EX-99.2 3 consolidatedfinancialstate.htm EXHIBIT 99.2 Exhibit

Exhibit 99.2
Third Quarter Report – 2015
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS
(In millions of United States dollars, except for per share amounts – Unaudited)
 
 
Three Months Ended  
 September 30
Nine Months Ended September 30
 
Note
2015

2014

2015

2014

Revenues
5(a)
$
1,098

$
839

$
3,303

$
2,601

Mine operating costs
 
 
 
 
 
Production costs
6
(658
)
(516
)
(1,918
)
(1,497
)
Depreciation and depletion
5, 11(d)
(394
)
(191
)
(1,072
)
(538
)
 
 
(1,052
)
(707
)
(2,990
)
(2,035
)
Earnings from mine operations
 
46

132

313

566

Exploration and evaluation costs
11(b)
(11
)
(12
)
(39
)
(29
)
Share of net earnings of associates
12
7

15

23

131

Impairment of mining interests and goodwill
11(g)
—

(19
)
—

(19
)
Corporate administration
6(a)
(51
)
(63
)
(159
)
(188
)
(Loss) earnings from operations and associates
5
(9
)
53

138

461

Losses on derivatives
13(b)
(21
)
(14
)
(55
)
(6
)
Gain on dilution of ownership interest in associate
4(a)
—

—

99

—

Gain on disposition of mining interests, net of transaction costs
4(a), (b)
—

—

315

18

Finance costs
 
(34
)
(14
)
(104
)
(41
)
Other income (expenses)
 
9

10

30

(12
)
(Loss) earnings from continuing operations before taxes
 
(55
)
35

423

420

Income tax expense
7
(136
)
(83
)
(355
)
(185
)
Net (loss) earnings from continuing operations
 
(191
)
(48
)
68

235

Net earnings from discontinued operations
4(c), (d)
—

4

46

2

Net (loss) earnings
 
$
(191
)
$
(44
)
$
114

$
237

 
 
 
 
 
 
Net (loss) earnings from continuing operations attributable to:
 
 
 
 
 
Shareholders of Goldcorp Inc.
 
$
(192
)
$
(48
)
$
67

$
233

Non-controlling interest
 
1

—

1

2

 
 
$
(191
)
$
(48
)
$
68

$
235

 
 
 
 
 
 
Net (loss) earnings attributable to:
 
 
 
 
 
Shareholders of Goldcorp Inc.
 
$
(192
)
$
(44
)
$
113

$
235

Non-controlling interest
 
1

—

1

2

 
 
$
(191
)
$
(44
)
$
114

$
237

 
 
 
 
 
 
Net (loss) earnings per share from continuing operations
 
 
 
 
 
Basic
8(a)
$
(0.23
)
$
(0.06
)
$
0.08

$
0.29

Diluted
8(a)
(0.23
)
(0.06
)
0.08

0.28

Net (loss) earnings per share
 
 
 
 
 
Basic
8(a)
$
(0.23
)
$
(0.05
)
$
0.14

$
0.29

Diluted
8(a)
(0.23
)
(0.05
)
0.14

0.28



The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

GOLDCORP    |  1

Third Quarter Report – 2015


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In millions of United States dollars – Unaudited)


Three Months Ended  
 September 30
Nine Months Ended September 30

Note
2015

2014

2015

2014

Net (loss) earnings
 
$
(191
)
$
(44
)
$
114

$
237

Other comprehensive (loss) income, net of tax
 
 
 
 
 
Items that may be reclassified subsequently to net (loss) earnings:
 
 
 
 
 
Mark-to-market (losses) gains on available-for-sale securities
 
(7
)
(10
)
(6
)
12

Reclassification adjustment for available-for-sale securities impairment losses included in net (loss) earnings
 
2

1

6

2

Reclassification adjustment for realized gain on disposition of available-for-sale securities recognized in net (loss) earnings
 
—

(5
)
(1
)
(10
)
Reclassification of cumulative mark-to-market gains on shares of Probe Mines Ltd. on acquisition
3
—

—

(3
)
—

 
 
(5
)
(14
)
(4
)
4

Items that will not be reclassified to net (loss) earnings:
 
 
 
 
 
Remeasurements on defined benefit pension plans
 
—

3

(1
)
(1
)
Total other comprehensive (loss) income, net of tax
 
(5
)
(11
)
(5
)
3

Total comprehensive (loss) income
 
$
(196
)
$
(55
)
$
109

$
240

 
 
 
 
 
 
Total comprehensive (loss) income attributable to:
 
 
 
 
 
  Shareholders of Goldcorp Inc.
 
$
(197
)
$
(55
)
$
108

$
238

  Non-controlling interest
 
1

—

1

2

 
 
$
(196
)
$
(55
)
$
109

$
240


















The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements. 

GOLDCORP    |  2

Third Quarter Report – 2015


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of United States dollars – Unaudited)
 
 
Three Months Ended  
 September 30
Nine Months Ended September 30
 
Note
2015

2014

2015

2014

Operating activities
 
 
 
 
 
Net (loss) earnings from continuing operations
 
$
(191
)
$
(48
)
$
68

$
235

Adjustments for:
 




Dividends from associates
12
—

38

7

105

Reclamation expenditures
 
(17
)
(11
)
(49
)
(21
)
Items not affecting cash:
 




Write-down of inventories
10(a)
43

41

43

41

Depreciation and depletion
5, 11(d)
394

191

1,072

538

Share of net earnings of associates
12
(7
)
(15
)
(23
)
(131
)
Impairment of mining interests and goodwill
 
—

19

—

19

Share-based compensation
 
14

19

44

59

Unrealized (gains) losses on derivatives
13(b)
(4
)
14

—

2

Gain on dilution of ownership interest in an associate
4(a)
—

—

(99
)
—

Gain on disposition of mining interests, net of transaction costs
4(a), (b)
—

—

(315
)
(18
)
Revision of estimates and accretion of reclamation and closure cost obligations
 
6

5

39

34

Deferred income tax expense
7
77

116

123

54

Other
 
1

5

3

12

Change in working capital
9
127

(186
)
109

(212
)
Net cash provided by operating activities of continuing operations
 
443

188

1,022

717

Net cash provided by operating activities of discontinued operations
 
—

4

7

23

Investing activities
 
 
 


Acquisition of mining property, net of cash acquired
3
—

—

(43
)
—

Expenditures on mining interests
5(e)
(230
)
(448
)
(923
)
(1,409
)
Deposits on mining interests expenditures
 
(2
)
(50
)
(15
)
(105
)
Return of capital investment in associate
12
55

—

75

—

Proceeds from disposition of mining interests, net of transaction costs
4(a), (b)
—

—

788

193

Interest paid
5(e)
(15
)
(40
)
(64
)
(68
)
Net purchases of money market investments and available-for-sale securities
9
(22
)
(12
)
(33
)
(36
)
Other
 
(1
)
—

(2
)
—

Net cash used in investing activities of continuing operations
 
(215
)
(550
)
(217
)
(1,425
)
Net cash (used in) provided by investing activities of discontinued operations
9
—

(2
)
97

204

Financing activities
 
 
 


Debt borrowings, net of transaction costs
 
—

—

—

988

Debt repayments
 
(2
)
(913
)
(14
)
(944
)
Net (repayment) draw down of revolving credit facility
13(d)(i)
(835
)
550

(840
)
550

Dividends paid to shareholders
8(b)
(75
)
(122
)
(321
)
(366
)
Common shares issued
 
—

1

20

4

Other
 
—

—

21

—

Net cash (used in) provided by financing activities of continuing operations
 
(912
)
(484
)
(1,134
)
232

Effect of exchange rate changes on cash and cash equivalents
 
1

—

—

—

Decrease in cash and cash equivalents
 
(683
)
(844
)
(225
)
(249
)
Cash and cash equivalents, beginning of the period
 
940

1,220

482

625

Cash and cash equivalents, end of the period
9
$
257

$
376

$
257

$
376

Supplemental cash flow information (notes 9 and 11(f))

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

GOLDCORP    |  3

Third Quarter Report – 2015


CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(In millions of United States dollars – Unaudited)
 
Note
At September 30
2015

At December 31
2014

Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
9
$
257

$
482

Money market investments
 
73

53

Accounts receivable
 
380

394

Inventories
10
639

772

Income taxes receivable
 
70

207

Assets held for sale

—

81

Other
 
94

158

 
 
1,513

2,147

Mining interests
 
 
 
Owned by subsidiaries
3, 11
22,742

22,458

Investments in associates
12
1,667

2,087

 
 
24,409

24,545

Goodwill
 
479

479

Investments in securities
 
32

43

Deposits on mining interests expenditures
 
5

32

Deferred income taxes
 
8

26

Inventories
10
225

249

Other
 
352

345

Total assets
5
$
27,023

$
27,866

 
 
 
 
Liabilities
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
 
$
688

$
1,039

Income taxes payable
 
77

45

Debt
 
177

150

Liabilities relating to assets held for sale

—

55

Other
 
101

167

 
 
1,043

1,456

Deferred income taxes
 
5,078

4,959

Debt
 
2,522

3,442

Provisions
 
675

671

Income taxes payable
 
80

80

Other
11(f)
332

83

Total liabilities
5
9,730

10,691

Equity
 
 
 
Shareholders’ equity
 
 
 
Common shares, stock options and restricted share units
 
17,591

17,261

Accumulated other comprehensive loss
 
(10
)
(5
)
Deficit
 
(504
)
(296
)
 
 
17,077

16,960

Non-controlling interest
 
216

215

Total equity
 
17,293

17,175

Total liabilities and equity
 
$
27,023

$
27,866

Commitments and contingencies (notes 11(h), 13(d)(i) and 14)





The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements.

