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Monday February 26, 5:15 pm Eastern Time
Press Release
SOURCE: Goldcorp Inc.
Goldcorp Inc. - Initial dividend declared! Gold
production exceeding our projections!
Year end 2000 financial realities - (all numbers in US$)
TORONTO, Feb. 26 /PRNewswire/ - GOLDCORP INC. (TSE: G - news; NYSE: GG - news) is pleased to announce the
declaration of its initial dividend of 10 cents per share. This is possible because of the exceptionally strong performance of its Red
Lake Mine, since the start of commercial production on January 1, 2001. This dividend payment is a recognition of management's
desire to return value to Share Owners as quickly as possible. The Red Lake Mine is an extremely unique orebody, which offers
Goldcorp Share Owners a future of increasing cash flow, earnings and dividends.
In addition, the attached year-end 2000 financial statements reflect a year of transition and transformation. The steps taken at
year-end 2000 provide Goldcorp with a stronger financial foundation to pursue a profitable and expanding future.
DIVIDEND DECLARED
Goldcorp's first annual dividend of 10 cents per share will be paid semi- annually in March and in September. Share Owners of
record on March 7th will be paid a 5 cents per share dividend on March 12th. The ex-dividend date will be March 5th.
``We are particularly proud of the fact that we can provide our Share Owners with what we believe is the first new dividend
declared by a North American gold company in many years. Furthermore, we have been able to do this with a gold price
approaching 20-year lows and almost immediately after the start of commercial production at our new Red Lake Mine'', stated
Chairman and CEO Rob McEwen.
STRONG PERFORMANCE AT RED LAKE
Our new Red Lake Mine commenced commercial production on January 1, 2001. Its performance has been exceptionally strong
because the gold values (grades) mined have consistently been higher than forecast. As a result of this initial performance, it is
clear that our initial projection of 90,000 ounces for Q1, 2001 is too conservative.
New Production Targets
The revised production forecast for the Red Lake Mine in the first 6 months of 2001 is 200,000 ounces of gold at a cash
production cost of below $80 per ounce. This forecast is based on processing (milling) 110,000 tons with an average gold grade of
2.09 ounces per ton (opt) ((71.7 grams per tonne (gpt)) and a 87% recovery rate.
During the second half of 2001, we will mine at or slightly below the reserve of 1.68 opt (57.6 gpt) ore grade. Therefore, the
production forecast for the year is at least 350,000 ounces at a cash cost of less than $88 per ounce, based on milling 219,000 tons
with an average grade of 1.84 opt (63.0 gpt) and a recovery rate of 87%.
Higher gold values
Year to date, 33,668 tons have been processed (milled) at an average grade of 2.77 (opt) or 95.0 (gpt). This grade includes the
effect of the 9,000 ounce inventory adjustment from the electrowinning circuit, which we previously announced. Excluding this
inventory adjustment, the grade was 2.51 opt gold or 86.0 gpt compared to a reserve grade of 2.25 opt (77.1 gpt). From January
1st to February 22 we have poured 86,000 ounces of gold at an estimated cash cost of less than $60 per ounce.
Costs Compared to Feasibility Study
The Red Lake Mine is one of the highest-grade gold mines in the world with reserve values exceeding $450 per ton. In order to
maximize gold recovery and return to Share Owners, management has implemented stricter geological and mining controls than
originally contemplated. As a result, we are operating at higher manpower levels and consequently higher production costs per ton
than forecast in the 1998 feasibility study.
For 2001, we are forecasting production costs of approximately $138 per ton versus the feasibility numbers of $115 per ton in the
first 12 months of production and approximately $100 per ton life of mine. However, production costs per ton are expected to drop
at the rate envisaged in the feasibility study.
YEAR END FINANCIALS FOR 2000
Strong Fundamentals
At December 31, 2000, Goldcorp's financial condition was far better than
most companies in the industry because: it had no debt and it has been debt
free since 1997; and Goldcorp had $17 million in the treasury and $19 million
in working capital. It generated positive cash flow from operations of $7.5
million or $0.09 per share. With no financing requirements and its new Red
Lake Mine starting production, its cash flow, earnings and treasury are
expected to grow quickly.
Unusual Events
Earnings from operations were essentially a breakeven, before asset writedowns (at the Wharf and Saskatchewan Minerals),
strike settlement (at Red Lake) and plant closure and severance costs (at Saskatchewan Minerals). As a result of these unusual
and non-recurring events, Goldcorp recorded a loss of $19.3 million or $0.24 per share during 2000.
