Goldcorp

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#1 Wed, Jun 15, 2011 - 7:50am
infinite_easing
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Goldcorp

While most of the interest is on the juniors and explorers, Goldcorp is a sound major that is printing money like a bernank.

Moody's just gave them a currency upgrade:

The following is a press release from Moody's Investors Service:

New York, June 14, 2011 -- Moody's Investors Service upgraded Goldcorp Inc's foreign currency issuer rating to Baa2 from Baa3. The outlook is stable.

RATINGS RATIONALE

The upgrade to Baa2 reflects Goldcorp's stronger production profile following the completion and ramp up of the Penasquito gold/silver mine in Mexico and improvement at other key mines such as Red Lake as well as the company's ability to continue to achieve very competitive production costs. This profile will continue to support stronger debt protection metrics, which we believe are sustainable even if gold prices correct from present robust levels. At current gold and silver prices this operating profile will also provide solid margins and cash flow in 2011 and provide a good base for ongoing strategic investments.

The Baa2 rating reflects Goldcorp's multiple mine, metals (gold and silver predominate), and geographic diversity, as well as the politically stable locations of the company's operations. In addition, the rating acknowledges the company's strengthening reserve profile (60.1 million ounces of gold at year end 2010), competitive cost position (aided by substantial by-product credits), and ability to generate solid operating cash flow. Lastly, the company's debt-light capital structure provides it with financial flexibility to pursue its aggressive growth profile while maintaining appropriate leverage for its rating even should gold prices retreat to around the $1,000/oz level.

At the same time, the rating considers the investment requirements ($1.8 billion planned capex in 2011) associated with Goldcorp's strategic growth objective, which is to increase gold production by over 60% to 4.0 million ounces (from the current 2.5 million ounces) by 2015, principally from organic growth from its project pipeline, including key projects such as Pueblo Viejo, expected start-up 2012, Cerro Negro expected start-up in 2013, Cochenour, expected start-up late 2014, and Eleonore, expected start-up late 2014. In addition, we expect cost upward cost pressure to continue industry wide and note that Goldcorp's earnings remain exposed to volatility in the Canadian Dollar and Mexican Peso given the high labor component in the company's cost structure (specifically at the company's Penasquito mine)

The stable outlook reflects Moody's expectation that the company will, over the next 12 to 18 months, continue to generate solid operating cash flow, prudently manage its investment decisions relative to anticipated levels of cash flow, and maintain a conservative capital structure and healthy liquidity position.

Given the company's extensive capital investment requirements over the next several years, along with Moody's expectation for a pullback in gold and silver prices, an upgrade is unlikely over the next 12 to 15 months.

However, should Goldcorp continue to progress toward its growth targets while at the same time maintaining free cash flow to debt of greater than 12% and debt to EBITDA of less than 1.50x on a sustainable basis, an upgrade could be considered.

A downgrade could be considered should operating performance deteriorate to the point that debt to EBITDA exceeds 2.75x, CFO minus dividends to debt falls short of 20%, capital expenditure requirements lead to a persistently negative ratio of free cash flow to debt, or liquidity contracts substantially.

Upgrades:

.Issuer: Goldcorp Inc.

... Issuer Rating, Upgraded to Baa2 from Baa3

Incorporated in Ontario and headquartered in Vancouver, British Columbia, Goldcorp is primarily a gold and silver producer with 2010 gold sales of approximately 2.5 million ounces and gold reserves of approximately 60 million ounces. The company's operating assets (as of year-end 2010) include three gold mines in Canada (Red Lake, Porcupine and Musselwhite), three mines in Mexico (Penasquito, Los Filos and El Sauzal), the Marlin mine in Guatemala, the Marigold mine (67% interest) and Wharf mine in the United States, and the Alumbrera mine (37.5% interest) in Argentina.

