Goldcorp reports Q4 adjusted profit
Midtier miner Goldcorp posted fourth-quarter adjusted earnings of $61-million, or $0.07 a share, compared with $116-million, or $0.14 a share, a year earlier, the soon-to-be-bought company announced late on Wednesday.
Goldcorp, which is being taken over by Newmont in a $10-billion stock-for-stock transaction, reported a net loss of $3.98-billion, or $4.58 a share. The company explained that the large loss was the result of a noncash impairment of $3.88-billion, which represents the difference between the book value of the company’s shareholder’s equity and the Newmont offer.
The noncash impairment was recorded entirely against the carrying values of Peñasquito, Cerro Negro, Red Lake and Éléonore, and related to historic acquisition and construction costs of these mines.
The financial year-end net loss came to $4.15-billion, while adjusted earnings for the year are $63-million.
Gold’s production during the fourth quarter was 630 000 oz, at an all-in sustaining cost (AISC) of $765/oz, compared with 646 000 oz at an AISC of $870/oz for the fourth quarter of 2017.
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