GOLDCORP    |  4

Third Quarter Report – 2015


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In millions of United States dollars, shares in thousands – Unaudited)
 
Common shares
 
 
 
 
 
 
 
Shares issued,
fully paid with
no par value
Amount
Stock options, restricted
share units ("RSUs") and warrants
Accumulated other comprehensive loss
Deficit 
Attributable to
shareholders
of Goldcorp Inc.
Non-controlling
interest
Total
At January 1, 2015
813,585

$
16,941

$
320

$
(5
)
$
(296
)
$
16,960

$
215

$
17,175

Total comprehensive income







 
Net earnings
—

—

—

—

113

113

1

114

Other comprehensive loss
—

—

—

(5
)
—

(5
)
—

(5
)
 
—

—

—

(5
)
113

108

1

109

Shares, options and warrants issued pursuant to the acquisition of Probe (note 3)
13,264

250

20

—

—

270

—

270

Stock options and warrants exercised and RSUs issued and vested
3,368

83

(63
)
—

—

20

—

20

Share-based compensation
—

—

40

—

—

40

—

40

Dividends (note 8(b))
—

—

—

—

(321
)
(321
)
—

(321
)
At September 30, 2015
830,217

$
17,274

$
317

$
(10
)
$
(504
)
$
17,077

$
216

$
17,293

 
Common shares
 
 
 
 
 
 
 
Shares issued,
fully paid with
no par value
Amount
Stock options
and RSUs
Accumulated other comprehensive income
Retained
earnings
Attributable to
shareholders of
Goldcorp Inc.
Non-
controlling
interest
Total
At January 1, 2014
812,257

$
16,895

$
296

$
1

$
2,353

$
19,545

$
213

$
19,758

Total comprehensive income





 

 
Net earnings
—

—

—

—

235

235

2

237

Other comprehensive income
—

—

—

3

—

3

—

3

 
—

—

—

3

235

238

2

240

Stock options exercised and RSUs issued and vested
1,275

45

(42
)
—

—

3

—

3

Share-based compensation
—

—

51

—

—

51

—

51

Dividends (note 8(b))
—

—

—

—

(366
)
(366
)
—

(366
)
At September 30, 2014
813,532

$
16,940

$
305

$
4

$
2,222

$
19,471

$
215

$
19,686

The accompanying notes form an integral part of these unaudited condensed interim consolidated financial statements. 

GOLDCORP    |  5

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015
 
1.
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
Goldcorp Inc. is the ultimate parent company of its consolidated group ("Goldcorp" or "the Company"). The Company is incorporated and domiciled in Canada, and its registered office is at Suite 3400 – 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.
The Company is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company’s current sources of operating cash flows are primarily from the sale of gold, silver, copper, lead and zinc.
At September 30, 2015, the Company’s principal producing mining properties were comprised of the Red Lake, Porcupine, Musselwhite and Éléonore gold mines in Canada; the Peñasquito gold/silver/lead/zinc mine and the Los Filos gold mine in Mexico; the Marlin gold/silver mine in Guatemala; the Cerro Negro gold/silver mine and the Alumbrera gold/copper mine (37.5% interest) in Argentina; and the Pueblo Viejo gold/silver/copper mine (40.0% interest) in the Dominican Republic. The Cerro Negro gold/silver mine and the Éléonore gold mine achieved commercial production effective January 1, 2015 and April 1, 2015, respectively.
On March 13, 2015, the Company acquired 100% of the outstanding shares of Probe Mines Ltd. ("Probe"), which owns the Borden gold project ("Borden project") in Canada (note 3). The Company’s significant development projects at September 30, 2015 included the Borden and Cochenour gold projects in Canada; the Camino Rojo gold/silver project in Mexico; and the El Morro gold/copper project ("El Morro Project") (70.0% interest) in Chile.
On June 30, 2015, the Company disposed of its 25.9% equity interest in Tahoe Resources Inc. ("Tahoe") which was previously recognized as an investment in an associate (note 4(a)).The Wharf gold mine ("Wharf") and Marigold gold mine ("Marigold") in the United States were sold on February 20, 2015 and April 4, 2014, respectively and the results of Wharf and Marigold have been presented as discontinued operations for the three and nine months ended September 30, 2015 and 2014 (notes 4(c) and (d)).

2.
BASIS OF PREPARATION
These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34 – Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB"). Accordingly, certain disclosures included in annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRSs") as issued by the IASB have been condensed or omitted. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2014.
The accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2014.
The Company’s interim results are not necessarily indicative of its results for a full year.
Significant judgements and estimates
The Company’s management makes judgements in its process of applying the Company’s accounting policies in the preparation of its unaudited condensed interim consolidated financial statements. In addition, the preparation of the financial data requires that the Company’s management make assumptions and estimates of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.
In preparing the Company’s unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2015, the Company applied the critical judgements and estimates disclosed in notes 6 and 7 of its audited consolidated financial statements for the year ended December 31, 2014 and the following critical judgement in applying accounting policies:
Business combinations:
Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the Company to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 – Business Combinations. If an acquired set of assets and liabilities includes goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company concluded

GOLDCORP    |  6

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

that the acquisition of Probe on March 13, 2015 did not meet the criteria for accounting as a business combination and the transaction has been accounted for as an acquisition of an asset (note 3).

3.
PROBE ACQUISITION
On March 13, 2015, the Company completed the acquisition of Probe, pursuant to a plan of arrangement. Probe's principal asset is the 100% owned Borden project, located 160 kilometres west of the Company's Porcupine mine. The Borden project is expected to provide a new source of production for Porcupine thereby leveraging existing investments made in people, infrastructure and stakeholder partnerships. Upon closing, former Probe shareholders were issued 0.1755 Goldcorp common shares for each common share of Probe held, excluding the 18.5 million Probe common shares, or 19.7% interest, held by the Company at March 13, 2015. The Company also issued 1.4 million stock options and 0.5 million warrants to former Probe option and warrant holders, respectively.
Immediately prior to the arrangement taking effect, Probe shareholders, including the Company, received an interest in a new publicly traded exploration company, Probe Metals Inc. ("Probe Metals"), to which Probe had transferred certain exploration assets as part of the arrangement. Probe Metals was capitalized with C$15 million ($12 million) in cash contributed by Goldcorp which has been included in the total consideration paid for the acquisition of Probe.
The Company concluded that the acquired assets and assumed liabilities of Probe did not constitute a business and accordingly the transaction was accounted for as an acquisition of an asset. The purchase price was allocated to the assets acquired and liabilities assumed on a relative fair value basis as follows:
Purchase price:
 
  13.3 million common shares issued (1)
$
250

  Cost of 19.7% interest in Probe prior to the closing of the transaction (2)
57

  Cash paid
12

  1.4 million stock options issued (3)
15

  0.5 million warrants issued (3)
5

  Transaction costs
4

 
$
343

Net assets acquired:
 
  Cash and cash equivalents
$
13

  Mining interests
340

  Deferred income tax asset
3

  Accounts payable and accrued liabilities
(5
)
  Other liabilities
(8
)
 
$
343

(1)  
The common shares were valued at the March 13, 2015 closing price of Goldcorp shares on the Toronto Stock Exchange (C$24.12).
(2)  
Of the 18.5 million Probe common shares, or 19.7% interest, owned by the Company at March 13, 2015, 10.1 million common shares were purchased from Agnico Eagle Mines Ltd. during the three months ended March 31, 2015 for cash consideration of C$51 million ($40 million). At the date of acquisition, the $3 million cumulative mark-to-market gain on the 19.7% interest in Probe, which had previously been designated as available-for-sale, was reclassified from other comprehensive income and included in the purchase price.
(3) 
The fair value of the options and warrants issued were calculated using a Black-Scholes option pricing model with the following weighted average assumptions and inputs: (i) expected life – 0.3 years, (ii) weighted average expected volatility – 42.4%, (iii) expected dividend yield – 3.2%, (iv) risk-free interest rate – 0.5%, (v) share price – C$24.12 ($18.84).
The assets acquired and liabilities assumed have been assigned to and included in the Porcupine reportable operating segment.



