STRATEGY.
DISCIPLINE.
EXECUTION.

CORPORATE UPDATE
November 2013
FORWARD LOOKING STATEMENTS
This presentation contains “forward-looking statements”, within the meaning of the United State...
KEY PRIORITIES

Enhanced focus on core value – only SAFE production
Mine planning and budgets – focus on high margin ounce...
OPERATING FOR EXCELLENCE
Value Creating Projects
Mine

Name of Project

Initiative

2013 FCF
Impact
(US$ MM)

Peñasquito

...
CONSISTENT STRATEGIC FOCUS
Quality
Growth
Cost
Management
Low
Political
Risk

Responsible
Mining
Practices

TOGETHER
CREAT...
PEER-LEADING BALANCE SHEET
Financial Flexibility
(US$) as at Sept. 30, 2013

$1.0B

CASH &
EQUIVALENTS

$3.0B
LIQUIDITY

$...
MANAGING IN VOLATILE GOLD MARKET

Gold Price

Our Response

+ $1500

Continue strategy;
focus on financial discipline

$14...
Q3 2013 HIGHLIGHTS
Q3 2013
GOLD PRODUCTION (moz)

C A S H C O S T S (1) $ / o z
A L L - I N S U S TA I N I N G
BY-PRODUCT
...
A L L - I N S U STA I N I N G CO ST S

Q3 2013 TOTAL $992 per oz
EXPLORATION

SUSTAINING CAPEX (g)

OPERATING COST

G&A

$...
SUCCESSFUL COST REDUCTION TAKES HOLD
Consolidated Q3 All-In Sustaining Costs Below Q2
$2,000

$ / oz

$1,500

$1,000

$500...
2013 GUIDANCE
2013
Guidance1

2013
Updated Guidance2

2.55 - 2.80

2.6 - 2.7

$1,000 - $1,100
$525 - $575
$700 - $725

$1,...
STRONG DIVIDEND TRACK RECORD
Dividend Remains Intact
Dividend as % of Operating Cash Flow1

26%

27%

26%

26%

22%
17%
12...
CASH FLOW ALLOCATION PRIORITIES

CREATING
SHAREHOLDER VALUE
Fund existing
70% growth
profile

Invest in high
return organi...
FOCUS IN LOW-RISK JURISDICTIONS

CANADA

Canada
38%
U SA

Dominican Republic
14%
D O M I NI C AN
REPUBLIC

MEXICO

Argenti...
RED LAKE, CANADA
Cornerstone Asset

• Gold production
 2013E: 475,000 – 510,000 oz

• Stable, low cost gold production
• ...
PEÑASQUITO, MEXICO
Optimizing Mexico’s Largest Gold Producer

• Gold production
 2013E: 370,000 – 390,000 oz

• Focus on ...
PUEBLO VIEJO, DOMINICAN REPUBLIC
Key Driver of Gold Production Growth

• Ramp-up to full capacity expected in
H1’14
 2013...
EXCEPTIONAL DEVELOPMENT PIPELINE
Growth in High Quality Ounces

SCOPING
FEASIBILITY
CAMINO ROJO

CONSTRUCTION
EL MORRO

PR...
CERRO NEGRO
Developing our Next Cornerstone Mine

• High grade vein systems
• Status/progress at Sept 30
 Engineering: 96...
ÉLÉONORE
Pure Gold in a Safe Jurisdiction

• Six drills conducting definition and
• On track for first gold late-2014
expl...
COCHENOUR
Extending Production in a World Class Camp

• Development plan:
 225,000 – 250,000 oz Au / annually1
 Initial ...
WHY GOLD?
12 Consecutive Years of Gold Price Growth – Gold price

383%
increase
since 2000

Geopolitical
instability

2000...
GOLDCORP ADVANTAGE

SUPERIOR
INVESTMENT PROPOSITION
QUALITY GROWTH
COST MANAGEMENT
PEER-LEADING BALANCE SHEET
RESPONSIBLE ...
APPENDIX A - 2013 MINE-BY-MINE GUIDANCE
2013
Guidance