The company's pipeline of projects include the Eleonore and Cochenour gold projects in Canada, the Cerro Negro project in Argentina, the El Morro project in Chile and the Pueblo Viejo project (40% interest) in the Dominican Republic. In 2010, Goldcorp generated $3.8 billion of revenues and $2.0 billion of EBITDA.

Edited by: infinite_easing on Nov 8, 2014 - 5:20am
Wed, Jun 15, 2011 - 8:29am
jmmergott
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RGLD

GG has been kicking ass and taking names recently and i must say it has not gone unnoticed (to me at least) one i believe has though is Royal gold. If you haven't looked at a long term chart of RGLD recently you should. It's one of those companies that people dont notice as much. Looks like it may soon break out of a decade long trend channel. this thing will reach 100 before GG NEM or ABX I guarantee it. Thanks for the post on the upgrade, I hadn't heard it yet.

Wed, Jun 15, 2011 - 10:34am
So Cal Steve
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GG / RGLD

I'm in agreement with comments above.... Both GG and RGLD are in great shape to see tremendous growth the next 2-3 years. Anyone looking to add a gold miner / royalty streamer or two to the portfolio should put these on the list to research. They're in my core holdings and will stay there. 

Thu, Jun 16, 2011 - 7:06pm
TheGoodDoctor
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Silver

The great thing about GG is they are already ahead of the curve with some of the larger miners in that they have a huge amount of silver reserves. 1.4 billion oz. ABX (Barrick) is another. With rising silver prices GG is set to make steady gains from its silver reserves as well. I don't own it right now but it is on my list.

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Thu, Jun 16, 2011 - 10:28pm
wrs
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I bought GG in 2002

I first bought it for $9 and waited for it to get to $18. I sold half and picked it back up at $11. I have traded in and out of it all the way up. I have about 1500 shares of it now at an average price of $28. I sold 500 at $55 and then started buying back in at $50 so I am not happy with what is going on there. I didn't see it going down to $46 again. 

I did the same last fall, I sold it for $48 and bought back in at $45 and it dropped to $40 but then it went up to $55. So this time I expect it to get to at least $60 before it pulls back again.

Thu, Jun 30, 2011 - 10:34pm
infinite_easing
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Goldcorp To Release 2011 Second Quarter Results On July 27

June 27, 2011
VANCOUVER, BRITISH COLUMBIA – GOLDCORP INC. (TSX: G, NYSE: GG) will release second quarter results after market close on Wednesday, July 27, 2011.

A conference call will be held Thursday, July 28 at 10:00 a.m. (PT) to discuss the results. Participants may join the call by dialing toll free 800-355-4959 or 416-695-6617 for calls outside Canada and the U.S. A recorded playback of the call will be available until August 28th by dialing 800-408-3053 or 905-694-9451 for calls outside Canada and the US. Conference ID#: 8153144.

More at: https://www.goldcorp.com/news/goldcorp/index.php?&content_id=878

Tue, Jul 5, 2011 - 5:43pm
wrs
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Up nearly $2 today or 4%,

Up nearly $2 today or 4%, pretty good action.

Mon, Aug 22, 2011 - 11:01pm
infinite_easing
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keep your eyes on this

keep your eyes on this beauty; Goldcorp will be reporting a truly awesome quarter in the fall. I am expecting a top around $62 based on what I see today.

Mon, Aug 29, 2011 - 10:02pm
infinite_easing
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2nd Q 2011 Report

The July 27 report starts:

VANCOUVER, BRITISH COLUMBIA, July 27, 2011 – GOLDCORP INC. (TSX: G, NYSE: GG) today reported operating cash flows before working capital changes1 of $717 million for the second quarter of 2011 based on gold production of 597,100 ounces at a total cash cost2 of $185 per ounce. Adjusted net earnings from continuing operations3 in the quarter increased to $420 million, or $0.52 per share, compared to $199 million, or $0.27 per share, in the second quarter of 2010. Reported net earnings from continuing operations were $489 million compared to $524 million in the second quarter of 2010.

https://www.goldcorp.com/_resources/news_releases/nr_2011_07_27.pdf

Revenues increased 62% over the 2010 second quarter, to $1.3 billion, on gold sales of 606,400 ounces. With the ramp in spot prices, Godlcorp's third quarter will be stellar.