GOLDCORP    |  7

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

4.
DISPOSITION OF MINING INTERESTS
During the three and nine months ended September 30, 2015 and 2014, the Company disposed of the following mining interests, reflecting the Company's ongoing strategy to focus on a portfolio of core assets:
(a)
Tahoe

On June 30, 2015, the Company completed a secondary offering representing the Company's 25.9% interest in Tahoe to a syndicate of underwriters for gross cash proceeds of C$998 million ($800 million) and recognized a gain on disposition of $299 million, net of transaction costs of $32 million ($264 million, net of tax). The Company's share of Tahoe's net earnings to date of disposition were included in the Company's consolidated results for the nine months ended September 30, 2015.

Prior to the completion of the secondary offering, the Company's interest in Tahoe was diluted to 25.9% on April 1, 2015 as a result of Tahoe’s acquisition of Rio Alto Mining Ltd for total consideration of $874 million, which included the issuance of 76 million common shares. The Company recorded a dilution gain of $99 million ($95 million, net of tax) in the Condensed Interim Consolidated Statement of (Loss) Earnings.

(b)
Arturo mine project

On June 2, 2015, the Company completed the sale of its 40% interest in the South Arturo project ("Arturo"), a non-operating development stage project in the United States, to Premier Gold Mines Ltd. ("Premier"). Under the terms of the agreement, the Company received cash consideration of $20 million, a $17 million contribution reimbursement relating to the Company's funding to the project from March 16, 2015 to date of closing, and a 5% interest, valued at $4 million, in the Rahill-Bonanza project in Red Lake increasing the Company's holding to 56%. The Company recognized a gain on disposition of $16 million ($11 million, net of tax) upon completion of the sale.
Additionally, the Company agreed to acquire Premier common shares with a value of C$13 million ($10 million) through a private placement. The private placement was completed on June 18, 2015. The investment was accounted for as an available-for-sale security on the Condensed Interim Consolidated Balance Sheet.
Arturo was previously included in the Other reportable operating segment.
(c)
Wharf

On February 20, 2015, the Company completed the sale of Wharf to Coeur Mining, Inc. for total consideration of $99 million in cash, including closing adjustments. The Company recognized a gain on disposition of $43 million, net of tax, calculated as follows:

Cash proceeds, net of transaction costs of $1 million
$
98

Net assets sold and derecognized:
 
  Inventories
19

  Other current assets
3

  Mining interests
52

  Other non-current assets
2

  Accounts payable and accrued liabilities
(5
)
  Provisions
(34
)
  Other non-current liabilities
(4
)
 
33

Gain on disposition
65

Income tax expense on disposition
(22
)
Net gain on disposition
$
43


The results of Wharf have been presented as net earnings and cash flows from discontinued operation for the nine months ended September 30, 2015 and comparative results have been re-presented. Additionally, Wharf's assets and liabilities were presented separately as assets held for sale and liabilities related to assets held for sale, respectively, as at December 31, 2014 in the Company's Consolidated Balance Sheet.


GOLDCORP    |  8

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

The components of net earnings from discontinued operation for the three and nine months ended September 30 were as follows:

 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Revenues
$
—

$
20

$
19

$
62

Production costs
—

(14
)
(15
)
(39
)
Depreciation and depletion
—

(1
)
—

(3
)
Earnings from mine operation
—

5

4

20

Other expenses
—

(1
)
(1
)
(1
)
Earnings from discontinued operation before taxes
—

4

3

19

Income tax expense
—

—

—

(2
)
Earnings from discontinued operation
—

4

3

17

Net gain on disposition of discontinued operation
—

—

43

—

Net earnings from discontinued operation
$
—

$
4

$
46

$
17

 
 
 
 
 
Net earnings per share from discontinued operation
 
 
 
 
  Basic
$
—

$
0.01

$
0.06

$
0.02

  Diluted
—

0.01

0.06

0.02


(d)
Marigold

On April 4, 2014, the Company, in conjunction with its joint venture partner, Barrick Gold Corporation ("Barrick"), completed the sale of their respective interests in Marigold to Silver Standard Resources Inc. for total consideration of $267 million in cash, after closing adjustments (Goldcorp's share – $184 million). The Company received cash proceeds, net of transaction costs, of $182 million and recognized a loss on disposition of $4 million ($21 million, net of tax).

The results of the Company's 66.7% share of Marigold have been presented as net loss from discontinued operation for the three and nine months ended September 30, 2014 as follows:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
Revenues
$
—

$
28

Mine operating costs
—

(26
)
Earnings from discontinued operation before taxes
—

2

Income tax recovery
—

4

Earnings from discontinued operation
—

6

Net loss on disposition of discontinued operation
—

(21
)
Net loss from discontinued operation
$
—

$
(15
)
 
 
 
Net loss per share from discontinued operation
 
 
  Basic
$
—

$
(0.02
)
  Diluted
—

(0.02
)


GOLDCORP    |  9

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

5.
SEGMENTED INFORMATION
Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The Company’s principal product is gold doré with the refined gold bullion sold primarily in the London spot market. Concentrate produced at Peñasquito and Alumbrera, containing both gold and by-product metals, is sold to third party smelters.
The CODM reviews the segment information relating to Alumbrera and Pueblo Viejo based on the Company's proportionate share of segment profits and expenditures on mining interests. However, as required by IFRS, the Company's investments in Alumbrera and Pueblo Viejo are accounted for in the condensed interim consolidated financial statements using the equity method.
The Other segment includes corporate activities, the Company's investment in Tahoe, the Company's closed and inactive mines and certain exploration properties in Mexico. The Company’s 100% interests in the Cochenour and Borden projects in Canada and the Camino Rojo project in Mexico are included in the Red Lake, Porcupine and Peñasquito reportable operating segments, respectively.
Significant information relating to the Company’s reportable operating segments is summarized in the tables below:

Revenues (a)(b)
Depreciation
and depletion
Earnings (loss) from operations and associates (b)(c)
Expenditures on mining interests (e)
Three Months Ended September 30
2015

2014

2015

2014

2015

2014

2015

2014

Red Lake
$
85

$
125

$
27

$
28

$
9

$
41

$
41

$
65

Porcupine
79

87

12

11

19

31

28

19

Musselwhite
80

81

16

14

27

23

11

11

Éléonore
95

—

48

—

(27
)
—

20

158

Peñasquito (f)
406

361

106

78

83

15

299

87

Los Filos
79

86

23

13

(29
)
30

8

11

Marlin
70

87

59

38

(24
)
(3
)
15

19

Cerro Negro
204

—

97

—

(15
)
—

46

97

Alumbrera
55

79

8

7

(16
)
2

7

20

El Morro
—

—

—

—

—

—

9

7

Pueblo Viejo
146

150

35

29

46

60

9

12

Wharf (note 4(c))
—

20

—

1

—

5

—

1

Marigold (note 4(d))
—

—

—

—

—

—

—

—

Other (d) (note 11(g))
—

12

6

9

(59
)
(90
)
8

13

Attributable segment total
$
1,299

$
1,088

$
437

$
228

$
14

$
114

$
501

$
520

Excluding attributable amounts from Alumbrera and Pueblo Viejo
(201
)
(229
)
(43
)
(36
)
(23
)
(56
)
(16
)
(32
)
Excluding discontinued operations (notes 4(c) and (d))
—

(20
)
—

(1
)
—

(5
)
—

(1
)
Consolidated total for continuing operations
$
1,098

$
839

$
394

$
191

$
(9
)
$
53

$
485

$
487


GOLDCORP    |  10

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

  
Revenues (a)(b)
Depreciation
and depletion
Earnings (loss) from operations and associates (b)(c)
Expenditures on mining interests (e)
Nine Months Ended September 30
2015

2014

2015

2014

2015

2014

2015

2014

Red Lake
$
325

$
373

$
91

$
81

$
69

$
112

$
130

$
175

Porcupine
233

263

36

36

51

79

73

56

Musselwhite
219

256

44

43

59

82

25

32

Éléonore
147

—

78

—

(66
)
—

114

535

Peñasquito (f)
1,292

1,147

291

203

331

226

363

162

Los Filos
230

250

64

41

(30
)
77

29

38

Marlin
233

264

178

109

(79
)
(5
)
47

57

Cerro Negro
624

—

272

—

(15
)
—

104

401

Alumbrera
130

292

22

21

(32
)
53

15

39

El Morro
—

—

—

—

—

—

26

24

Pueblo Viejo
434

449

98

82

147

197

33

40

Wharf (note 4(c))
19

62

—

3

3

20

—

3

Marigold (note 4(d))
—

28

—

—

—

2

—

1

Other (d) (note 11(g))
—

48

18

25

(197
)
(210
)
27

26

Attributable segment total
$
3,886

$
3,432

$
1,192

$
644

$
241

$
633

$
986

$
1,589

Excluding attributable amounts from Alumbrera and Pueblo Viejo
(564
)
(741
)
(120
)
(103
)
(100
)
(150
)
(48
)
(79
)
Excluding discontinued operations (notes 4(c) and (d))
(19
)
(90
)
—

