Gold price firms in holiday-thinned trade, spotlight on Fed and Trump policies
The yellow metal has gained 27% so far this year.
Vancouver-based Goldcorp on Wednesday reported record third-quarter net income on an adjusted, non-GAAP basis of $459 million or $0.57 per share from $244 million or $0.33 per share in the third quarter last year.
Revenues for the quarter grew 48% to $1.31 billion from $885 million in 2010 on gold sales of 571,500 ounces. Average realized gold price surged 39% over 2010 to $1,719 per ounce. Cash costs at Goldcorp now amount to $258 per ounce on a by-product basis and $551 per ounce on a co-product basis.
The world’s second most valuable gold producer reaffirmed its 2011 production guidance of between 2.50-2.55 million ounces of gold. Rains at its Penasquito mine in Mexico and forest fires at Musselwhite in Ontario forced the company to lower output targets earlier in the year.
Operating cash flow before working capital changes increased 49% over the 2010 third quarter, to $681 million or $0.84 per share The company, worth $38.5 billion in Toronto, has a cash balance of $1.5 billion with a net cash position of $614 million. The counter closed down just over 1% on Wednesday ahead of the results.
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Comments
FoodProcessorVillain
No it won’t. Overall perceptions of the markets’ health are the main driver for the price of gold at the moment. It has little to do with operations.