OTTAWA (dpa-AFX) - Goldcorp Inc. (GG, G.TO) announced gold production for the second quarter of 2012 and updated production and cash cost guidance for 2012.
The company said that Gold production totaled 578,600 ounces, an increase of 10% compared to the first quarter of 2012. Total cash costs on a by-product basis for the second quarter are expected to be approximately $370 per ounce. By-product cash costs for the first half of 2012 are expected to be approximately $310 per ounce. On a co-product basis, cash costs are expected to be approximately $620 per ounce for the second quarter and $635 per ounce for the first half of 2012.
The company noted that Red Lake gold production in the second quarter continued to be affected by the previously-announced operating delays in the High Grade Zone due to the need for rock de-stressing cuts at the 41 and 45 levels. The company revised gold production forecast at Red Lake to between 460,000 and 510,000 ounces in 2012 compared to previous guidance of 650,000 ounces.
At Peñasquito, second quarter mill throughput was affected by inadequate water supply in the month of June. Prolonged drought conditions in the region have contributed to lower-than-expected water recharge in the well field as well as lower-than-expected water production from the pit dewatering program. This condition limited plant throughput in June and is also expected to affect plant throughput in the second half of 2012, the company said.
The current water deficit is expected to limit plant throughput to between approximately 98,000 and 107,000 tonnes per day over the balance of 2012. The company expects gold production of between 370,000 to 390,000 ounces in 2012 compared to previous guidance of 425,000 ounces. Production of silver at Peñasquito is expected to total 23 to 24 million ounces; zinc production is expected to total 310 to 325 million pounds and lead production is expected to total 155 to 160 million pounds in 2012.
The company said in light of reduced first half production at Red Lake and lower second half production expectations at Peñasquito, full-year 2012 gold production guidance has been revised to between to 2.35 and 2.45 million ounces compared to previous guidance of 2.6 million ounces.
Due to the lower expected production, total cash cost guidance has also been revised, to $310 to $340 per ounce of gold on a by-product basis and $625 to $650 per ounce on a co-product basis for fiscal 2012. This compared to previous guidance of $250 to $275 per ounce on a by-product basis and $550 to $600 per ounce on a co-product basis. Production guidance for copper remains unchanged at 110 million pounds.
Copyright RTT News/dpa-AFX
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