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Goldcorp Announces Strong Second Quarter Financial Results

Press Release –

July 31, 2014

TSX: G      NYSE: GG

(All Amounts in $US unless stated otherwise)

VANCOUVER, July 31, 2014 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported adjusted quarterly revenues1 of $1.1 billion, generating adjusted net earnings1,2 of $164 million, or $0.20 per share, compared to $117 million, or $0.14 per share, in the second quarter of 2013.  Reported net earnings attributable to shareholders of Goldcorp were $181 million, or $0.22 per share, compared to $(1,934) million, or $(2.38) per share, in the second quarter of 2013.  Adjusted operating cash flow1,3 was $376 million compared to $388 million for the second quarter of 2013.  The Company also announced the on-schedule commencement of production at the Cerro Negro mine in Argentina, including the first gold pour on July 25, 2014.

Second Quarter 2014 Highlights

  • Gold sales1 of 639,500 ounces on gold production1 of 648,700 ounces.
  • Adjusted revenues of $1.1 billion.
  • All-in sustaining costs of $8521,4 per ounce.
  • Adjusted net earnings of $164 million, or $0.20 per share.
  • Adjusted operating cash flow of $376 million.
  • Dividends paid of $122 million.
  • Completed sale of Marigold mine on April 4, 2014 for $184 million (Goldcorp’s share).
  • Issued $1.0 billion of senior unsecured notes.

“Continued solid production and cost performance across the portfolio contributed to strong financial results in the second quarter,” said Chuck Jeannes, Goldcorp President and Chief Executive Officer. “Cost improvements realized through our Operating for Excellence efficiency program were particularly impressive at Peñasquito.  Those savings, along with grades and recoveries contributed to earnings from Peñasquito mine operations of approximately $130 million in the quarter.  In addition, the three new gold projects under construction that underpin Goldcorp’s leading growth profile continued to advance steadily. We were very pleased to announce last week the commencement of gold production at Cerro Negro on schedule and within our capital cost guidance. I congratulate the team at Cerro Negro for this outstanding performance and look forward to strong production and financial results over a long mine life from this important new mine. 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.”

Financial Review

Second quarter gold production and sales increased over last year’s second quarter despite the loss of gold production from the recently-divested Marigold mine and lower production from Los Filos as a result of a 43-day work stoppage.  Gold sales in the second quarter were 639,500 ounces on production of 648,700 ounces compared to sales of 624,300 ounces on production of 646,000 ounces in the second quarter of 2013. Silver production totaled 9.0 million ounces compared 7.2 million ounces in the prior year’s second quarter.  Increased production efficiencies and lower sustaining capital led to a decrease in all-in sustaining costs to $852 per ounce of gold compared to $1,227 per ounce in the second quarter of 2013.

Adjusted revenues of $1.1 billion were comparable to the second quarter of 2013.  Reported net earnings in the quarter were $181 million, or $0.22 per share, compared to$(1,934) million, or $(2.38) per share, in the second quarter of 2013. Adjusted net earnings in the second quarter increased 40% to $164 million, or $0.20 per share, compared to $117 million, or $0.14 per share, in the second quarter of 2013.  Adjusted net earnings in the second quarter of 2014 primarily exclude the gains from the foreign exchange translation of deferred income tax assets and liabilities, shares of net earnings of associates, gains on derivatives, the loss from the disposition of mining interests, and revisions in estimates on reclamation and closure cost obligations for closed mine sites but include the impact of non-cash stock-based compensation expenses which amounted to approximately $16 million or $0.02 per share for the quarter.  Adjusted operating cash flow was $376 million, or $0.46 per share, compared to $388 million, or $0.48 per share, in last year’s second quarter.

During the quarter, the Company completed a $1 billion notes offering with proceeds primarily intended to be used for repayment of the $862.5 million of convertible notes maturing in August 2014.  Subsequent to the end of the second quarter, the Company extended the expiration of an undrawn $2 billion revolving credit facility from March 6, 2018 to July 18, 2019.

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