Mon, Aug 29, 2011 - 10:49pm (Reply to #9)
TheGoodDoctor
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How much silver produced?

How much silver produced? They have a billion oz in the ground! laugh

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Tue, Aug 30, 2011 - 8:39pm
infinite_easing
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here's the list of proven and probable

GOLDCORP
MINEABLE RESERVES
PROVEN  PROBABLE  PROVEN & PROBABLE 
As of December 31, 2010 Tonnage  Grade  Contained  Tonnage  Grade  Contained  Tonnage  Grade  Contained 
GOLD  mt  g Au/t  m oz  mt  g Au/t  m oz  mt  g Au/t  m oz 
Alumbrera  37.5% 103.88 0.39 1.30 2.63 0.28 0.02 106.50 0.39 1.33
Camino Rojo  100.0% - - - - - - - - -
Cerro Blanco  100.0% - - - - - - - - -
Cerro Negro  100.0% - - - 7.14 9.03 2.07 7.14 9.03 2.07
Cochenour  100.0% - - - - - - - - -
Dee  40.0% - - - 16.55 1.74 0.93 16.55 1.74 0.93
El Morro  70.0% 168.01 0.59 3.18 203.77 0.39 2.54 371.79 0.48 5.72
El Sauzal  100.0% 2.26 1.30 0.09 3.53 1.59 0.18 5.79 1.48 0.27
Eleonore  100.0% - - - 12.48 7.56 3.03 12.48 7.56 3.03
Los Filos  100.0% 62.70 0.72 1.45 185.90 0.67 4.03 248.60 0.68 5.47
Marigold  66.7% 16.96 0.64 0.35 69.85 0.53 1.20 86.81 0.56 1.55
Marlin  100.0% 4.58 5.08 0.75 4.63 5.25 0.78 9.21 5.17 1.53
Musselwhite  100.0% 4.12 6.01 0.80 6.42 6.39 1.32 10.54 6.24 2.12
Noche Buena  100.0% - - - - - - - - -
Penasquito Heap Leach  100.0% 18.69 0.23 0.14 49.11 0.17 0.26 67.80 0.18 0.40
Penasquito Mill  100.0% 719.99 0.51 11.88 701.42 0.28 6.29 1,421.41 0.40 18.17
Porcupine  100.0% 28.30 1.37 1.24 48.29 1.32 2.04 76.59 1.33 3.29
Pueblo Viejo  40.0% 5.36 3.32 0.57 96.50 2.87 8.89 101.86 2.89 9.46
Red Lake  100.0% 2.08 16.54 1.10 7.86 11.92 3.01 9.93 12.89 4.12
San Nicolas  21.0% - - - - - - - - -
Wharf  100.0% 13.86 0.85 0.38 7.80 0.91 0.23 21.66 0.87 0.60
Totals  23.23 36.83 60.06
Cerro Negro* 100%   13.00 10.19 4.26 13.00 10.19 4.26
Totals  23.23 39.02 62.25
SILVER mt  g Ag/t  m oz  mt  g Ag/t  m oz  mt  g Ag/t  m oz 
Camino Rojo 100.0% - - - - - - - - -
Cerro Blanco 100.0% - - - - - - - - -
Cerro Negro  100.0% - - - 7.14 89.3 20.50 7.14 89.3 20.50
Dee  40.0% - - - 16.55 8.3 4.39 16.55 8.3 4.39
Los Filos  100.0% 62.70 4.4 8.87 185.90 5.4 32.11 248.60 5.1 40.97
Marlin  100.0% 4.58 137.0 20.16 4.63 269.4 40.13 9.21 203.6 60.29
Noche Buena 100.0% - - - - - - - - -
Penasquito Heap Leach  100.0% 18.69 20.1 12.07 49.11 15.5 24.48 67.80 16.8 36.55
Penasquito Mill  100.0% 719.99 27.0 625.69 701.42 19.6 443.03 1,421.41 23.4 1,068.72
Pueblo Viejo  40.0% 5.36 21.9 3.78 96.50 17.8 55.14 101.86 18.0 58.92
San Nicolas  21.0% - - - - - - - - -
Wharf 100.0% 13.86 5.5 2.47 7.80 4.5 1.13 21.66 5.2 3.60
Totals 673.0 620.9 1,293.9
*Cerro Negro 100% 13.00 86.30 36.16 13.00 86.30 36.16
Totals 673.0 636.6 1309.6
COPPER mt  % Cu  m lbs Cu  mt  % Cu  m lbs Cu  mt  % Cu  m lbs Cu 
Alumbrera  37.5% 103.88 0.39% 893 2.63 0.32% 19 106.50 0.39% 912
El Morro  70.0% 168.01 0.57% 2,108 203.77 0.48% 2,174 371.79 0.52% 4,282
Pueblo Viejo  40.0% 5.36 0.12% 14 96.50 0.09% 199 101.86 0.09% 213
San Nicolas  21.0% - 0.00% - - 0.00% - - 0.00% -
Totals 3,015 2,391 5,406
LEAD mt  % Pb  m lbs Pb  mt  % Pb  m lbs Pb  mt  % Pb  m lbs Pb 
Penasquito Mill  100.0% 719.99 0.27% 4,303 701.42 0.19% 2,972 1,421.41 0.25% 7,275
Camino Rojo  100.0% - - - - - - - - -
Totals 4,303 2,972 7,275
ZINC mt  % Zn  m lbs Zn  mt  % Zn  m lbs Zn  mt  % Zn  m lbs Zn 
Penasquito Mill  100.0% 719.99 0.65% 10,376 701.42 0.47% 7,198 1,421.41 0.57% 17,575
Camino Rojo  100.0% - - - - - - - - -
San Nicolas 21.0% - - - - - - - -

