-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, We7SW9Fh72K8z4ff/866E53QjdFF+HvouYuNcYiCt14Z0E/EgIi+mobBJSA6IPH7 cVp9tBjSk2BpjY/IHUj2xg== 0001199073-09-000010.txt : 20090108 0001199073-09-000010.hdr.sgml : 20090108 20090108113112 ACCESSION NUMBER: 0001199073-09-000010 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090108 FILED AS OF DATE: 20090108 DATE AS OF CHANGE: 20090108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDCORP INC CENTRAL INDEX KEY: 0000919239 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 980155977 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12970 FILM NUMBER: 09514986 BUSINESS ADDRESS: STREET 1: SUITE 1560, 200 BURRARD STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 3L6 BUSINESS PHONE: 604-696-3000 MAIL ADDRESS: STREET 1: SUITE 1560, 200 BURRARD STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 3L6 6-K 1 d6k.htm GOLDCORP INC. FORM 6-K d6k.htm


FORM 6-K

  UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
  Report of Foreign Private Issuer
 
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
 
For the month of January, 2009
Goldcorp Inc.
(Translation of registrant's name into English)
 
Suite 3400 - 666 Burrard St.
Vancouver, British Columbia V6C 2X8 Canada
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
 Form 20-F
 o
 Form 40-F
 x
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
 
 
Note:Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
 
 
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes
 o
No
 x
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
 



Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
    GOLDCORP INC.
   
Date: January 8, 2009
 
/s/ Anna M. Tudela
 
Name:  Anna M. Tudela
 
Title:    Vice-President, Regulatory Affairs
              and Corporate Secretary
 
EX-99.1 2 ex99_1.htm GOLDCORP ACHIEVES RECORD QUARTERLY GOLD PRODUCTION; FORECASTS FIVE YEAR GOLD PRODUCTION GROWTH OF 50% ex99_1.htm

Exhibit 99.1

 
graphic
Suite 3400 – 666 Burrard St.
Vancouver, BC, V6C 2X8
Tel: (604) 696-3000
Fax: (604) 696-3001
Toronto Stock Exchange: G
 New York Stock Exchange: GG
 
 
 
 
GOLDCORP ACHIEVES RECORD QUARTERLY GOLD PRODUCTION;
FORECASTS FIVE YEAR GOLD PRODUCTION GROWTH OF 50%

 
VANCOUVER, BRITISH COLUMBIA, JANUARY 8, 2009 – GOLDCORP INC. (TSX: G, NYSE: GG) today announced record fourth quarter gold production of 692,000 ounces.  Gold production for the 2008 year exceeded 2.3 million ounces, meeting previously issued guidance.
 
Goldcorp’s year-end unaudited financial statements are expected to be released on February 19, 2009. The calculation of operating costs for 2008 has not yet been completed, but total cash costs(1) are expected to meet previous 2008 guidance of approximately $300 per ounce of gold on a by-product basis.
 
“Goldcorp completed 2008 with production momentum, financial strength and a strong, well-funded growth pipeline in safe jurisdictions,” said Chuck Jeannes, President and Chief Executive Officer.  “Our top priorities in the year ahead are meeting or exceeding operational targets, preserving our strong balance sheet amid a challenging metals price environment and continuing the development of an asset portfolio that is expected to deliver 50% growth in gold production over the next five years. We are particularly focused on start-up of the Peñasquito mill during 2009, as the expected commencement of commercial production at year-end will be the primary driver of our gold production growth in 2010 and beyond.”
 
Goldcorp also provided production and cash cost guidance for the 2009 year.  The Company expects to produce approximately 2.3 million ounces of gold at a total cash cost of approximately $365 per ounce on a by-product basis and $400 per ounce on a co-product basis.  Forecast production increases at most of Goldcorp’s mines are expected to be offset by significant planned declines at Alumbrera and El Sauzal.
 
Goldcorp’s strong cash flows, debt-free balance sheet and an undrawn $1.5 billion credit facility will fund key near-term growth projects including start-up of the first sulphide mill circuit at Peñasquito, construction of the large Pueblo Viejo project and completion of the Red Lake underground development program.  Spending at certain longer-term growth projects will be
 
 
 

 
- 2 -
 
 
temporarily deferred while these key projects are developed, including shaft construction projects at Éléonore in Quebec and Cochenour at Red Lake.  At Porcupine, plans for an open pit and potential underground operation at Hollinger will also be deferred. Sufficient resources have been allocated to these projects in 2009 to maintain continuity of exploration, engineering and permitting programs, while maintaining the ability to accelerate development when market conditions improve.
 
Assumptions used to forecast total cash costs for 2009 include a by-product silver price of $10.00 per ounce; a by-product copper price of $1.75 per pound; an oil price of $65 per barrel and the Canadian dollar and Mexican peso at $1.20 and $12.50 respectively to the US dollar.  The Company is currently evaluating opportunities to contain input costs and minimize foreign exchange risk through the hedging of both oil and currencies.
 
