Esta é a tal empresa que retém 10% da produção para reservas próprias. O seu slogan é "Gold is money". No final do ano preveêm ter nos seus cofres 275.000 onças de Ouro que correspondem a qualquer coisa como 96 milhões de dólares (pressupondo uma cotação do Ouro nos $350).
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Thursday, June 05, 2003
TORONTO (CP) - Goldcorp Inc. expects to see gold production rise by 40 per cent at Ontario's Red Lake mine by the time the site is fully redeveloped in 2007, an executive told shareholders at the company's annual meeting Thursday.
Although Red Lake mine was regarded as nearly defunct, Goldcorp found additional reserves at the northwestern Ontario site in the 1990s and produced 525,930 ounces there in 2002. The company is beginning to redevelop the area, including installing a 2,133-metre deep shaft.
"In 2006 the shaft will be complete, and the infrastructure will be ready to start hoisting ore, and in 2007 production will be over 700,000 ounces," Bruce Humphrey, senior vice-president, told shareholders.
"The future for the Red Lake mine is very bright indeed. We are going to have more production, longer mine life and lower operating costs."
Goldcorp was still on track Thursday to meet its 2003 target of producing 510,000 ounces of gold at Red Lake, said Brad Boland, vice-president of finance, factoring in 31,000 ounces processed off-site in Nevada.
As of May 31 the company had produced more than 205,000 ounces.
And because the company has a policy of holding back 10 per cent of its production from sale, and due to the climbing price of gold, Goldcorp expects to have a cash reserve close to $100,000 million by the end of the year.
"Our gold bullion will continue to grow," Boland said.
"We should have approximately 275,000 ounces of gold at December 31, 2003. At the $350 gold price, this is worth approximately $96 million."
Despite the higher forecast gold price and higher earnings from operations, Goldcorp said it was expecting a drop in 2003 profits to $63 million US, or 34 cents a share, down from $66 million or 37 cents a share in 2002.
The lower earnings are because of a $15-million pre-tax gain on marketable securities in 2002.
The cost of producing gold was also forecast to rise in 2003 - from $73 an ounce to $75 US an ounce - mainly due to the weakened U.S. dollar and higher energy charges, Humphrey said.
"Of course cost is offset by the increased gold prices we are currently enjoying," he told shareholders.
Earlier in the spring the Toronto-based miner reported first-quarter profits of $14.4 million US or eight cents a share. That compared with the previous year's profit of $12.9 million US and eight cents a share.
Goldcorp calls the Red Lake underground operation the richest gold mine in the world. Since production began from the mine in 1948 more than 11 million ounces of gold have been found. However, about 70 per cent of the reserves have been discovered since 1995 by Goldcorp.
Shares in Goldcorp (TSX:G) closed up 40 cents at $16.08 Cdn Thursday on the Toronto stock market. The 52-week high was $21.40.
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