so, yeah they have a lot of silver

Tue, Aug 30, 2011 - 8:41pm
infinite_easing
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much more data available

much more data available here: https://www.goldcorp.com/investors/reserves_resources/

as at December 2010.

Tue, Aug 30, 2011 - 8:42pm
infinite_easing
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much more data available

much more data available here: https://www.goldcorp.com/investors/reserves_resources/

as at December 2010.

Tue, Aug 30, 2011 - 8:43pm
infinite_easing
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servers stressed? anyway,

servers stressed? anyway, sorry for the double post.

Thu, Sep 8, 2011 - 11:42pm
infinite_easing
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new high today

CDN $55.40 -- it has closed over 54 the last three days.

Thu, Sep 15, 2011 - 10:54pm
infinite_easing
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TSX:G;NYSE:GG -- the

TSX:G;NYSE:GG -- the company will release third quarter results after market close on Wednesday, October 26th, 2011. Should be good considering prices over last quarter.

Also has declared ninth monthly dividend payment for 2011 of $0.034 per share. Shareholders of record at the close of business on Friday, September 16, 2011 will be entitled to receive payment of this dividend on Friday, September 23, 2011.

Thu, Sep 15, 2011 - 10:57pm
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Lots of GG calls

It's gonna' bust wide open one of these days soon. I can feel it.

An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246

Mon, Sep 19, 2011 - 11:40pm
infinite_easing
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Pippa Malmgren analysis

Pippa issued an article September 13 that makes a strong case for Germany transitioning away from the euro and back to the D-Mark. See her analysis and explanation here: https://pippamalmgren.com/77.html

She makes it clear that a move in that direction would have major implications for a strong rise in hard assets, including gold and minable assets.