2012
Actual

Red Lake

475,000 - 510,000

507,700

Peñasquito

370,...
APPENDIX B - 2013 SENSITIVITIES
Base Price

Change
Increments

CFPS
($/share)

By Product
Cash Costs
($/oz)

FCF
($mm)

Go...
APPENDIX C - OPERATING COST BREAKDOWN
CONSOLIDATED
5%

7%

22%

5%
2%

15%
16%
9%

8%

11%
Labour

Contractors

Fuel Costs...
APPENDIX D - GOLD MINERAL RESERVES
GOLDCORP MINERAL RESERVES
PROVEN

(as of December 31, 2012)
Ownership

GOLD

Tonnage

G...
E N D N OT ES
1. The Company has included certain non-GAAP performance measures throughout this presentation. The Company ...
E N D N OT ES
4. All Mineral Reserves and Mineral Resources have been estimated as at December 31, 2012 in accordance with...
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Goldcorp - Corporate Update Nov. 2013

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  1. 1. STRATEGY. DISCIPLINE. EXECUTION. CORPORATE UPDATE November 2013
  2. 2. FORWARD LOOKING STATEMENTS This presentation contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. (“Goldcorp”). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forwardlooking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; 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, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other risks of the mining industry, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in Goldcorp’s annual information form for the year ended December 31, 2012 available at www.sedar.com. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, 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. Goldcorp does not undertake to update any forwardlooking statements that are included in this document, except in accordance with applicable securities laws. All amounts are in U.S. dollars, unless otherwise stated. 2
  3. 3. KEY PRIORITIES Enhanced focus on core value – only SAFE production Mine planning and budgets – focus on high margin ounces Operating for Excellence – achieving operating cost reductions Capital Management – disciplined review and investment FINANCIAL DISCIPLINE 3
  4. 4. OPERATING FOR EXCELLENCE Value Creating Projects Mine Name of Project Initiative 2013 FCF Impact (US$ MM) Peñasquito Mine through mill - Ultra high-intensity blasting to improve ore fragmentation - Positive impact on shovel, truck and crusher productivity $20.0 Éléonore Ramp unit cost reduction - Replacement of contractor with Goldcorp employees & changing from electronic to pyrotechnic detonators - Decrease unit cost for 2013 development by $500/meter (-7%). $4.6 Porcupine Energy optimization - Improved load shedding and compressed air efficiencies for optimal energy usage, includes government rebate $4.2 Marlin Au & Ag recovery - Gravimetric circuit was designed and commissioned to improve the Au & Ag recovery from the slag $1.2 Crusher plant throughput - Reduced stacker relocation time with improved maintenance program has resulted in increased throughput by 8.1% vs. budget. Crusher expansion (under construction) to improve recovery from 57% (ROM) to 72% (Crusher). $2.4 Los Filos 4
  5. 5. CONSISTENT STRATEGIC FOCUS Quality Growth Cost Management Low Political Risk Responsible Mining Practices TOGETHER CREATING SUSTAINABLE VALUE Peer-Leading Balance Sheet 5
  6. 6. PEER-LEADING BALANCE SHEET Financial Flexibility (US$) as at Sept. 30, 2013 $1.0B CASH & EQUIVALENTS $3.0B LIQUIDITY $2.0B AVAILABLE DEBT FACILITY UNDRAWN STRONG INVESTMENT GRADE BALANCE SHEET1 E XC E L L E N T L I Q U I D I T Y 1 Moody’s: Baa2; S&P: BBB+; Fitch: BBB. 6