(3
)
(3
)
(22
)
—

(4
)
Consolidated total for continuing operations
$
3,303

$
2,601

$
1,072

$
538

$
138

$
461

$
938

$
1,506

 
Total Assets
  
At September 30
2015

At December 31
2014

Red Lake
$
3,738

$
3,703

Porcupine
1,101

716

Musselwhite
631

621

Éléonore
3,275

3,257

Peñasquito
9,258

9,390

Los Filos
1,427

1,487

Marlin
533

716

Cerro Negro
3,777

3,945

Alumbrera
69

94

El Morro
1,531

1,515

Pueblo Viejo
1,598

1,624

Wharf (note 4(c))
—

81

Other (d)
85

717

Total
$
27,023

$
27,866


GOLDCORP    |  11

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

 
Total Liabilities
  
At September 30
2015

At December 31
2014

Red Lake
$
86

$
97

Porcupine
313

312

Musselwhite
76

91

Éléonore
596

574

Peñasquito
3,399

3,273

Los Filos
314

319

Marlin
171

193

Cerro Negro
978

1,096

Alumbrera
—

—

El Morro
463

466

Pueblo Viejo
—

—

Wharf (note 4(c))
—

55

Other (d)
3,334

4,215

Total
$
9,730

$
10,691

(a)
The Company’s consolidated revenues from continuing operations (excluding attributable share of revenues from associates) for the three and nine months ended September 30 were as follows:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
  
2015

2014

2015

2014

Gold
$
879

$
623

$
2,625

$
1,910

Silver
129

118

416

414

Zinc
63

70

183

190

Lead
27

27

78

79

Copper
—

1

1

8

 
$
1,098

$
839

$
3,303

$
2,601


GOLDCORP    |  12

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

The Company's reportable operating segments (including attributable share of revenues from Alumbrera and Pueblo Viejo) principally derived their revenue from gold sales with the exception of the following operating segments:
Three Months Ended September 30
 
 Peñasquito

Marlin

Cerro Negro

Alumbrera

Pueblo Viejo 

Gold
2015
$
239

$
44

$
179

$
24

$
142

 
2014
$
176

$
56

$
—

$
27

$
142

Silver
2015
77

26

25

2

4

 
2014
87

31

—

1

8

Zinc
2015
63

—

—

—

—

 
2014
70

—

—

—

—

Lead
2015
27

—

—

—

—

 
2014
27

—

—

—

—

Copper
2015
—

—

—

29

—

 
2014
1

—

—

49

—

Molybdenum
2015
—

—

—

—

—

 
2014
—

—

—

2

—

Total
2015
$
406

$
70

$
204

$
55

$
146

 
2014
$
361

$
87

$
—

$
79

$
150

Nine Months Ended September 30
 
 Peñasquito

Marlin

Cerro Negro

Alumbrera

Pueblo Viejo 

Gold
2015
$
797

$
147

$
529

$
55

$
420

 
2014
$
556

$
167

$
—

$
101

$
426

Silver
2015
233

86

95

3

13

 
2014
314

97

—

5

23

Zinc
2015
183

—

—

—

—

 
2014
190

—

—

—

—

Lead
2015
78

—

—

—

—

 
2014
79

—

—

—

—

Copper
2015
1

—

—

71

1

 
2014
8

—

—

179

—

Molybdenum
2015
—

—

—

1

—

 
2014
—

—

—

7

—

Total
2015
$
1,292

$
233

$
624

$
130

$
434

 
2014
$
1,147

$
264

$
—

$
292

$
449

(b)
Intersegment sales and transfers are eliminated in the above information reported to the Company’s CODM. For the three and nine months ended September 30, 2015, intersegment purchases included ounces purchased from Pueblo Viejo of $146 million and $433 million, respectively (three and nine months ended September 30, 2014 – $150 million and $449 million, respectively) and revenues related to the sale of those ounces to external third parties of $146 million and $433 million, respectively (three and nine months ended September 30, 2014 – $150 million and $449 million, respectively).

GOLDCORP    |  13

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

(c)
Segment earnings from operations is reconciled to the Company's (loss) earnings from continuing operations before taxes per the Condensed Interim Consolidated Statements of (Loss) Earnings as follows:
    
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Attributable segment earnings from operations and associates
$
14

$
114

$
241

$
633

Alumbrera and Pueblo Viejo included on an equity basis
(23
)
(56
)
(100
)
(150
)
Excluding segment earnings from discontinued operations
—

(5
)
(3
)
(22
)
Losses on derivatives (1)
(21
)
(14
)
(55
)
(6
)
Gain on dilution of ownership interest in associate (1)
—

—

99

—

Gain on disposition of mining interests, net of transaction costs (1)
—

—

315

18

Finance costs (1)
(34
)
(14
)
(104
)
(41
)
Other income (expenses) (1)
9

10

30

(12
)
(Loss) earnings from continuing operations before taxes
$
(55
)
$
35

$
423

$
420

(1) 
Arose from corporate activities that would primarily be allocated to the Other reportable operating segment except for $18 million and $57 million of finance costs incurred during the three and nine months ended September 30, 2015, respectively (three and nine months ended September 30, 2014 – $nil and $nil, respectively) which would be allocated to the Cerro Negro segment.
(d)
The El Sauzal mine entered reclamation effective January 1, 2015. Accordingly, total assets and liabilities at September 30, 2015 and results for the three and nine months ended September 30, 2015 relating to El Sauzal are included in the Other segment consistent with the Company's inactive or closed mines. Comparative results have been re-presented.
(e)
Segmented expenditures on mining interests include finance lease additions (note 11(f)) and capitalized borrowing costs, are net of investment tax credits, exclude additions to reclamation assets arising from changes in estimates, and are presented on an accrual basis. Expenditures on mining interests and interest paid in the Condensed Interim Consolidated Statements of Cash Flows are presented on a cash basis. For the three and nine months ended September 30, 2015, the change in accrued expenditures and investment tax credits was an increase of $240 million and a decrease of $49 million, respectively (three and nine months ended September 30, 2014 – a decrease of $1 million and an increase of $29 million, respectively).
(f)
Peñasquito's expenditures on mining interests for the three and nine months ended September 30, 2015 included $248 million of non-cash finance lease additions (note 11(f)).

6.
PRODUCTION COSTS

Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Raw materials and consumables
$
253

$
217

$
739

$
706

Salaries and employee benefits (a)
144

110

435

323

Contractors
119

104

355

290

Royalties
17

16

70

47

Revision in estimates and liabilities incurred on reclamation and closure cost obligations
(1
)
—

20

16

Change in inventories (note 10)
77

30

154

(21
)
Other
49

39

145

136

 
$
658

$
516

$
1,918

$
1,497

(a)
Salaries and employee benefits excludes $20 million and $64 million of salaries and employee benefits included in corporate administration expense for the three and nine months ended September 30, 2015, respectively (three and nine months ended September 30, 2014 – $23 million and $68 million, respectively).


GOLDCORP    |  14

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

7.
INCOME TAXES

Three Months Ended  
 September 30
Nine Months Ended 
 September 30

2015

2014

2015

2014

Current income tax expense (recovery)
$
59

$
(33
)
$
232

$
131

Deferred income tax expense
77

116

123

54

Income tax expense
$
136

$
83

$
355

$
185

Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to (loss) earnings from continuing operations before taxes. These differences result from the following items: 

Three Months Ended  
 September 30
Nine Months Ended 
 September 30

2015

2014

2015

2014

(Loss) earnings from continuing operations before taxes
$
(55
)
$
35

$
423

$
420

Canadian federal and provincial income tax rates
25%

25%

25%

25%

Income tax (recovery) expense based on Canadian federal and provincial income tax rates
(14
)
9

106

105

Increase (decrease) attributable to:
 
 




Impact of foreign exchange on deferred income tax assets and liabilities
158

85

302

167

Other impacts of foreign exchange
(9
)
(11
)
(19
)
(66
)
Impact of Mexican mining royalty and tax reform
7

3

25

14

Impact of elimination of Ontario resource tax credit (1)
—

—

(11
)
—

Non-taxable portion of gain on dilution of ownership in Tahoe and gain on disposition of Tahoe shares
(12
)
—

(61
)
—

Non-deductible expenditures
7

10

34

27

Effects of different foreign statutory tax rates on earnings of subsidiaries
(10
)
(18
)
(36
)
(38
)
Non-taxable portion of net earnings of associates
(2
)
(3
)
(6
)
(33
)
Provincial mining taxes and resource allowance (1)
3

3

9

9

Other
8

5

12

—

Income tax expense
$
136

$
83

$
355

$
185

(1) 
In the 2015 Ontario Budget, the Ontario resource tax credit was eliminated effective April 23, 2015. The resource allowance is no longer deductible and mining taxes are deductible. Certain transitional provisions allow a deduction for previously earned resource tax credits.

