Officials at Goldcorp Inc., one of the world’s top gold miners, have announced annual gold production could rise up to 18% amid plans to decrease expenses through 2016. In all, the Canadian miner expects to produce between 3 and 3.15 million gold oz in 2014, at a minimum of 13%.
CEO Chuck Jeannes was decidedly upbeat. “Our successful cost-reduction efforts in the face of lower gold prices resulted in key efficiency and productivity gains while keeping our growth profile intact,” he said. “We achieved our cost guidance despite significantly lower realized metals prices.”
Goldcorp officials have forecast annual expenditures at between $2.3 and $2.5 billion, of which some 60% will be project and 40% operations-allocated, respectively. “Another year of double-digit production, along with decreasing costs, positions Goldcorp for expansion and growing cash flow,” added Jeannes.
In Q4 2013, the company also reported production of 767,700 oz, leading to 2.67 million oz through the year, an 11% increase year-on-year. 2014 cash costs, meanwhile, are anticipated to decrease by 15% to 20% through 2016, allowing for continued growth, according to company officials. “We remain committed to be the best gold company in the world,” Jeannes said.