OREANDA-NEWS. GOLDCORP INC. (TSX: G) (NYSE: GG) reported record fourth quarter gold production1 of 768,900 ounces, compared to gold production of 700,400 ounces for the fourth quarter of 2012. Adjusted quarterly revenues1 were USD 1.2 billion, generating adjusted net earnings1,2 of USD 74 million (USD 0.09 per share), compared to adjusted revenues of USD 1.4 billion and adjusted net earnings of USD 465 million (USD 0.57 per share), for the fourth quarter of 2012. Adjusted operating cash flow1,3 was USD 439 million (USD 0.54 per share), compared to USD 723 million (USD 0.89 per share), for the fourth quarter of 2012.

During the fourth quarter of 2013, the Company recorded USD 763 million of tax charges due primarily to the recently enacted Mexico income laws effective January 1, 2014. The Company also recorded impairment charges of USD 443 million, net of tax, including a USD 276 million impairment at Alumbrera due primarily to changes in short term metal price assumptions. These items, in combination with declining gold prices, contributed to a reported net loss for the quarter of USD 1.1 billion ((USD 1.34) per share) compared to net earnings of USD 504 million (USD 0.62 per share) in the fourth quarter of 2012.

Fourth Quarter 2013 Highlights

Adjusted revenues totaled USD 1.2 billion.

Gold sales1 totaled 725,700 ounces on record gold production of 768,900 ounces.

All-in sustaining costs1,4 were USD 810 per ounce.

Adjusted operating cash flow totaled USD 439 million (USD 0.54 per share).

Adjusted net earnings totaled USD 74 million (USD 0.09 per share).

Dividends paid amounted to USD 121 million.

Commenced an offer to acquire Osisko Mining Corporation on January 13, 2014.

Reached an agreement to divest Marigold mine on February 3, 2014.

Full-Year 2013 Highlights

Adjusted revenues totaled USD 4.7 billion.

Gold sales totaled 2.6 million ounces on record gold production of 2.7 million ounces.

All-in sustaining costs were USD 1,031 per ounce.

Adjusted operating cash flow totaled USD 1.6 billion (USD 1.97 per share).

Adjusted net earnings totaled USD 634 million (USD 0.78 per share).

Dividends paid amounted to USD 486 million.

Proven and probable gold mineral reserves totaled 54 million ounces.

“I am very proud of how our people responded to the changes in our industry in 2013,” said Chuck Jeannes , Goldcorp President and Chief Executive Officer. “Most mines in our portfolio ended the year with significantly lower all-in sustaining costs than when the year began while meeting or exceeding production guidance. Initiatives under our Operating for Excellence program have taken root, resulting in significant efficiency and productivity gains and a culture that continues to place a premium on safe, profitable production growth despite lower gold prices during the year.

“Our improving cash flow for 2014 provides a strong foundation on which to complete the majority of capital spending at our three principal growth projects during the calendar year. Successful progress toward completion of Cerro Negro, Eleonore and Cochenour will position Goldcorp for a sustained period of strong cash flows and value creation for our shareholders.”

Reserves and Resources

Goldcorp also announced today proven and probable gold mineral reserves of 54 million ounces. Proven and probable silver mineral reserves totaled 818 million ounces, representing one of the largest silver reserves in the industry. The 15% decrease in gold reserves was driven by depletion from mining during the year, the use of a lower gold price assumption of USD 1,300 per ounce in calculating reserves and a focus on high-margin gold production in a lower metals price environment. In addition, exploration drilling at the highly prospective Cerro Negro project was suspended in August 2013, resulting in no increase to the mineral reserves at the project for the year. An increase in gold reserves of 520,000 ounces at Los Filos and 1 million ounces at Eleonore was offset by reserve decreases at Penasquito, Pueblo Viejo and Red Lake.

Measured and indicated gold mineral resources increased by 39%, driven by successful resource expansions at Eleonore (approximately 4.4 million ounces) and Camino Rojo (approximately 4.6 million ounces).