8.
PER SHARE INFORMATION
(a)
Net (loss) earnings per share
Net (loss) earnings per share from continuing operations and net (loss) earnings per share for the three and nine months ended September 30 were calculated based on the following:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
  
2015

2014

2015

2014

Basic net (loss) earnings from continuing operations
$
(192
)
$
(48
)
$
67

$
233

Effect of dilutive securities:



 
 
Conversion feature of Convertible Notes – change in fair value recognized in net (loss) earnings
—

(1
)
—

(1
)
Diluted net (loss) earnings from continuing operations
$
(192
)
$
(49
)
$
67

$
232


GOLDCORP    |  15

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
  
2015

2014

2015

2014

Basic net loss (earnings)
$
(192
)
$
(44
)
$
113

$
235

Effect of dilutive securities:
 
 
 
 
Conversion feature of Convertible Notes – change in fair value recognized in net (loss) earnings
—

(1
)
—

(1
)
Diluted net (loss) earnings
$
(192
)
$
(45
)
$
113

$
234

The weighted average number of shares used in the calculation of net (loss) earnings per share from continuing operations and net (loss) earnings per share for the three and nine months ended September 30 were based on the following:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
(in thousands)
2015

2014

2015

2014

Basic weighted average number of shares outstanding
830,203

813,572

825,719

813,091

Effect of dilutive securities:
 
 
 
 
Stock options
—

—

145

173

RSUs
—

—

3,648

3,094

Convertible Notes
—

6,298

—

14,395

Diluted weighted average number of shares outstanding
830,203

819,870

829,512

830,753

During the three and nine months ended September 30, 2015, 15.0 million and 14.0 million stock options, respectively (three and nine months ended September 30, 2014 – 17.0 million and 16.1 million, respectively) were anti-dilutive and therefore were excluded from the computation of diluted net (loss) earnings per share from continuing operations and diluted net (loss) earnings per share. At September 30, 2015, 3.6 million (September 30, 2014 – 3.1 million) of RSUs were outstanding and were anti-dilutive and therefore were excluded from the computation of diluted net (loss) earnings per share from continuing operations and diluted net (loss) earnings per share.
(b)
Dividends declared
During the three and nine months ended September 30, 2015, the Company declared and paid to its shareholders dividends of $75 million ($0.09 per share) and $321 million ($0.39 per share), respectively (three and nine months ended September 30, 2014 – $122 million ($0.15 per share) and $366 million ($0.45 per share), respectively). For the period October 1, 2015 to October 28, 2015, the Company declared dividends payable of $0.02 per share for total dividends of $17 million.


GOLDCORP    |  16

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

9.
SUPPLEMENTAL CASH FLOW INFORMATION
  
At September 30
2015

At December 31
2014

Cash and cash equivalents are comprised of:
 
 
Cash
$
225

$
431

Cash equivalents
32

51

 
$
257

$
482

 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Change in operating working capital
 
 
 
 
Accounts receivable
$
64

$
(10
)
$
(97
)
$
(59
)
Inventories
26

(90
)
81

(162
)
Accounts payable and accrued liabilities
(56
)
3

(54
)
(2
)
Income taxes
97

(119
)
201

33

Other
(4
)
30

(22
)
(22
)
 
$
127

$
(186
)
$
109

$
(212
)

Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Operating activities include the following cash received (paid):
 
 
 
 
Interest received
$
1

$
—

$
38

$
3

Interest paid
(28
)
(1
)
(71
)
(16
)
Income taxes refunded
61

—

76

97

Income taxes paid
(19
)
(86
)
(92
)
(197
)
Investing activities
 
 
 
 
Purchases of money market investments and available-for-sale securities
$
(42
)
$
(71
)
$
(87
)
$
(120
)
Proceeds from maturities of money market investments and sale of available-for-sale securities
20

59

54

84

Investing activities of discontinued operations include the following cash received (paid):
 
 
 
 
Proceeds on disposition of Wharf, net of transaction costs (note 4(c))
$
—

$
—

$
98

$
—

Proceeds on disposition of Marigold, net of transaction costs (note 4(d))
—

—

—

182

Expenditures on mining interests
—

(2
)
(1
)
(6
)
Principal repayment on promissory note receivable from Primero Mining Corporation ("Primero")
—

—

—

28




GOLDCORP    |  17

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

10.
INVENTORIES
  
At September 30
2015

At December 31
2014

Supplies
$
284

$
257

Finished goods
100

194

Work-in-process
52

38

Heap leach ore
363

383

Stockpiled ore
65

149

 
864

1,021

Less: non-current heap leach and stockpiled ore
(225
)
(249
)
 
$
639

$
772


(a)
During the three and nine months ended September 30, 2015, the Company recorded write down of prior period inventory costs of $62 million (three and nine months ended September 30, 2014 – $55 million). Of the total write down, $43 million was recognized as production costs (three and nine months ended September 30, 2014 – $41 million) and $19 million (three and nine months ended September 30, 2014 - $14 million) was recognized as depreciation and depletion expense for the three and nine months ended September 30, 2015.
(b)
During the three and nine months ended September 30, 2015, the Company recognized excess current period costs over net realizable value of inventories of $nil and $44 million, respectively (three and nine months ended September 30, 2014 – $nil). Of the total adjustment, $nil and $27 million was recognized as production costs (three and nine months ended September 30, 2014 – $nil) and $nil and $17 million (three and nine months ended September 30, 2014 – $nil) was recognized as depreciation and depletion expense for the three and nine months ended September 30, 2015.



GOLDCORP    |  18

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

11.
MINING INTERESTS
 
Mining properties
 
 
 
 
Depletable
Non-depletable
 
 
 
  
Reserves
and
resources
Reserves
and
resources
Exploration
potential
Plant and equipment (e)(f)
Investments in associates (note 12)
Total
Cost
 
 
 
 
 
 
At January 1, 2015
$
8,213

$
8,471

$
7,963

$
6,290

$
2,087

$
33,024

Acquisition of mining interests (note 3)
—

—

340

—

—

340

Expenditures on mining interests (a)(b)
345

183

4

406

—

938

Share of net earnings of associates
—

—

—

—

23

23

Dividends from associate
—

—

—

—

(7
)
(7
)
Return of capital investment from associate
—

—

—

—

(75
)
(75
)
Gain on dilution of ownership interest (note 4(a))
—

—

—

—

99

99

Disposition of investment in associate (notes 4(a) and 12)
—

—

—

—

(469
)
(469
)
Transfers and other movements (c)
3,227

(2,985
)
(203
)
78

9

126

At September 30, 2015
11,785

5,669

8,104

6,774

1,667

33,999

Accumulated depreciation and depletion and impairment
 
 
 
 
 
 
At January 1, 2015
(3,437
)
(1,191
)
(1,773
)
(2,078
)
—

(8,479
)
Depreciation and depletion (d)
(744
)
—

—

(372
)
—

(1,116
)
Transfers and other movements (c)
(1
)
—

—

6

—

5

At September 30, 2015
(4,182
)
(1,191
)
(1,773
)
(2,444
)
—

(9,590
)
Carrying amount – September 30, 2015
$
7,603

$
4,478

$
6,331

$
4,330

$
1,667

$
24,409


GOLDCORP    |  19

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

 
Mining properties
 
 
 
 
Depletable
Non-depletable
 
 
 
  
Reserves
and
resources
Reserves
and
resources
Exploration
potential
Plant and equipment (e)(f)
Investments in associates (note 12) 
Total
Cost
 
 
 
 
 
 
At January 1, 2014
$
7,690

$
7,582

$
8,170

$
5,138

$
2,210

$
30,790

Expenditures on mining interests
562

714

2

820

—

2,098

Expenditures on mining interests classified as held for sale (note 4(c))
1

—

—

3

—

4

Reclassifications from mining interests to classified as held for sale (note 4(c))
(46
)
—

—

(54
)
—

(100
)
Share of net earnings of associates
—

—

—

—

156

156

Dividends from associates
—

—

—

—

(109
)
(109
)
Disposition of investment in associate
—

—

—

—

(175
)
(175
)
Transfers and other movements (c)
6

175

(209
)
383

5

360

At December 31, 2014
8,213

8,471

7,963

6,290

2,087

33,024

Accumulated depreciation and depletion and impairment
 
 
 
 
 
 
At January 1, 2014
(2,929
)
(234
)
(1,188
)
(1,301
)
—

(5,652
)
Depreciation and depletion
(500
)
—

—

(355
)
—

(855
)
Depreciation and depletion relating to mining interests classified as held for sale (note 4(c))
(3
)
—

—

(3
)
—

(6
)
Reclassifications to mining interests classified as held for sale (note 4(c))
12

