Goldcorp Expected To Produce 2.5 Million Ounces Of Gold In 2018

 

VANCOUVER, BC - "Since we restructured our business during the first half of 2016 to drive a culture of accountability and sound operating principles, we have delivered consistent, predictable and low-cost gold production," said David Garofalo, President and Chief Executive Officer of Goldcorp Inc.  "We are well underway to deliver on our 5-year plan of growing gold production and gold reserves by 20% and reducing AISC by 20% by 2021.  With the most robust growth pipeline among global senior gold companies, we are making an initial investment of $100 million in our long-term portfolio 'Beyond 20/20'.  Together with an enhanced exploration budget of $125 million, the objective of Beyond 20/20 is to maximize the net asset value of our existing mines and projects by continuing to grow low-cost gold production from our growing gold reserves."

Goldcorp expects to produce 2.5 million ounces (+/- 5%) of gold in 2018, in line with previous guidance; AISC are expected to decline further to approximately $800 per ounce (+/- 5%) as the Company continues to realize savings from its program targeting $250 million of annual sustainable efficiencies. The Company's 20/20/20 plan remains unchanged. As previously guided, gold production is expected to increase 20% to 3 million ounces by 2021.  AISC are expected to decrease by 20% to approximately $700 per ounce over the same period driven by increased gold production and the ongoing focus on cost efficiencies and productivity improvements.  Building on the successful conversion of 4.7 million ounces of gold into reserves at the Century project in 2017, gold reserves are expected to increase by 20% to 60 million ounces by 2021 supported by the exploration potential and ongoing programs.