Leading the Industry
The asset value of the Wharf Mine was reduced by $7.8 million, to realistically reflect the current market conditions. Goldcorp is
the only North America producer to drop to a lower gold price assumption of US$275 per ounce to estimate its reserves. In
addition, provisions for future reclamation costs on the Wharf Mine were increased by $6.5 million.
2000 Fourth Quarter Report
(All amounts in this news release are expressed in United States dollars,
unless otherwise indicated.)
Financial Results
-----------------
Three months Twelve months
ended December 31, ended December 31,
----------------- ------------------
2000 1999 2000 1999
-------- ------- -------- --------
(in millions of U.S. dollars, except per share and ounce amounts)
Revenues $ 25.7 $ 12.6 $ 61.3 $ 51.7
Earnings (loss) from operations (15.9) 0.4 (27.0) 2.1
Earnings (loss) from operations
before writedowns and strike
settlement 4.8 0.4 (0.3) 2.1
Earnings (loss) (13.6) 8.9 (19.3) 10.6
Earnings (loss) per share
(fully diluted) (0.17) 0.11 (0.24) 0.14
Cash flow (deficiency) from
operations 8.7 (2.2) 7.5 1.9
Cash flow (deficiency) from
operations per share
(fully diluted) 0.11 (0.03) 0.09 0.02
Gold sales (ounces) 82,300 22,726 176,008 106,602
Average realized gold price per
ounce $ 274 $ 304 $ 278 $ 278
As at As at
December 31, December 31,
Liquidity and Capital Resources 2000 1999
------------ ------------
(in millions of U.S. dollars)
Cash and short-term investments $ 17.2 $ 46.8
Working capital 19.2 55.8
Gold Hedging nil nil
Debt nil nil
Operational Highlights
----------------------
Red Lake
Three months ended Twelve months ended
December 31, December 31,
2000 2000
---- ----
Tons of ore mined (000's) 38 93
Tons of ore milled (000's) 49 74
Average mill head grade (ounces per ton) 1.550 1.571
Average recovery rate (%) 85.90% 86.70%
Gold production (ounces) 58,909 85,115
Ounces of gold sold (ounces) 59,100 82,850
Since production commenced in August 2000, the Red Lake Mine has produced 85,000 ounces of gold. During the 4th Quarter,
the Red Lake Mine contributed cash flow from operations of $8.2 million on the sale of 59,100 ounces.
Wharf Mine
Three months ended Twelve months ended
December 31, December 31,
2000 1999 2000 1999
-------- ------ ------- ---------
Tons of ore mined (000's) 1,044 896 4,108 4,071
Tons of waste removed (000's) 1,700 1,466 6,917 7,928
Ratio of waste to ore 1.63:1 1.64:1 1.68:1 1.95:1
Tons of ore processed (000's) 1,088 972 4,161 4,144
Average grade of gold processed
(ounces per ton) 0.032 0.030 0.031 0.033
Gold production (ounces) 23,165 24,086 93,814 107,221
Operating cost per ounce
Cash production cost $ 190 $ 190 $ 207 $ 186
Royalties and severance taxes 14 12 16 18
------ ------ ------ ------
Total cash cost 204 202 223 204
Non-cash costs 18 15 18 16
------ ------ ------ ------
Total operating cost $ 222 $ 217 $ 241 $ 220
------ ------ ------ ------
------ ------ ------ ------
Due to the sustained decline in gold prices, a writedown of $14.3 million, or $0.18 per share, was recorded on the Wharf
operations in the 4th quarter of 2000. The carrying value of Wharf's mining interests was reduced by $7.8 million and an increase
in its reclamation liability of $6.5 million was recorded.
Saskatchewan Minerals
Three months ended Twelve months ended
December 31, December 31,
2000 1999 2000 1999
-------- ------- ------- -------
(in millions of U.S. dollars)
Revenues $ 3.1 $ 3.4 12.1 $ 12.9
Operating profit (loss) (5.8) 0.7 (4.8) 2.4
Operating profit (loss) before
writedown 0.6 0.7 1.6 2.4
Operating cash flow 0.7 0.8 2.1 3.0
In the 4th quarter of 2000, due to higher operating costs resulting from increased gas prices, Saskatchewan Minerals' Ingebrigt
plant was closed and a writedown of $6.4 million, or $0.08 per share, was recorded. The writedown consisted of closure costs of
$2.4 million and a $4.0 million reduction in the carrying value of the plant's assets.
