Goldcorp reported increased gold production and lower all-in sustaining costs for the first quarter. More significant forecast growth is to come this year, says CEO Chuck Jeannes.
RENO (MINEWEB) – Goldcorp CEO Chuck Jeannes says in an interview with Reuters he doesn’t feel pressured to make another acquisition, after losing Osisko Mining to Yamana Gold and Agnico Eagle, but continues to believe “quality growth is the best way to add value to our shareholders.”
During a conference call with analysts Thursday, Jeannes said, “While I’m disappointed that we didn’t get to the finish line on the Osisko deal, I am absolutely convinced that we did the right thing in not increasing our offer to a level that will leave us unable to deliver appropriate returns for our shareholders.” “We have an outstanding portfolio of existing assets and we’ll continue to be disciplined in the way we seek to enhance the portfolio going forward,” he stressed.
Meanwhile, Jeannes told analysts, “We’re pleased to confirm this morning that we’re on track to meet our 2014 production guidance of between 2.95 million and 3.1 million ounces this year, which now excludes the forecast of the Marigold production [The Marigold joint venture has been sold to Silver Standard]. Despite the very low first quarter all-in sustaining cost results, we have maintained guidance for all-in sustaining cash costs of between $950 and $1,000 per ounce owing to the somewhat lumpy nature of sustaining capital spending from quarter-to-quarter.”
Goldcorp’s all-in sustaining costs decreased 26% from $1,134 per ounce in the first quarter of last year to $840 per ounce in the first quarter of the year.
“2014 is a year of significant forecast growth for Goldcorp, and solid first quarter production and lower all-in sustaining costs represent a strong start toward achievement of our guidance,” said Jeannes.
For the rest of this article, click here: http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=239516&sn=Detail