  7. 7. MANAGING IN VOLATILE GOLD MARKET Gold Price Our Response + $1500 Continue strategy; focus on financial discipline $1400 <$1200 Continue funding growth projects Reduce exploration, G&A Defer capital projects at mines Slow spending at growth projects Reconfiguration/shutdown of higher cost mines P R I C E V O L AT I L I T Y CONTINGENCY PLANNING 7
  8. 8. Q3 2013 HIGHLIGHTS Q3 2013 GOLD PRODUCTION (moz) C A S H C O S T S (1) $ / o z A L L - I N S U S TA I N I N G BY-PRODUCT CO-PRODUCT 637,100 $992 $551 $706 A D J U S T E D N E T E A R N I N G S (3) $190M A D J U S T E D O P E R AT I N G C A S H F L O W S (2) $375M A D J U S T E D E P S (3) $0.23 A D J U S T E D C A S H F L O W P E R S H A R E (2) $0.46 S T R O N G R E S U LT S I N A C H A L L E N G I N G M A R K E T 8
  9. 9. A L L - I N S U STA I N I N G CO ST S Q3 2013 TOTAL $992 per oz EXPLORATION SUSTAINING CAPEX (g) OPERATING COST G&A $317 $551 $101 $14 $9 OTHER Q2 2013 TOTAL $1,279 per oz EXPLORATION SUSTAINING CAPEX (g) OPERATING COST $495 $645 G&A $101 $19$19 IMPROVED CASH COST DISCLSOURE Non-GAAP measures presented on Goldcorp share basis 9
  10. 10. SUCCESSFUL COST REDUCTION TAKES HOLD Consolidated Q3 All-In Sustaining Costs Below Q2 $2,000 $ / oz $1,500 $1,000 $500 $- Q2 Q3 Guidance Guidance ($1,050 - $1,100/oz) O 4 E D R I V E S D O W N O P E R AT I N G C O S T S 10
  11. 11. 2013 GUIDANCE 2013 Guidance1 2013 Updated Guidance2 2.55 - 2.80 2.6 - 2.7 $1,000 - $1,100 $525 - $575 $700 - $725 $1,050 - $1,100 $550 - $575 $700 - $725 $225M $160M D E P R E C I AT I O N / o z $335 $315 TA X R AT E 29% 25% $180M $164M $2.8B $2.6B GOLD PRODUCTION (moz) CASH COSTS $/oz A L L - I N S U S TA I N I N G BY-PRODUCT CO-PRODUCT E X P L O R AT I O N E X P E N D I T U R E S C O R P O R AT E A D M I N I S T R AT I O N C A P I TA L E X P E N D I T U R E S 1 2013 price assumptions: Au=$1,600/oz, Ag=$30.00/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb price assumptions: Au=$1,300/oz, Ag=$22.00/oz, Cu=$3.00/lb, Zn=$1.00/lb, Pb=$1.00/lb 2 2013 updated 11
  12. 12. STRONG DIVIDEND TRACK RECORD Dividend Remains Intact Dividend as % of Operating Cash Flow1 26% 27% 26% 26% 22% 17% 12% 8% 5% 0% 0% KGC ABX AUY 2013E NEM GG 2014E H I G H E S T % O F O P E R AT I N G C A S H F L O W R E T U R N E D 1 Source: Bloomberg consensus (as of Nov. 4, 2013) 12
  13. 13. CASH FLOW ALLOCATION PRIORITIES CREATING SHAREHOLDER VALUE Fund existing 70% growth profile Invest in high return organic growth Flexibility for selective M&A Regular dividend growth 13
  14. 14. FOCUS IN LOW-RISK JURISDICTIONS CANADA Canada 38% U SA Dominican Republic 14% D O M I NI C AN REPUBLIC MEXICO Argentina 5% GUATEMALA 2013E GOLD PRODUCTION Guatemala 7% Operating Mines Development Projects US 6% Mexico 30% CHILE ARGENTINA 14
  15. 15. RED LAKE, CANADA Cornerstone Asset • Gold production  2013E: 475,000 – 510,000 oz • Stable, low cost gold production • Single de-stress slot at the 46/47 level underway • Positive exploration results  NXT Zone – test and extend  Focus on newly discovered structure off of 4699 ramp at the High Grade Zone 15
  16. 16. PEÑASQUITO, MEXICO Optimizing Mexico’s Largest Gold Producer • Gold production  2013E: 370,000 – 390,000 oz • Focus on efficiencies & cost reductions • Northern Well Field project on track • Further studies on tailings efficiency and potential to source effluent water underway • District potential opportunities 16
  17. 17. PUEBLO VIEJO, DOMINICAN REPUBLIC Key Driver of Gold Production Growth • Ramp-up to full capacity expected in H1’14  2013E: 330,000 – 435,000 oz • Dual fuel power plant essentially • Definitive Agreement ratified • Annual output 415,000 to 450,000 ounces per year in first five years • Life of mine +25 years complete 17
