Listed Mining Companies
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TORONTO (miningweekly.com) – Vancouver-based Goldcorp earned $826,7-million in the second quarter, compared with a net loss of $232,4-million a year ago, when the company recorded a big noncash foreign exchange loss.
Second-quarter adjusted net earnings, which exclude some once-off items, increased 100,4% year-on-year, to $198,8-million.
Goldcorp, the second-biggest gold producer in Canada, produced 609 500 oz in the quarter, up from 582 400 oz in the same period of 2009.
Revenue rose 34%, to $844,3-million.
Goldcorp has mines in Canada, Argentina, the US, Mexico, Honduras and Guatemala, and expects output to rise about 50% over the next five years, to some 3,8-million ounces by 2014.
"We saw growth in all key financial metrics as increased gold sales and higher realised gold prices generated higher revenues, record cash flow and higher net earnings," CEO Chuck Jeannes commented in a statement.
"Our low cost structure led to record margins of $845 per ounce of gold sold in the quarter, providing shareholders maximum exposure to gold."