Forward-Looking Statements
This press release includes certain ``Forward-Looking Statements'' within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of
Goldcorp Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ materially from Goldcorp expectations are disclosed under
the heading ``Risk Factors'' and elsewhere in Goldcorp documents filed from time to time with the Toronto Stock Exchange, The
United States Securities and Exchange Commission and other regulatory authorities.
Goldcorp is a North American based gold producer. In addition to its rich, high-grade Red Lake Mine, Goldcorp owns a gold mine
located in South Dakota and one industrial mineral operation in Saskatchewan.
Financial Information
Attached are the Consolidated Financial Statements of Goldcorp Inc. for the three and twelve months ended December 31, 2000.
Corporate Office: Transfer Agent and Registrar:
145 King Street West Montreal Trust Company of Canada
Suite 2700 151 Front Street West
Toronto, Ontario Suite 800
Canada M5H 1J8 Toronto, Ontario
Telephone: (416) 865-0326 Canada M5J 2N1
Facsimile: (416) 361-5741 Telephone: (416) 981-9500
General enquires: (800) 813-1412 Facsimile: (416) 981-9800
(Canada and United States) Enquiries regarding shares, lost
certificates, change of address and
other matters: (800) 663-9097
email: info@goldcorp.com
website: www.goldcorp.com
GOLDCORP INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets
(in thousands of United States dollars)
As at As at
December 31, December 31,
2000 1999
--------- ---------
Assets
Current assets
Cash and short-term investments $ 17,175 $ 46,847
Gold bullion inventory 1,049 601
Accounts receivable 4,549 5,658
Income taxes receivable - 1,079
Marketable securities 3,879 4,696
Inventories 9,655 5,432
Future income taxes 831 803
Prepaid expenses 1,023 843
--------- ---------
38,161 65,959
Mining interests, net 123,914 107,335
Deposits for reclamation costs 4,049 5,070
Future income taxes 2,571 2,952
Other assets 1,127 376
--------- ---------
$ 169,822 $ 181,692
--------- ---------
--------- ---------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 16,582 $ 10,113
Taxes payable 2,337 -
--------- ---------
18,919 10,113
--------- ---------
Provision for reclamation costs and other
liabilities 14,727 7,254
--------- ---------
Future income taxes 9,628 17,429
--------- ---------
Shareholders' equity
Capital stock 201,834 133,909
Note receivable for capital stock (2,413) -
Contributed surplus - 5,569
Cumulative translation adjustment (6,014) (1,175)
Retained earnings (deficit) (66,859) 8,593
--------- ---------
126,548 146,896
--------- ---------
$ 169,822 $ 181,692
--------- ---------
--------- ---------
Consolidated Statements of Operations
(in thousands of United States dollars, except per share amounts)
Three months ended Twelve months ended
December 31, December 31,
2000 1999 2000 1999
-------- -------- -------- --------
Revenues
Gold bullion $ 22,642 $ 6,935 $ 49,198 $ 29,770
Industrial minerals 3,090 5,699 12,108 21,957
-------- -------- -------- --------
25,732 12,634 61,306 51,727
-------- -------- -------- --------
Expenses
Operating 14,968 10,333 47,275 41,994
Red Lake strike settlement
expense - - 5,994 -
Corporate administration 1,745 857 5,221 3,310
Depreciation, depletion and
reclamation 3,662 793 7,635 3,452
Exploration 554 237 1,424 889
Writedown of mining
interests 20,711 - 20,711 -
-------- -------- -------- --------
41,640 12,220 88,260 49,645
-------- -------- -------- --------
Earnings (loss) from
operations (15,908) 414 (26,954) 2,082
-------- -------- -------- --------
Other income (expense)
Interest and other income (32) 272 2,273 1,727
Gain (loss) on marketable
securities 896 (1,651) 1,293 (1,651)
Decrease (increase) in
provision for decline in
marketable securities (1,908) 515 (1,942) 151
Gain on sale of Havelock Lime - 11,679 - 11,679
-------- -------- -------- --------
(1,044) 10,815 1,624 11,906
-------- -------- -------- --------