  18. 18. EXCEPTIONAL DEVELOPMENT PIPELINE Growth in High Quality Ounces SCOPING FEASIBILITY CAMINO ROJO CONSTRUCTION EL MORRO PRODUCTION CERRO NEGRO (2014) PUEBLO VIEJO (2012) ÉLÉONORE (2014) LOS FILOS (2008) AGUA RICA HOLLINGER (2014) PEÑASQUITO (2010) PEÑASQUITO UG COCHENOUR (2015) MARLIN (2006) RED LAKE & OTHER OPERATING MINES* * PORCUPINE, MUSSELWHITE, EL SAUZAL, ALUMBRERA, MARIGOLD, WHARF 18
  19. 19. CERRO NEGRO Developing our Next Cornerstone Mine • High grade vein systems • Status/progress at Sept 30  Engineering: 96% complete • Outstanding reserve growth potential  Overall EPCM: 66% complete • Revised Schedule & Capital Cost Estimate • Development & construction advancing  First gold now expected mid-2014  Initial Capital ~$1.6B to $1.8B  Ore stockpile of ~157,500 tonnes 19
  20. 20. ÉLÉONORE Pure Gold in a Safe Jurisdiction • Six drills conducting definition and • On track for first gold late-2014 exploration drilling • Exploration ramp extended over 3,600m • Development plan: • Production shaft advanced to a depth of 525m 1 Upon  Upper/lower mine concept; 7ktpd  600,000 oz Au/annually1 ramp-up to full capacity 20
  21. 21. COCHENOUR Extending Production in a World Class Camp • Development plan:  225,000 – 250,000 oz Au / annually1  Initial capital expenditure: $540M  First production 1H’15 • Shaft widening advancing 1 Upon • Haulage drift 80% complete • Two underground drills exploring from the haulage drift • Focusing on integrating with Red Lake operations ramp-up to full capacity 21
  22. 22. WHY GOLD? 12 Consecutive Years of Gold Price Growth – Gold price 383% increase since 2000 Geopolitical instability 2000 Central bank buying Safe haven/ asset class Currency protection Inflation hedge Stable investment demand Flat mine supply China factor Growing physical demand Nov. 4’13 Continued debasement of international currencies Dec. 31, 2000 – Nov. 4, 2013 22
  23. 23. GOLDCORP ADVANTAGE SUPERIOR INVESTMENT PROPOSITION QUALITY GROWTH COST MANAGEMENT PEER-LEADING BALANCE SHEET RESPONSIBLE MINING PRACTICES LOW POLITICAL RISK 23
  24. 24. APPENDIX A - 2013 MINE-BY-MINE GUIDANCE 2013 Guidance 2012 Actual Red Lake 475,000 - 510,000 507,700 Peñasquito 370,000 - 390,000 411,300 Los Filos 340,000 - 350,000 340,400 Pueblo Viejo (40.0%) 330,000 - 435,000 44,700 Porcupine 270,000 - 280,000 262,800 Musselwhite 250,000 - 260,000 239,200 Marlin 185,000 - 200,000 207,300 Alumbrera (37.5%) 120,000 - 125,000 136,600 95,000 - 100,000 96,300 El Sauzal 70,000 - 80,000 81,800 Wharf 55,000 - 60,000 68,100 2,600,000 – 2,700,000 2,396,200 Marigold (66.7%) To t a l 24
  25. 25. APPENDIX B - 2013 SENSITIVITIES Base Price Change Increments CFPS ($/share) By Product Cash Costs ($/oz) FCF ($mm) Gold Price ($/oz) $1,600 $100 $0.25 $1 $205 Silver Price ($/oz) $30.00 $3.00 $0.06 $27 $52 Copper Price ($/lb) $3.50 $0.50 $0.04 $17 $32 Zinc Price ($/lb) $0.90 $0.10 $0.03 $11 $21 Lead Price ($/lb) $0.90 $0.10 $0.01 $5 $10 Canadian Dollars 1.00 10% $0.05 $19 $152 Mexican Peso 12.75 10% $0.04 $15 $39 $100.00 10% $0.02 $9 $16 $0.09 10% $0.02 $11 $20 Diesel ($/barrel) Electricity ($/kWh) 25
  26. 26. APPENDIX C - OPERATING COST BREAKDOWN CONSOLIDATED 5% 7% 22% 5% 2% 15% 16% 9% 8% 11% Labour Contractors Fuel Costs Power Maintenance Parts CANADA / USA 3% 2% 6% Consumables Tires Explosives MEXICO 4% 4% 7% 11% 11% 13% 17% 4% 4% 3% 18% 2% 9% 15% 18% 8% Others CSA 6% 38% Site Costs 8% 10% 5% 6% 17% 10% 11% 12% 18% 26