—

—

37

—

49

Impairment charges
(17
)
(957
)
(585
)
(465
)
—

(2,024
)
Transfers and other movements (c)
—

—

—

9

—

9

At December 31, 2014
(3,437
)
(1,191
)
(1,773
)
(2,078
)
—

(8,479
)
Carrying amount – December 31, 2014
$
4,776

$
7,280

$
6,190

$
4,212

$
2,087

$
24,545


GOLDCORP    |  20

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

A summary by property of the carrying amount of mining interests is as follows:
 
Mining properties
 
 
 
 
Depletable
Non-depletable
 
 
 
  
Reserves
and
resources
Reserves
and
resources
Exploration
potential
Plant and equipment (e)(f)
At September 30
2015

At December 31
2014

Red Lake (a)
$
768

$
1,185

$
647

$
473

$
3,073

$
3,035

Porcupine (note 3)
491

54

340

141

1,026

632

Musselwhite
191

—

105

206

502

523

Éléonore (a)(c)
1,406

628

—

1,108

3,142

3,092

Peñasquito (a)
2,445

1,078

4,081

1,201

8,805

8,719

Los Filos
616

—

—

150

766

791

Marlin
260

64

31

105

460

596

Cerro Negro (a)(c)
1,426

53

1,001

819

3,299

3,429

El Morro (a)(h)
—

1,369

112

18

1,499

1,473

Corporate and Other (d)(g) (note 5(d))
—

47

14

109

170

168

 
$
7,603

$
4,478

$
6,331

$
4,330

$
22,742

$
22,458

Investments in associates (note 12)
 
 
 
 
 
 
Alumbrera
 
 
 
 
69

94

Pueblo Viejo
 
 
 
 
1,598

1,624

Other
 
 
 
 
—

369

 
 
 
 
 
1,667

2,087

 
 
 
 
 
$
24,409

$
24,545

(a)
Includes capitalized borrowing costs incurred during the three and nine months ended September 30 as follows:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Cochenour
$
4

$
—

$
12

$
—

Éléonore
—

12

17

34

Camino Rojo
4

1

10

5

Cerro Negro
—

15

—

44

El Morro
7

3

18

11

 
$
15

$
31

$
57

$
94

During the three and nine months ended September 30, 2014, the Company's borrowings eligible for capitalization included the $1.0 billion notes, $1.5 billion notes and the $863 million convertible senior notes (collectively, "general borrowings"), and certain financing arrangements held by Cerro Negro ("specific borrowings").
During the three and nine months ended September 30, 2015, the Company's borrowings eligible for capitalization included the Company’s $1.0 billion notes, $1.5 billion notes and $3.0 billion revolving credit facility (collectively, "general borrowings").
Capitalization of borrowing costs to the carrying values of the Cerro Negro and Éléonore mining interests ceased following achievement of commercial production on January 1 and April 1, 2015, respectively. All borrowing costs incurred on specific borrowings held by Cerro Negro prior to January 1, 2015 were capitalized to mining interests.



GOLDCORP    |  21

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)


 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Total borrowing costs arising on general borrowings and specific borrowings eligible for capitalization
$
26

$
36

$
81

$
104

Less: amounts capitalized to mining interests
(15
)
(31
)
(57
)
(94
)
Total borrowing costs recognized in the Condensed Interim Consolidated Statements of (Loss) Earnings
$
11

$
5

$
24

$
10

Weighted average costs of general borrowings applied during the period:
3.75
%
4.29
%
3.33
%
4.69
%
(b)
Exploration and evaluation expenditures incurred by the Company during the three and nine months ended September 30 were as follows:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Total exploration and evaluation expenditures
$
45

$
47

$
125

$
107

Less: amounts capitalized to mining interests
(34
)
(35
)
(86
)
(78
)
Total exploration and evaluation expenditures recognized in the Condensed Interim Consolidated Statements of (Loss) Earnings
$
11

$
12

$
39

$
29

(c)
Transfers and other movements primarily represent the conversion of reserves, resources and exploration potential within mining interests, utilization of deposits on mining interests expenditures, capitalized reclamation and closure costs, capitalized depreciation, and dispositions of mining properties during the period. In addition, amounts capitalized associated with proven and probable reserves for Cerro Negro and Éléonore were reclassified from non-depletable to depletable mining properties on January 1, 2015 and April 1, 2015, respectively, following achievement of commercial production.
(d)
Depreciation and depletion recognized by the Company during the three and nine months ended September 30 were as follows:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Total depreciation and depletion relating to continuing operations
$
375

$
229

$
1,116

$
629

Exclude: amounts capitalized to development projects
(5
)
(12
)
(23
)
(38
)
Exclude: amounts allocated to inventories
24

(26
)
(21
)
(53
)
Total depreciation and depletion recognized in the Condensed Interim Consolidated Statements of (Loss) Earnings
$
394

$
191

$
1,072

$
538

(e)
At September 30, 2015, assets under construction, therefore not yet being depreciated, included in the carrying amount of plant and equipment amounted to $341 million (December 31, 2014 – $547 million).
(f)
At September 30, 2015, finance leases included in the carrying amount of plant and equipment amounted to $372 million (December 31, 2014 – $67 million). In 2011, the Company entered into an agreement with a third party for the construction of a power plant to deliver electricity to the Peñasquito mine for a period of twenty years, with an option to renew for three additional five year periods. The power plant commenced the supply of power to the Peñasquito mine in July 2015 and the agreement for the future purchase of electricity met the criteria of a finance lease at that date. In July 2015, Peñasquito recognized $248 million as a finance lease, which was included as a non-cash addition to mining interests, and a corresponding amount as a finance lease obligation ($4 million and $244 million recorded in accounts payable and accrued liabilities and other non-current liabilities on the Condensed Interim Consolidated Balance Sheet, respectively). During the three months ended September 30, 2015, the Company made lease and interest payments of $1 million and $4 million, respectively, and recorded $4 million of depreciation expense related to the leased asset.
(g)
During the three and nine months ended September 30, 2014, the Company recognized an impairment charge of $19 million ($13 million, net of tax) against the carrying amount of El Sauzal's mining interest.

GOLDCORP    |  22

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

(h)
On August 27, 2015, the Company announced it had entered into an agreement to purchase of New Gold Inc.'s ("New Gold") 30% interest in the El Morro project, which will increase the Company's interest in the El Morro project to 100%. The Company will pay cash consideration of $90 million upon closing and a 4% gold stream on future gold production from El Morro. Concurrent with the agreement with New Gold, the Company will also enter into a Joint Venture Agreement with Teck Resources Limited ("Teck") which will combine Goldcorp's El Morro project and Teck's wholly owned Relincho project in Chile into a new 50/50 joint venture. Both transactions are expected to close in the fourth quarter of 2015. The Company expects to account for its investment in the new joint venture using the equity method of accounting, following completion of both transactions.

12.
INVESTMENTS IN ASSOCIATES
At September 30, 2015, the Company had a 37.5% interest in Alumbrera and a 40.0% interest in Pueblo Viejo. These investments are accounted for using the equity method and are included in mining interests. The Company adjusts each associate’s financial results, where appropriate, to give effect to uniform accounting policies.
  
Alumbrera

Pueblo Viejo (b)

Other (1)

Total

Carrying amount – at January 1, 2015
$
94

$
1,624

$
369

$
2,087

Dividends from associate
—

—

(7
)
(7
)
Return of capital investment (c)
—

(75
)
—

(75
)
Company’s share of net (loss) earnings of associates
(25
)
40

8

23

Gain on dilution of ownership interest (note 4(a))
—

—

99

99

Disposition of investment in associate (note 4(a))
—

—

(469
)
(469
)
Other
—

9

—

9

Carrying amount – at September 30, 2015
$
69

$
1,598

$
—

$
1,667

Carrying amount – at January 1, 2014
$
172

$
1,528

$
510

$
2,210

Dividends from associates
(108
)
—

(1
)
(109
)
Company’s share of net earnings of associates
30

91

35

156

Disposition of investment in associate (f)
—

—

(175
)
(175
)
Other
—

5

—

5

Carrying amount – at December 31, 2014
$
94

$
1,624

$
369

$
2,087

(1) 
Comprised of the results of Tahoe (note 4(a)) and Primero to their disposition dates of June 30, 2015 and March 26, 2014, respectively.
Summarized financial information for the Company's investments in Alumbrera and Pueblo Viejo, on a 100% basis and reflecting adjustments made by the Company including fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies, is as follows:

Three months ended September 30, 2015
Alumbrera

Pueblo Viejo

Revenues
$
147

$
367

Production costs (d)
(171
)
(165
)
Depreciation and depletion
(20
)
(87
)
(Loss) earnings from mine operations (e)
(44
)
115

