Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Goldcorp -- Ignore unavailable to you. Want to Upgrade?

To: NYBob1 who wrote (90)	11/11/2007 11:14:05 AM
From: NYBob1	Read Replies (2) \| Respond to of 185

Goldcorp third-quarter profit jumps 27 percent Fri Nov 9, 2007 8:38 AM EST OTTAWA (Reuters) - Goldcorp said on Friday its third-quarter profit rose 27 percent, as gold production increased at lower cash costs than industry averages. The company earned $75.8 million, or 11 cents per share, in the period ended September 30. That was up from $59.5 million, or 14 cents per share, in the year-before period when it had a lower share count. It also reaffirmed its 2007 production outlook of 2.2 million to 2.3 million ounces of gold at a total cash cost of $150 an ounce. Analysts polled by Reuters had expected, on average, a profit of 16 cents per share before exceptions. The company said a late concentrate shipment at its 37.5-percent owned Alumbrera mine in Argentina reduced earnings by 3 cents per share. Results were also hurt by storm-related power outages at its Red Lake mine in northern Ontario. A stronger Canadian dollar increased cash costs at Goldcorp's three Canadian mines, which contribute about 45 percent of quarterly gold production. Gold production rose 28 percent in the quarter to 556,200 ounces, while cash costs were $140 an ounce. The company sold gold at an average price of $685 an ounce, up from $620 an ounce in the same period in 2006, as spot prices charged to 28-year highs during the quarter. Operating cash flow was $208.6 million, up from $171.9 million in the same period last year. ($1=$0.94 Canadian)