RE:RE:Gold up 10.50 and we're off 6%?it was all expected, the takedown was exagerated by naked shorts who like to toy with this stock.
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Goldcorp officials said they expected lower gold production in the second quarter mainly due to planned lower ore grades, a 10-day mill shutdown for planned maintenance at Peasquito and the exhaustion of surface stockpiles at Cerro Negro. Further, output was hurt by a slower-than-expected ramp-up after the mill shutdown at Peasquito and the decision to accelerate a large workforce reduction at Cerro Negro.
Still, the company maintained 2016 guidance for gold production of between 2.8 million and 3.1 million ounces at AISC of between $850 and $925 per ounce.
Production is expected to increase in the third and fourth quarter since the plant at Peasquito returned to normal operations in July and higher grades are expected from a number of mines, Goldcorp said. AISC are expected to decrease as a result of higher production.
Adjusted operating cash flow was $307 million, compared to $523 million in 2015.
"While lower production was expected in the second quarter, the decision to accelerate a significant organizational restructuring had a short-term, negative impact on gold production,” said David Garofalo, president and chief executive officer. “With the decentralization of our business well under way and new mine management installed at the majority of our operations to reflect the new business model, Goldcorp is poised to deliver better gold production and cost performance.”