Net (losses) earnings of associates (e)
$
(34
)
$
49

Company's equity share of net (losses) earnings of associates
$
(13
)
$
20

Three months ended September 30, 2014
 
 
Revenues
$
212

$
376

Production costs
(190
)
(141
)
Depreciation and depletion
(18
)
(72
)
Earnings from mine operations (e)
4

163

Net (loss) earnings of associates (e)
$
(12
)
$
26

Company’s equity share of net (loss) earnings of associates
$
(4
)
$
10



GOLDCORP    |  23

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

Nine months ended September 30, 2015
Alumbrera

Pueblo Viejo

Revenues
$
348

$
1,086

Production costs (d)
(376
)
(475
)
Depreciation and depletion
(58
)
(244
)
(Loss) earnings from mine operations (e)
(86
)
367

Net (loss) earnings of associates (e)
$
(67
)
$
98

Company's equity share of net (loss) earnings of associates
$
(25
)
$
40

Nine months ended September 30, 2014
 
 
Revenues
$
780

$
1,123

Production costs
(581
)
(436
)
Depreciation and depletion
(56
)
(206
)
Earnings from mine operations (e)
143

481

Net earnings of associates (e)
$
37

$
215

Company’s equity share of net earnings of associates
$
14

$
86


At September 30, 2015
Alumbrera (e)

Pueblo Viejo (a)(b)

Current assets
$
376

$
624

Non-current assets
260

6,441

 
636

7,065

Current liabilities
202

474

Non-current liabilities
250

2,596

 
452

3,070

Net assets
184

3,995

Company's equity share of net assets of associates
$
69

$
1,598

At December 31, 2014
 
 
Current assets
$
389

$
830

Non-current assets
318

6,627

 
707

7,457

Current liabilities
180

632

Non-current liabilities
276

2,764

 
456

3,396

Net assets
251

4,061

Company’s equity share of net assets of associates
$
94

$
1,624

The equity share of cash flows of the Company's investments in Alumbrera and Pueblo Viejo are as follows:
Three months ended September 30, 2015
Alumbrera
Pueblo Viejo (a)(b)
Net cash (used in) provided by operating activities
$
(10
)
$
73

Net cash used in investing activities
(2
)
(11
)
Net cash provided by (used in) financing activities (g)
10

(94
)
Three months ended September 30, 2014
 
 
Net cash provided by operating activities
$
12

$
51

Net cash provided by (used in) investing activities
3

(3
)
Net cash used in financing activities
(14
)
(20
)


GOLDCORP    |  24

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

Nine months ended September 30, 2015
Alumbrera
Pueblo Viejo (a)(b)
Net cash (used in) provided by operating activities
$
(47
)
$
165

Net cash used in investing activities
(10
)
(44
)
Net cash provided by (used in) financing activities (g)
45

(160
)
Nine months ended September 30, 2014
 
 
Net cash provided by operating activities
$
97

$
175

Net cash provided by (used in) investing activities
10

(31
)
Net cash used in financing activities
(99
)
(41
)

(a)
On February 17, 2015, the guarantee provided by Barrick and Goldcorp pertaining to the $1.035 billion in project financing for Pueblo Viejo terminated as a result of Pueblo Viejo achieving certain operational and technical milestones. During the three and nine months ended September 30, 2015, total repayments of $96 million and $211 million, respectively, (three and nine months ended September 30, 2014 – $49 million and $102 million, respectively) were made on the $1.035 billion project financing. At September 30, 2015, the outstanding balance of the project financing was $677 million (December 31, 2014 – $888 million).
(b)
At September 30, 2015, the carrying amount of the Company's share in the shareholder loans to Pueblo Viejo was $582 million (December 31, 2014 – $600 million), which is included in the Company's investment in associates and being accreted to face value over the term of the loans. Included in other current assets of the Company was $31 million (December 31, 2014 – $49 million was included in other current and non-current assets) of interest receivable.
(c)
During the three and nine months ended September 30, 2015, the Company received return of capital of $55 million and $75 million, respectively (three and nine months ended September 30, 2014 – nil and nil, respectively) from Pueblo Viejo.
(d)
During the three months ended September 30, 2015, Pueblo Viejo recognized a $16 million (Goldcorp's share – $7 million) impairment expense in respect of obsolete supplies inventory in production costs.
(e)
The net expense for the three and nine months ended September 30, 2015 and 2014, which reconciles (loss) earnings from mine operations to net (loss) earnings of Alumbrera and Pueblo Viejo is comprised primarily of finance costs, impairment expense of plant and equipment and income taxes. During the three months ended September 30, 2015, Pueblo Viejo recorded a reversal of $7 million (Goldcorp's share – $3 million) of the $18 million (Goldcorp's share – $15 million) impairment expense previously recognized in the Company's share of net earnings of associates during the six months ended June 30, 2015 upon the sale in respect of certain power assets.
(f)
On March 26, 2014, the Company disposed of its interest in Primero to a syndicate of underwriters for gross proceeds of $201 million (C$224 million) and recognized a gain of $18 million, net of tax and selling costs of $8 million.
(g)
During the nine months ended September 30, 2015, Alumbrera entered into various US dollar credit facilities with third parties in Argentina. The net borrowings for the period were $119 million. As at September 30, 2015. the amount of the facilities outstanding was $132 million. The facilities, which mature between November 2015 to April 2016, bear interest ranging from 4.2% to 5.0%.



GOLDCORP    |  25

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

13.
FINANCIAL INSTRUMENTS
(a)
Financial assets and liabilities by categories
At September 30, 2015
Loans and receivables

Available-for-sale securities

At fair value through profit and loss

Held to maturity/other financial liabilities

Total

Financial assets
 
 
 
 
 
Cash and cash equivalents
$
—

$
—

$
257

$
—

$
257

Money market investments
73

—

—

—

73

Accounts receivable arising from sales of metal concentrates
—

—

148

—

148

Investments in securities
—

43

—

—

43

Derivative assets
—

—

7

—

7

Other current and non-current financial assets
34

—

—

—

34

Total financial assets
$
107

$
43

$
412

$
—

$
562

Financial liabilities
 
 
 
 
 
Debt
$
—

$
—

$
—

$
(2,699
)
$
(2,699
)
Accounts payable and accrued liabilities
—

—

—

(688
)
(688
)
Derivative liabilities
—

—

(40
)
—

(40
)
Other current and non-current financial liabilities
—

—

—

(13
)
(13
)
Total financial liabilities
$
—

$
—

$
(40
)
$
(3,400
)
$
(3,440
)
At December 31, 2014
 
 
 
 
 
Financial assets
 
 
 
 
 
Cash and cash equivalents
$
—

$
—

$
482

$
—

$
482

Money market investments
53

—

—

—

53

Accounts receivable arising from sales of metal concentrates
—

—

187

—

187

Investments in securities
—

57

—

—

57

Derivative assets
—

—

17

—

17

Other current and non-current financial assets
113

—

—

—

113

Total financial assets
$
166

$
57

$
686

$
—

$
909

Financial liabilities
 
 
 
 
 
Debt
$
—

$
—

$
—

$
(3,592
)
$
(3,592
)
Accounts payable and accrued liabilities
—

—

—

(1,039
)
(1,039
)
Derivative liabilities
—

—

(49
)
—

(49
)
Other current and non-current financial liabilities
—

—

—

(34
)
(34
)
Total financial liabilities
$
—

$
—

$
(49
)
$
(4,665
)
$
(4,714
)


GOLDCORP    |  26

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

(b)
Net (losses) gains on financial assets and liabilities classified as at fair value through profit and loss
The net (losses) gains on derivatives for the three and nine months ended September 30 were comprised of the following:
 
Three Months Ended  
 September 30
Nine Months Ended 
 September 30
 
2015

2014

2015

2014

Realized (losses) gains
 
 
 
 
Foreign currency, heating oil, copper, lead, and zinc contracts
$
(25
)
$
1

$
(55
)
$
(1
)
Other
—

(1
)
—

(3
)
 
(25
)
—

(55
)
(4
)
Unrealized gains (losses)
 
 
 
 
Foreign currency, heating oil, copper, lead, and zinc contracts
4

(15
)
—

(5
)
Other
—

1

—

3

 
4

(14
)
—

(2
)
Net losses
$
(21
)
$
(14
)
$
(55
)
$
(6
)
(c)
Fair value information
(i)
Fair value measurements of financial assets and liabilities recognized on the Condensed Interim Consolidated Balance Sheets
The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized on the Condensed Interim Consolidated Balance Sheets at fair value on a recurring basis were categorized as follows:
  
At September 30, 2015
 
At December 31, 2014
 
  
Level 1

Level 2

Level 1

Level 2

Cash and cash equivalents
$
257

$
—

$
482

$
—

Investment in securities
34

9

47

10

Accounts receivable arising from sales of metal concentrates
—

148

—

187

Current and non-current derivative assets
—

7

—

17

Current and non-current derivative liabilities
—

(40
)
—

(49
)
At September 30, 2015, there were no financial assets and liabilities measured and recognized at fair value that would be categorized as Level 3 in the fair value hierarchy or on a non-recurring basis.
The Company’s policy for determining when a transfer occurs between levels in the fair value hierarchy is to assess the impact at the date of the event or the change in circumstances that could result in a transfer. There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2015.
(ii)
Valuation methodologies for Level 2 financial assets and liabilities
Accounts receivable arising from sales of metal concentrates
The Company’s metal concentrate sales contracts are subject to provisional pricing with the final selling price determined at the end of the quotational period. At each reporting date, the Company’s accounts receivable on these contracts are marked-to-market based on a quoted forward price for which there exists an active commodity market.
Commodity and foreign currency forward and option contracts
The Company's derivative assets and liabilities are comprised of commodity and foreign currency forward and option contracts. The fair values of the forward contracts are calculated using discounted contractual cash flows based on quoted forward curves and discount rates incorporating the applicable yield curve. The fair values of the option contracts are calculated using an option pricing model which utilizes a combination of quoted prices and market-derived inputs, including volatility estimates and option adjusted credit spreads.

