TORONTO (miningweekly.com) – Canada's second-biggest gold-miner, Goldcorp, reported a $231,6-million net loss for the second quarter, compared with a $9,2-million loss in the same period last year, after recording a noncash foreign exchange loss on the revaluation of future income tax liabilities.
Excluding this charge, adjusted net earnings were $99,2-million, compared with $83,2-million a year earlier, the firm said on Wednesday.
The group produced 582 400 oz during the second quarter, an increase of 5% year-on-year, and cash flow increased 22%, to $276,6-million.
Cash costs for the quarter were $310/oz on a by-product basis, slightly up from $308/oz a year ago.
On a coproduct basis, costs improved to $402/oz, from $432/oz in the second quarter of 2008.
"Goldcorp's low-cost operating structure again resulted in outstanding cash margins in the second quarter amid a continued robust gold price environment," CEO Chuck Jeannes said in a statement.
"Gold production was solid throughout our mine portfolio, and we remain on track to meet our 2009 production and cash cost guidance."
Goldcorp has said it expects to produce 2,3-million ounces of gold this year, at total cash costs of $365/oz on a by-product basis and $400/oz on a coproduct basis.
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