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Goldcorp (GG) Announces Preliminary Gold Production Results
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Goldcorp Inc. has declared the preliminary gold production results for the fourth quarter as well as full-year 2016. The company also noted that it has achieved its all-in sustaining costs (AISC) target for the full year.
The company announced preliminary gold production of 761,000 ounces and 2,873,000 ounces, for the fourth quarter and the full year, respectively. The AISC for 2016 is expected at the lower end of the original guidance range of $850–$925 per ounce. The preliminary gold production for the year is also at the lower end of the guidance of 2.8–3.1 million ounces provided earlier. In 2015, the company produced 3.46 million ounces at an AISC of $852 per ounce.
In 2016, Goldcorp re-oriented its business model to focus on growing the net asset value per share. Based on the new growth strategy, the company expects to increase gold production by 20%, gold reserves by 20% and reduce the AISC by 20% over the next five years. The company is also working toward increasing production to the nameplate capacity at Cerro Negro and Elenore mines.
Goldcorp expects to produce 2.5 million ounces of gold (+/- 5%) in 2017. This guidance takes into account the sale of the Los Filos mine and the closure of Marlin. The company expects AISC to be around $850 per ounce, as it continues to realize savings from its $250 million in annual sustainable efficiency target.
In the long term, over the next five years, Goldcorp expects gold production to increase 20% to roughly 3 million ounces, excluding the potential production from the Cochenour and HG Young projects in the Red Lake Camp, the Century project in the Porcupine camp and the Nueva Union project in Chile.
Moreover, AISC is expected to decrease 20% to roughly $700 per ounce, driven by cost efficiencies and productivity improvements. Over the next five years, gold reserves are also expected to increase by 20% to 50 million ounces from the conversion of existing resources at the Century Project, Penasquito and Pueblo Viejo.
Goldcorp’s shares have gained 0.4% in the last three months while the Zacks categorized Mining-Gold industry lost about 1.7% over the same period.
Some Stocks to Consider
Some well-placed companies in the mining space at present are Vale S.A. (VALE - Free Report) , Teck Resources Ltd. (TECK - Free Report) and Pretium Resources Inc. .
Teck Resources, also carrying a Zacks Rank #1, has an expected long term growth rate of 10.65%.
Pretium Resources, holding a Zacks Rank #2 (Buy), has an average positive earnings surprise of 14.58% over the trailing four quarters.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>
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Goldcorp (GG) Announces Preliminary Gold Production Results
Goldcorp Inc. has declared the preliminary gold production results for the fourth quarter as well as full-year 2016. The company also noted that it has achieved its all-in sustaining costs (AISC) target for the full year.
The company announced preliminary gold production of 761,000 ounces and 2,873,000 ounces, for the fourth quarter and the full year, respectively. The AISC for 2016 is expected at the lower end of the original guidance range of $850–$925 per ounce. The preliminary gold production for the year is also at the lower end of the guidance of 2.8–3.1 million ounces provided earlier. In 2015, the company produced 3.46 million ounces at an AISC of $852 per ounce.
In 2016, Goldcorp re-oriented its business model to focus on growing the net asset value per share. Based on the new growth strategy, the company expects to increase gold production by 20%, gold reserves by 20% and reduce the AISC by 20% over the next five years. The company is also working toward increasing production to the nameplate capacity at Cerro Negro and Elenore mines.
Goldcorp expects to produce 2.5 million ounces of gold (+/- 5%) in 2017. This guidance takes into account the sale of the Los Filos mine and the closure of Marlin. The company expects AISC to be around $850 per ounce, as it continues to realize savings from its $250 million in annual sustainable efficiency target.
In the long term, over the next five years, Goldcorp expects gold production to increase 20% to roughly 3 million ounces, excluding the potential production from the Cochenour and HG Young projects in the Red Lake Camp, the Century project in the Porcupine camp and the Nueva Union project in Chile.
Moreover, AISC is expected to decrease 20% to roughly $700 per ounce, driven by cost efficiencies and productivity improvements. Over the next five years, gold reserves are also expected to increase by 20% to 50 million ounces from the conversion of existing resources at the Century Project, Penasquito and Pueblo Viejo.
Goldcorp Inc. Price
Goldcorp Inc. Price | Goldcorp Inc. Quote
Goldcorp’s shares have gained 0.4% in the last three months while the Zacks categorized Mining-Gold industry lost about 1.7% over the same period.
Some Stocks to Consider
Some well-placed companies in the mining space at present are Vale S.A. (VALE - Free Report) , Teck Resources Ltd. (TECK - Free Report) and Pretium Resources Inc. .
Vale reported a positive earnings surprise of 35.71% in the last reported quarter and sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Teck Resources, also carrying a Zacks Rank #1, has an expected long term growth rate of 10.65%.
Pretium Resources, holding a Zacks Rank #2 (Buy), has an average positive earnings surprise of 14.58% over the trailing four quarters.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>