Earnings (loss) before taxes (16,952) 11,229 (25,330) 13,988
Income and mining taxes
(recovery) (3,390) 2,361 (6,004) 3,383
-------- -------- -------- --------
Earnings (loss) for
the period $(13,562) $ 8,868 $(19,326) $ 10,605
-------- -------- -------- --------
-------- -------- -------- --------
Basic and fully diluted
earnings (loss) per share $ (0.17) $ 0.11 $ (0.24) $ 0.14
-------- -------- -------- --------
-------- -------- -------- --------
Weighted average number of
shares outstanding (000's) 80,535 77,991 79,079 75,409
-------- -------- -------- --------
-------- -------- -------- --------
Consolidated Statements of Retained Earnings (Deficit)
(in thousands of United States dollars)
Three months ended Twelve months ended
December 31, December 31,
2000 1999 2000 1999
-------- -------- -------- --------
Retained earnings (deficit)
at beginning of period $ 2,829 $ (105) $ 9,166 $ (1,797)
Adjustment on adoption of
liability method of accounting
for income taxes - (170) (573) (215)
-------- -------- -------- --------
Restated retained earnings
(deficit) at beginning of
period 2,829 (275) 8,593 (2,012)
Adjustment on amalgamation
with CSA Management Inc. (56,276) - (56,276) -
Interest on note receivable
for capital stock 150 - 150 -
Earnings (loss) for the period (13,562) 8,868 (19,326) 10,605
-------- -------- -------- --------
Retained earnings (deficit)
at end of period $(66,859) $ 8,593 $ (66,859) $ 8,593
-------- -------- -------- --------
-------- -------- -------- --------
Consolidated Statements of Cash Flows
(in thousands of United States dollars)
Three months ended Twelve months ended
December 31, December 31,
2000 1999 2000 1999
-------- -------- -------- --------
Cash provided by (used in)
Operating activities
Earnings (loss) for the
period $(13,562) $ 8,868 $(19,326) $ 10,605
Items not affecting cash
Depreciation, depletion and
reclamation 3,662 793 7,635 3,452
Writedown of mining
interests 20,711 - 20,711 -
Loss (gain) on marketable
securities (896) 1,651 (1,293) 1,651
Increase (decrease) in
provision for decline in
value of marketable
securities 1,908 (515) 1,942 (151)
Gain on sale of Havelock
Lime - (11,679) - (11,679)
Future income taxes (3,022) 4,826 (6,435) 4,711
Other (33) (347) (432) (1,644)
-------- -------- -------- --------
8,768 3,597 2,802 6,945
Change in non-cash operating
working capital (91) (5,777) 4,663 (5,084)
-------- -------- -------- --------
Net cash provided by (used in)
operating activities 8,677 (2,180) 7,465 1,861
-------- -------- -------- --------
Investing activities
Mining interests (7,786) (12,830) (39,489) (30,297)
Purchases of marketable
securities and other assets (2,255) (1,826) (2,715) (2,334)
Proceeds from sale of
marketable securities 2,478 1,746 2,478 1,746
Proceeds on sale of Havelock
Lime - 20,588 - 20,588
Amalgamation with CSA
Management Inc. (1,271) - (1,271) -
Decrease (increase) in
reclamation deposits (1) (1,292) 1,018 (2,337)
-------- -------- -------- --------
Net cash provided by (used in)
investing activities (8,835) 6,386 (39,979) (12,634)
-------- -------- -------- --------
Financing activities
Issue of capital stock 3,277 453 3,922 47,768
-------- -------- -------- --------
Net cash provided by financing
activities 3,277 453 3,922 47,768
-------- -------- -------- --------
Effect of exchange rate changes
on cash (289) 696 (1,080) 504
-------- -------- -------- --------
Increase (decrease) in cash and
short-term investments 2,830 5,355 (29,672) 37,499
Cash and short-term investments
at beginning of period 14,345 41,492 46,847 9,348
-------- -------- -------- --------
Cash and short-term investments
at end of period $ 17,175 $ 46,847 $ 17,175 $ 46,847
-------- -------- -------- --------
-------- -------- -------- --------
SOURCE: Goldcorp Inc
Siegel hatte also exakte recht, indem er ernormes Potential bei sehr niedrigen Förderkosten voraussagte. Ein absoluter Kauf!
Gruß
Jan
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