  27. 27. APPENDIX D - GOLD MINERAL RESERVES GOLDCORP MINERAL RESERVES PROVEN (as of December 31, 2012) Ownership GOLD Tonnage Grade PROBABLE Contained Tonnage Grade PROVEN & PROBABLE Contained Tonnage Grade Contained mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz 78.75 0.36 0.91 2.51 0.23 0.02 81.26 0.36 0.93 66.76 0.76 1.63 66.76 0.76 1.63 - - - - 18.91 9.43 5.74 Alumbrera 37.5% Camino Rojo 100.0% - - Cerro Blanco Cerro Negro Cochenour Dee 100.0% - - 11.08 0.01 100.0% - - 40.0% 0.56 100.0% El Morro 70.0% El Sauzal Los Filos 100.0% Marigold 66.7% Marlin 9.43 5.72 - - - - - 20.42 1.44 0.95 20.42 1.44 0.95 4.24 215.56 0.36 2.49 449.51 0.47 6.73 4.42 100.0% 18.87 1.52 0.22 100.0% Eleonore 0.04 233.95 - - 12.48 7.56 3.03 12.48 7.56 3.03 72.61 0.96 2.25 224.10 0.72 5.18 296.71 0.78 7.43 23.37 0.68 0.51 173.06 0.50 2.77 196.43 0.52 3.28 100.0% 3.52 3.37 0.38 3.91 4.91 0.62 7.44 4.18 1.00 Musselwhite 100.0% 5.26 6.79 1.15 5.97 5.94 1.14 11.23 6.34 2.29 Noche Buena 100.0% - - - - - - Penasquito Heap Leach 100.0% 32.34 0.15 0.16 87.41 0.13 0.36 119.75 0.13 0.52 Penasquito Mill Porcupine Pueblo Viejo Red Lake 100.0% 577.90 0.55 10.27 484.71 0.31 4.90 1,062.60 0.44 15.17 100.0% 27.79 1.57 1.40 80.98 1.13 2.94 108.78 1.24 4.35 40.0% 13.88 3.49 1.56 96.06 2.74 8.45 109.94 2.83 10.01 100.0% 2.00 11.85 0.76 8.49 9.04 2.47 10.48 9.57 3.23 San Nicolas 21.0% - - - - - - Wharf 100.0% 0.81 0.27 0.31 22.12 0.82 0.58 Totals 1. 10.32 23.87 11.80 0.82 42.99 67.08 Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,350 per ounce of gold, $24 per ounce of silver, $3.00 per pound of copper, $0.80 per pound of lead, and $0.85 per pound of zinc, unless otherwise stated below: 1. Alumbrera $1,400/oz gold and $3.20/lb copper 2. Pueblo Viejo, Dee $1,500/oz gold, $28/oz silver, $3.00/lb copper 27
  28. 28. E N D N OT ES 1. The Company has included certain non-GAAP performance measures throughout this presentation. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s operating and economic performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are 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. The Company calculates its non-GAAP performance measures on an attributable basis. Attributable performance measures include the Company’s mining operations and projects, and the Company’s share from Alumbrera and Pueblo Viejo. The Company believes that disclosing certain performance measures on an attributable basis is a more relevant measurement of the Company’s operating and economic performance, and reflects the Company’s view of its core mining operations. By-product cash costs incorporate Goldcorp’s share of all production costs, adjusted for changes in estimates at the Company’s closed mines which are non-cash in nature, and include Goldcorp’s share of by-product credits, and treatment and refining charges included within revenue. Additionally, cash costs are adjusted for realized gains and losses arising on the Company’s commodity and foreign currency contracts which the Company enters into to mitigate the Company’s exposure to fluctuations in by-product metal prices, heating oil prices and foreign exchange rates, which may impact the Company’s operating costs. In addition to conventional measures, the Company uses total cash costs, by product and co-product, per gold ounce, to monitor its operating cash costs internally and believes these measure provide investors and analysts with useful information about the Company’s underlying cash costs of operating and the impact of