Fri, Oct 28, 2011 - 11:33pm
infinite_easing
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Goldcorp Third Q Results

As expected, Goldcorp has logged a very solid third quarter. Here's an excerpt from the report:

VANCOUVER, Oct. 26, 2011 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) today reported record adjusted net earnings1 in the quarter increased to $459 million, or $0.57 per share, compared to $244 million, or $0.33 per share, in the third quarter of 2010. Net earnings were $336 million compared to $721 million in the third quarter of 2010. Operating cash flows before working capital changes were $681 million for the third quarter of 2011 based on gold production of 592,100 ounces at a total cash cost of $258 per ounce.

Third Quarter 2011 Highlights

•Revenues increased 48% over the 2010 third quarter, to $1.3 billion, on gold sales of 571,500 ounces.
•Operating cash flow before working capital changes increased 49% over the 2010 third quarter, to $681 million or $0.84 per share.
•Adjusted net earnings increased 88% over the 2010 third quarter, to $459 million or $0.57 per share.
•Average realized gold price increased 39% over the 2010 third quarter, to $1,719 per ounce.
•Cash costs totaled $258 per ounce on a by-product basis and $551 per ounce on a co-product basis.
•Free cash flow generated during the quarter amounted to $224 million5.
•Dividends paid amounted to $82 million.
•Quarter-end cash balance of $1.5 billion; net cash position of $614 million6.
•Peñasquito achieves record average throughput of 102,000 tonnes per day in September.


more here: https://www.goldcorp.com/Investor-Resources/News/News-Details/2011/Goldcorp-Achieves-Record-Adjusted-Earnings-in-Third-Quarter1127070/default.aspx

Mon, Oct 31, 2011 - 10:50pm
infinite_easing
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G Sees Higher 4Q Gold Output; Soon To Be Major Silver Producer

Goldcorp CEO Sees Higher 4Q Gold Output; Company Soon To Be Major Silver Producer

couple a four things off the top:

1. Goldcorp expects to increase its gold production in the fourth quarter as output continues to ramp up at its still-new Penasquito mine in Mexico, production in Guatemala remains strong and mining at Red Lake in Canada starts shifting back away from lower-ore-grade areas...

2. Penasquito is also projected to provide so much silver output that by next year, Goldcorp may well be one of the world’s top few silver-producing companies...

3. Goldcorp’s by-product mining output of silver already is up sharply from a year ago. Third-quarter production was 6,494,300 ounces, compared to 2,941,200 in the year-ago period.

4. Goldcorp anticipates having annual gold output of some 4 million ounces by 2015, which would be roughly 60% growth from the projected output this year...

more here:
https://www.kitco.com/reports/KitcoNews20111031AS_goldcorp.html

Mon, Oct 31, 2011 - 11:56pm
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Watching Goldcorp

Goldcorp will be a good stock to watch now. In this way.

As a benchmark for how a strong senior miner fares in this global economic turmoil manipulated rigged game currency war/monetary crisis, whatever you want to call it.

Casey says Goldcorp is the best of class in senior miners. I would agree. The fundamental news is good. whats not to like. The stock price 'bottomed' this last wave around 42. (I think that was still too high,I was looking for 40 and lower, and still am)...and now GG is moving in a nice upwave to retest the resistance around 51-52.

Lets watch what happens to GG at 52,what happeens to all the miners at key resistances in the final weeks of 2011.

My question is How low will they retrace,and could they make lower lows. I think GG is a buy at 40 but not at 50.

Whether its juniors or seniors....price and target is always important. There is a battle happening between TPTB and their manipulation and the power of gold (and silver) ....If there is a miner that should hold up in strength.... it should be Goldcorp. So I want to watch it closely.

IT looks like that 200 MA would be a good support line..... but look at what happened to the 200 MA the last 2 encounters.....sliced right thru it plunging down like it didnt exist. the 200 MA means little in the face of a manipulated market . I like GG at 40 and below. If it takesd another 2008 style meltdown....I can wait for that.

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