WINNEMUCCA - High gold prices throughout the third quarter of 2011 pushed Goldcorp's adjusted net earnings for the period to a record $459 million.
The Marigold Mine's co-owner and operator reported Oct. 26 that the results marked an 88 percent increase over adjusted net earnings from the same period in 2010. The Vancouver company's revenues were also up by 48 percent from the same period one year ago, rising to $1.3 billion on gold sales of 571,500 ounces.
Operating cash flow before working capital changes rose nearly 50 percent above levels from the third quarter of last year, to $681 million, and the company reported a quarter-end cash balance of $1.5 billion.
On a by-product basis, total cash costs for the quarter stood at $258 per ounce; co-product cash costs reached $551 per ounce.
Results from the Marigold Mine in eastern Humboldt County were not available. But Goldcorp did report strong performances at its Marlin Mine in Guatemala and the Porcupine Mine in the Canadian province of Ontario.
Gold production at the Marlin was up 50 percent to 95,000 ounces, while silver production from the mine rose 62 percent to 2.29 million ounces. Meanwhile, gold production at the Porcupine exceeded the company's expectations, rising 11 percent to 76,300 ounces.
The company's outlook for the rest of the year looks bright, as well.
Goldcorp expects that production will increase substantially in the fourth quarter, bringing it toward its target of 2.50 to 2.55 million ounces for the year.
For more information, go to: www.goldcorp.com.
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