna spend money if it makes money for our shareholders,” Barrick Gold Corporation Ammar Al-Joundi, EVP & CFO said.

EVP & CFO Ammar Al-Joundi spoke about Pascua-Lama becoming one of the world’s largest and lowest cost mines(0 to -150 an ounce). Barrick’s Ammar Al-Joundi stated that once Pascua-Lama is in production, Barrick expect’s the mine to contribute significant cash flow to Barrick Gold Investors. Barrick Gold agreed to sell a 25% of the life-of-mine silver production from the Pascua-Lama project to Silver Wheaton at 13 dollars an ounce, totaling $625 million. Silver Wheaton will also buy 100% of the silver produced at Barrick’s Lagunas Norte, Pierina and Veladero mines until the Pascua-Lama mine is completed.

“Paradigm shift in industry; focus on profitability and less emphasis on growth,”  Barrick Gold Corporation Ammar Al-Joundi, EVP & CFO said.

Barrick Gold’s Pascua-Lama has proven and probable reserves of 18 million ounces of gold and 650 million ounces of silver. Barrick Gold Corporation has 6 mines that produce 500,000 gold ounces, 3 mines that produce 800,000 gold ounces and 2 mines that produce over 1,000,000 gold ounces.

Barrick Gold Corporation recently achieved commercial production at its 60 percent owned Pueblo Viejo mine in the Dominican Republic and the company was recently named to the Global 100, a listing of the most sustainable corporations in the world, by Corporate Knights, a Canadian media and investment research company.

Thanks for supporting WooodlawnPost.com in 2013! 

Follow us on Twitter@WoodlawnPost 

Copyright 2013 by Woodlawn Post. Any commercial use or distribution without the express written consent of Woodlawn Post is strictly prohibited.

As of December 31, 2011, Pascua-Lama has proven and probable reserves of 17.9 million ounces of gold, with 676 million ounces of silver contained within the gold reserves.

Pascua-Lama is set produce 800,000 – 850,000 ounces of gold and 35 million ounces of silver in the first full five years of its 25-year life and work to date suggests capital costs will be closer to $8.0-$8.5 billion, with first production in the second half of 2014.

Canada’s Barrick Gold (NYSE, TSX: ABX) plans to invest $2 billion into Pascua-Lama gold-silver project and Argentina next year, reports local newspaper Cronista.com.

Barrick’s vision is to be the world’s best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner. 

After observing increased dust in the Pascua-Lama open pit area, which has been exacerbated recently by stronger than normal winds, Barrick voluntarily halted pre-stripping activities on October 27 in order to implement additional dust mitigation and control measures. The tunnel is approximately 60% complete and 90% of the required material and equipment for the process plant has been committed.

Expected total cash costs remain in the range of $0 to negative $150 per ounce using a silver price assumption of $25 per ounce.

Source: www.barrick.com/

SilverCrest Mines Inc. announced that it has paid out the remaining balance of the gold hedge facility established with Macquarie Bank Limited in June, 2009 as a condition of finalizing the Project Loan Facility for the construction of the Company’s Santa Elena Mine. The Company is now a completely unhedged silver and gold producer. The original hedge facility was comprised of 55,000 ounces of gold sold forward at US$926.50 per ounce and deliveries into the hedge facility were scheduled to continue into 2014. During 2010 and 2011 the Company made scheduled deliveries of 26,000 ounces of gold into the hedge facility from gold production from the Santa Elena mine leaving a balance of 29,000 ounces of gold which the Company has settled in cash for US$ 23,254,800. This reflects an effective settlement price of US$ 1,728 per ounce of gold inclusive of all transaction costs. The payout of the hedge facility was financed with partial proceeds from the Company’s recent CAD$34.5 million bought deal, prospectus financing which closed on October 30, 2012.

J. Scott Drever, President stated: “We are pleased to have been able to take advantage of the recent correction in the gold price to eliminate the outstanding gold hedge. The early elimination of the gold hedge will substantially increase our cash flows from operations for 2013 and 2014 which in turn strengthens our balance sheet and increases our flexibility to pursue our corporate objectives for growth.”

2012 Third Quarter Production Highlights

• Silver produced oz:                     151,368;  42% increase over Q3 2011
• Gold produced oz:                            7,184;  18% decrease over Q3 2011
• Ore Tonnes crushed:                  265,598;  10% increase over Q3 2011
• Silver oz to pad:                           413,426;    5% increase over Q3 2011
• Gold oz to pad:                                11,681;  35% decrease over Q3 2011

J. Scott Drever, President stated on the third quarter 2012; “The Santa Elena Mine continues to produce silver and gold on a consistent basis. We would like to congratulate our operations team in Mexico for achieving record silver production of 151,368 ounces for the quarter. Based on our production to date we are increasing our annual silver production guidance from 435,000 ounces to 535,000 ounces. We are maintaining our annual gold production guidance of 33,500 ounces. We expect another strong operating performance in the fourth quarter, which in conjunction with our significant operating profit margins should enhance our overall financial performance”.