by-product revenues on the Company’s cost structure. The Company reports total cash costs on a gold ounces sold basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of suppliers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by gold mining companies. The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted an all-in sustaining cost performance measure; however, this performance measure has no standardized meaning. Effective June 30, 2013, the Company has conformed its all-in sustaining definition to the measure as set out in the guidance note released by the World Gold Council on June 27, 2013 and which is expected to be effective from January 1, 2014. The comparative periods have been restated accordingly. All-in sustaining costs include total production cash costs incurred at the Company’s mining operations, which forms the basis of the Company’s by-product cash costs. Additionally, the Company includes sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs, and reclamation cost accretion. The Company believes that this measure represents the total costs of producing gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company’s operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included. Certain other cash expenditures, including tax payments, dividends and financing costs are also not included. The Company reports this measure on a gold ounces sold basis. Production costs in 2013 are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metals prices of $1,600 per ounce of gold, $30 per ounce of silver, $3.50 per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc, rather than realized sales prices. 2. Adjusted operating cash flows and adjusted operating cash flow per share is a non-GAAP measure which the Company believes provides additional information about the Company’s ability to generate cash flows from its mining operations. 3. Adjusted net earnings and adjusted net earnings per share are non-GAAP performance measures. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. 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. 28
  29. 29. E N D N OT ES 4. All Mineral Reserves and Mineral Resources have been estimated as at December 31, 2012 in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 (“NI 43-101”), or the AusIMM JORC equivalent. These estimates, as well as all other scientific and technical information relating to Goldcorp’s mineral properties contained herein, have been prepared by employees of Goldcorp, its joint venture partners or its joint venture operating companies, as applicable, and have been reviewed and approved by Maryse Belanger, P. Geo., Senior Vice-President, Technical Services of Goldcorp, a “qualified person” for the purposes of NI 43-101. These estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore. Goldcorp’s normal data verification procedures have been employed in connection with these estimates. For a breakdown of Mineral Reserves and Mineral Resources by category and for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Mineral Reserves and Mineral Resources, please refer to Goldcorp’s most recently filed Annual Information Form/ Form 40-F filed with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. 5. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Goldcorp’s Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. 6. Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature. Refer to page 38 of the Q3 2013 MD&A for a reconciliation of sustaining capital expenditures. 29
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