TORONTO (miningweekly.com) – Goldcorp has reported a net loss of $4.3-billion, or $5.14 a share for the three months ended December 31, as the company booked an impairment charge of $3.9-billion, or $4.69 a share.
The Vancouver-based miner, the largest in the world by market capitalisation, also announced that it was scrapping its monthly dividend of $0.02 a share in favour of a quarterly dividend of the same value, for a yearly total of $0.08 a share.
Goldcorp had paid a monthly dividend to its shareholders since 2003.
Excluding special items, the loss per share came in at $0.15, missing analyst expectations by $0.16 a share.
Goldcorp, which is focused on the Americas with operations in Canada, the US, Mexico, Argentina and Chile, advised that it would produce fewer ounces in 2016, estimated to range between 2.8-million and 3.1-million ounces. This would be below the 3.5-million ounces produced in 2015.
Gold output in the fourth quarter rose 2% to 909 400 oz, helping to push period sales up 30% to 918 100 oz of the yellow metal.
All-in sustaining costs (AISC) fell 5.6% to $977/oz from $1 035/oz in the three-month period and, for 2015, AISC fell 6% to $894/oz. Goldcorp expected AISC of between $850/oz and $925/oz for 2016.
Goldcorp’s stock had gained 33% since the start of the year, outperforming the S&P/TSX Composite index’s 1.45% fall over the same period.