Goldcorp 3Q13 profits plummet to US$5mn

Vancouver-based Goldcorp (TSX: G, NYSE: GG) - with operations in Mexico, Central and South America - posted net earnings attributable to shareholders of US$5mn in 3Q13, compared to US$498mn in the same period last year.

Earnings from mine operations dropped to US$234mn from US$601mn in the third quarter of 2012, while revenues declined to US$929mn from US$1.28bn in the same comparison, according to the firm's latest quarterly report.

All-in sustaining costs totaled US$992/oz, while cash costs totaled US$551/oz on a by-product basis and US$706/oz on a co-product basis, the miner said.

During 3Q13 Goldcorp produced 637,100oz gold (up from 592,500oz in 3Q12), 7.74Moz silver (down from 8.51Moz), 21.4Mlb copper (9,706t, down from 31.2Mlb), 41Mlb lead (down from 39.4Mlb) and 76.3Mlb zinc (down from 98.4Mlb in the year-ago quarter).

Sales in the quarter reached 652,100oz gold (up from 617,800oz in 3Q12), 8.03Moz silver (down from 9.05Moz), 21.8Mlb copper (down from 44.3Mlb), 40.8Mlb lead (down from 41.7Mlb) and 66.8Mlb zinc (down from 96.6Mlb in the year-ago quarter).

Goldcorp's Peñasquito mine in Zacatecas, Mexico, produced 113,900oz of gold, 5.89Moz of silver, 41Mlb lead and 76.3Mlb of zinc in the quarter. The Los Filos mine in Guerrero, Mexico, produced 73,400oz of gold, while the El Suazal mine in Chihuahua, Mexico, produced 21,400oz of gold.

In Guatemala, the Marlin mine produced 49,400oz of gold and 1.72Moz of silver, in the third quarter.

Goldcorp's Alumbrera mine in Argentina produced 28,900oz of gold and 21.4Mlb of copper in 3Q13, according to the report.

Production for 2013 is expected to be within a narrower range of between 2.6Moz and 2.7Moz at an all-in sustaining cost of between US$1,050/oz and US$1,100/oz; US$550/oz and US$575/oz on a by-product basis; and US$700 to US$725/oz on a co-product basis.