Zacks Investment Research | Nov 14, 2017 03:44AM ET
Goldcorp Inc. (NYSE:GG) completed the earlier announced sale of its interest in the Camino Rojo oxide project, located in Zacatecas, Mexico, to Orla Mining Limited following the receipt of Mexican anti-trust approval and satisfying the customary closing conditions for the transaction.
Pursuant to an asset purchase deal between Goldcorp and Orla, the former indirectly acquired 31,860,141 common shares (representing roughly 19.9% of issued and outstanding common shares) of the latter, following the deal closure.
According to Goldcorp, Orla’s shares are presently held by the company for investment purposes. The company may purchase additional securities, dispose of some or all of the existing or additional securities or continue to hold the securities of Orla, subject to the terms of an investor rights agreement.
Goldcorp’s shares have moved up 4.2% in the past three months, outperforming the industry ’s 1.2% decline.
Goldcorp reported net earnings of $111 million or 13 cents per share for third-quarter 2017, compared with $59 million or 7 cents recorded a year ago. Barring one-time items, adjusted earnings for the quarter was 9 cents per share, which was in line with the Zacks Consensus Estimate.
Goldcorp recorded revenues of $866 million in the reported quarter, narrowly missing the Zacks Consensus Estimate of $868 million.
The company expects gold production of 2.5 million ounces (+/- 5%) for 2017, unchanged from previous guidance. All-in sustaining costs for 2017 has been projected at $825 per ounce (+/- 5%), down from $850 per ounce expected earlier.
Goldcorp has reduced sustaining capital expenditure guidance by $100 million to $600 million for 2017 due to the company’s focus on capital management discipline as part of its $250 million annual sustainable efficiency program.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.