Gold production levels on a quarterly basis are expected to be generally consistent throughout 2009.  Mine-by-mine actual 2008 gold production statistics and estimated 2009 gold production are as follows:
 
Mine
  2008 Production
   2009 Forecast
Red Lake
629,000
620,000
Porcupine
291,000
290,000
Musselwhite
210,000
235,000
Marigold (66.7%)
96,000
95,000
Wharf
61,000
55,000
Los Filos
214,000
245,000
El Sauzal
274,000
165,000
Peñasquito
20,000
70,000
San Dimas
87,000
95,000
Alumbrera (37.5%)
189,000
160,000
Marlin
241,000
270,000
San Martin
12,000
---
Total
2,324,000
2,300,000

Canada
 
An emphasis on underground mine development and enhanced underground exploration at Red Lake will result in similar 2009 gold production levels compared to 2008.  The completion in 2009 of a major multi-year infrastructure investment will restore shorter-term operational
 
 
 

 
- 3 -
 

flexibility and provide the platform for longer-term production increases.  Opportunities to enhance Red Lake’s core production, including an open pit and redevelopment of the Cochenour mine, will be studied and advanced according to the company’s capital spending program.
 
At Musselwhite, exploration success over the last several years has identified higher grade ore in the PQ Deeps area, which will begin to be reflected in increased gold production and decreased total cash costs in 2009 and beyond.  Engineering work has commenced on underground infrastructure upgrades to support increased ventilation and higher underground mining rates, resulting in expected performance improvement at the mine in future years.
 
Total cash costs at Porcupine mine are also expected to decline as the Company has taken several steps to optimize operations.  Stripping of waste rock for the next phase of the Pamour pit has been deferred, and the surface operations will move to mining of ore stockpiles by mid-2009, resulting in lower operating costs during the year.
 
Mexico
 
On December 8, 2008, Goldcorp provided a detailed update of its Peñasquito project in Zacatecas state.  As reported, the project remains on schedule for mid-year mechanical completion of the sulphide mill (SAG Line 1) and production of initial concentrates in the fourth quarter of 2009, with commencement of commercial production scheduled for January 1, 2010.  Construction of the second SAG line will continue throughout the year.
 
Improved operations at Los Filos are expected to lead to increased gold production in 2009.  A substantial production decrease is forecast at El Sauzal as the mine nears the end of its life.  The priority at El Sauzal over its remaining four-year mine life will focus on maintaining low costs and optimizing operations for eventual mine closure.
 
Central and South America
Another solid year is expected at Marlin in Guatemala.  Improvements in underground mining experienced in 2008 are expected to contribute to continued production strength in 2009.  At the Company’s 37.5%-owned Alumbrera mine in Argentina, expected decreases in copper and gold production in 2009 are consistent with a general downward trend in metals production over the mine’s remaining nine-year life.
 
Financial Guidance
 
Capital expenditures for 2009 are forecast at approximately $1.4 billion, including $530 million for Peñasquito and $430 million for Pueblo Viejo.  Exploration expenditures in 2009 are expected to amount to approximately $95 million, of which approximately one-third will be
 
 
 

 
- 4 -
 
 
expensed, with efforts focused on replacing reserves mined throughout the year.  General and administrative expense is forecast at $74 million for the year. Depreciation, depletion and amortization expense is expected to be approximately $205 per ounce of gold produced, and the Company expects an overall effective tax rate of 40% for 2009.
 
Five Year Forecast
 
Peñasquito remains the primary driver of the Company’s 50% gold production growth expected in the next five years, with significant contributions from Red Lake and Pueblo Viejo.  Year-by-year gold production is forecast as follows:
 
 
Year
Forecast Gold Production
2009
2.3 Million
2010
2.6 Million
2011
2.9 million
2012
3.2 Million
2013
3.5 Million
 
 
At $10 silver, $1.75 copper, $0.50 zinc and $0.50 lead, by-product cash costs are expected to trend below $300 per ounce over the 5-year plan, positioning the Company for strong sustained margins and cash flows over the long term.
 
Goldcorp is North America’s lowest-cost and fastest growing senior gold producer.  Its gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.
 
1.
The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
 
Cautionary Note Regarding Forward-Looking Statements

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, silver, copper, zinc and lead, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Goldcorp to be materially different from any future results, performance or achievements expressed or implied by
 
 
 

 
- 5 -
 
 
such forward-looking statements. Such factors include, among others, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, silver and copper, zinc and lead as well as those factors discussed in the section entitled “General Development of the Business – Risks of the Business” in Goldcorp’s Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. and Goldcorp’s Annual Information Form on file with the securities regulatory authorities in Canada. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
 
 
For further information, please contact:  
 
Jeff Wilhoit
e-mail: info@goldcorp.com
Vice President, Investor Relations website: www.goldcorp.com
Goldcorp Inc.  
Telephone: (604) 696-3074  
Fax: (604) 696-3001  
 
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