TORONTO (miningweekly.com) – Canadian gold producer Goldcorp on Thursday said it was positioned for a “prolonged” period of production growth as three significant construction projects would be completed by 2015.

Three new gold projects under construction underpinned Goldcorp's growth profile and continued to advance steadily.

Last week, Goldcorp announced the first production from Cerro Negro, in Argentina, making it Goldcorp's newest gold mine. The mine was completed on schedule and within the company’s capital-cost guidance.

“This achievement signals the start of a prolonged period of increased production, decreasing costs and reduced capital spending for Goldcorp, resulting in significant expected free cash flow generation in 2015 and beyond,” Goldcorp president and CEO Chuck Jeannes said.

The miner also reported its Camino Rojo project, near Peñasquito, in Mexico, had provided positive exploration results which continued to support the project's potential to be a significant new gold operation. However, Goldcorp would start a prefeasibility study on the project before the end of the year, about five months later than expected owing to the complexity of the metallurgical testing. The study was expected to be complete by the first quarter of 2016.

The Vancouver-based miner reported rising gold sales in the second quarter ended November 30 of 639 500 oz on output of 648 700 oz. That compared with sales of 624 300 oz on output of 646 000 oz in the comparable period a year earlier.

Second-quarter gold output and sales increased over the previous comparable period despite the loss of gold production from the recently-divested Marigold mine, in Nevada, and lower production from Los Filos, in Mexico, as a result of a 43-day work stoppage.

Silver output was nine-million ounces compared with 7.2-million ounces in the comparable quarter last year.

Increased production efficiencies and lower sustaining capital led to a decrease in all-in sustaining costs to $852/oz of gold compared with $1 227/oz in the second quarter of 2013.

The company reported net profit for the period of $183-million, or $0.22 a share, compared with a loss of $1.93-billion, or $2.38 a share, a year earlier, when it booked $1.96-billion in impairment charges at its Peñasquito mine and at the Cerro Blanco project, in south-western Guatemala, driven by the lower gold price.

Revenue was $906-million, up from $858-million.

Excluding special items, the company’s adjusted net earnings in the second quarter increased 40% to $164-million, or $0.20 a share, compared with $117-million, or $0.14 a share.

Analysts had, on average, expected adjusted earnings of $0.14 a share on revenue of $991.93-million.

Goldcorp’s NYSE-listed shares closed down 1.23% on Thursday at $27.40 apiece.