GOLDCORP    |  27

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

(iii)
Fair values of financial assets and liabilities not already measured and recognized at fair value on the Condensed Interim Consolidated Balance Sheets
At September 30, 2015, the fair values of financial assets and liabilities not already measured and recognized at fair value were as follows:
 
Level
Input
Carrying value (2)
Fair value
$1.0 billion notes
1
Closing price
$
1,003

$
959

$1.5 billion notes
1
Closing price
1,488

1,434

425 million Argentine pesos loan
2
31.5% (1)
44

46

1.6 billion Argentine pesos loan
2
31.5% (1)
171

172

180 million Argentine pesos loan
2
31.5% (1)
11

12

(1) 
Represents the estimated market quoted yield should the Company incur similar borrowings in Argentina on September 30, 2015.
(2) 
Includes accrued interest payable.
At September 30, 2015, the carrying amounts of money market investments, other financial assets, accounts payable and accrued liabilities, other financial liabilities and certain debt are considered to be reasonable approximations of their fair values due to the short-term nature of these instruments.
(d)
Financial instruments and related risks
The Company manages its exposure to financial risks, including credit risk, liquidity risk, currency risk, interest rate risk and price risk in accordance with its Finance Risk Management Policy. The Company's exposure to financial risks and how the Company manages each of those risks are described in note 25(e) to the Company's consolidated financial statements for the year ended December 31, 2014. There were no significant changes to those risks or to the Company's management of exposure to those risks during the three and nine months ended September 30, 2015, except as noted below:
(i)
Liquidity risk
During the three and nine months ended September 30, 2015, the Company generated operating cash flows from continuing operations of $443 million and $1,022 million, respectively (three and nine months ended September 30, 2014 – $188 million and $717 million, respectively). At September 30, 2015, Goldcorp held cash and cash equivalents and money market investments of $257 million and $73 million, respectively (December 31, 2014 – $482 million and $53 million, respectively) and had working capital of $470 million (December 31, 2014 – $691 million, of which $26 million represented the Company's net assets held for sale, respectively), which the Company defines as current assets less current liabilities.
On June 11, 2015, the Company increased its committed and unsecured revolving credit facility from $2.0 billion to $3.0 billion and extended the term to June 10, 2020, under existing terms and conditions. At September 30, 2015, the undrawn balance of the revolving credit facility was $3.0 billion (December 31, 2014 – $1.2 billion).
On June 11, 2015, the Company repaid the 220 million Argentine pesos ($24 million) drawn against the 1-year 469 million Argentine peso ($100 million) credit facility.
At September 30, 2015, the Company had letters of credit outstanding, surety bonds and secured deposits in the amount of $372 million (December 31, 2014 – $460 million). The Company's capital commitments for the next twelve months amounted to $106 million at September 30, 2015.
(ii)
Market risk
Currency risk
During the three and nine months ended September 30, 2015, the Company recognized a net foreign exchange gain of $2 million and $26 million (three and nine months ended September 30, 2014 – gain of $3 million and loss of $22 million, respectively). Based on the Company’s net exposures (other than those relating to taxes) at September 30, 2015, a 10% depreciation or appreciation of applicable foreign currencies against the US dollar would have resulted in an approximate $18 million increase or decrease in the Company’s after-tax net earnings, respectively.
During the three and nine months ended September 30, 2015, the Company recognized a net foreign exchange loss of $167 million and $323 million in income tax expense on income taxes receivable/(payable) and deferred income taxes, respectively (three and

GOLDCORP    |  28

Third Quarter Report – 2015
(In millions of United States dollars, except where noted)

nine months ended September 30, 2014 – loss of $87 million and $170 million, respectively). Based on the Company’s net exposures relating to taxes at September 30, 2015, a 10% depreciation or appreciation of applicable foreign currencies against the US dollar would have resulted in an approximate $228 million decrease or increase in the Company’s after-tax net earnings, respectively.

14.
CONTINGENCIES
Due to the size, complexity and nature of the Company’s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. While the outcomes of these matters are uncertain, based upon the information currently available, the Company does not believe that these matters in aggregate will have a material adverse effect on its consolidated financial position, cash flows or results of operations. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of the changes in its consolidated financial statements on the date such changes occur.
In October 2014, Pueblo Viejo Dominicana Corporation ("PVDC") received a copy of an action filed in an administrative court in the Dominican Republic by Rafael Guillen Beltre (the "Petitioner"), who claims to be affiliated with the Dominican Christian Peace Organization. The Government of the Dominican Republic has also been notified of the action. The action alleges that environmental contamination in the vicinity of the Pueblo Viejo mine has caused illness and affected water quality in violation of the Petitioner’s fundamental rights under the Dominican Constitution and other laws. The primary relief sought in the action, which is styled as an "Amparo" remedy, is the suspension of operations at the Pueblo Viejo mine as well as other mining projects in the area until an investigation into the alleged environmental contamination has been completed by the relevant governmental authorities. On June 25, 2015, the trial court in the Municipality of Cotui (“Trial Court”) dismissed the legal action as the Petitioner failed to produce evidence to support his allegations. The Petitioner appealed the Trial Court’s decision to the Constitutional Court on July 21, 2015. On July 28, 2015, PVDC filed a motion to dismiss the appeal as it was filed after the expiry of the applicable filing deadline. The motion is pending. No amounts have been recorded for any potential liability or asset impairment arising from this matter, as PVDC cannot reasonably predict any potential losses.



GOLDCORP    |  29


 
 
CORPORATE OFFICE
STOCK EXCHANGE LISTING
 
 
Park Place
Toronto Stock Exchange: G
Suite 3400 – 666 Burrard Street
New York Stock Exchange: GG
Vancouver, BC V6C 2X8 Canada
 
Tel:      (604) 696-3000
TRANSFER AGENT
Fax:     (604) 696-3001
 
 
CST Trust Company
www.goldcorp.com
1066 West Hastings Street
 
Vancouver, BC V6E 3X1 Canada
TORONTO OFFICE
Toll free in Canada and the US:
 
     (800) 387-0825
Suite 3201 – 130 Adelaide Street West
Outside of Canada and the US:
Toronto, ON M5H 3P5 Canada
     (416) 682-3860
Tel:      (416) 865-0326
 
Fax:     (416) 359-9787
inquiries@canstockta.com
 
 
RENO OFFICE
www.canstockta.com
 
 
Suite 310 – 5190 Neil Road
AUDITORS
Reno, NV 89502 United States
 
Tel:      (775) 827-4600
Deloitte LLP
Fax:     (775) 827-5044
Vancouver, BC
 
 
MEXICO OFFICE
INVESTOR RELATIONS
 
 
Paseo de las Palmas 425-15
Jeff Wilhoit
Lomas de Chapultepec
Vice President, Investor Relations
11000 Mexico, D.F.
Toll free:    (800) 567-6223
Tel:      52 (55) 5201-9600
Email:        info@goldcorp.com
 
 
GUATEMALA OFFICE
REGULATORY FILINGS
 
 
5ta avenida 5-55 zona 14 Europlaza
The Company’s filings with the Ontario Securities Commission
Torre 1 Nivel 6 oficina 601
can be accessed on SEDAR at www.sedar.com.
Guatemala City
 
Guatemala, 01014
The Company’s filings with the US Securities and
Tel:      502 2329 2600
Exchange Commission can be accessed on EDGAR
 
at www.sec.gov.
ARGENTINA OFFICE
 
 
 
Maipu 255, Piso 12
 
C1084ABE Capital Federal
 
Buenos Aires, Argentina
 
Tel:      54 114 323 7000
 
 
 
CHILE OFFICE
 
 
 
Avda. Apoquindo 4501, oficina 703
 
Las Condes
 
Santiago 7580125, Chile
 
Tel:      562 898 9300