Symbol: G (TSE)
| Stock Profile:
Goldcorp Symbol: G (TSE) |
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| Stats as of 5/25/01 |
| • H/L Ratio:
2.08 • RS: 91.6 • Shares: 81,914,898 • P/E: n/a • Price: $15.65 |
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Goldcorp is a Canadian gold producer with two operating mines - one, the Wharf Mine, in the Black Hills of South Dakota; the other, the Red Lake Mine, near Balmerton, Ontario. It also owns and operates Saskatchewan Minerals, North America's largest producer of natural sodium sulphate, used in detergents, deodorizers and in various industrial applications from pulp and paper to textiles and glass manufacturing..
The Wharf Mine is an open pit mine located within five miles of the historic Homestake Mine. It has reserves of 0.9 million ounces of gold.
More interesting is the new Red Lake Mine. One of the highest-grade ore deposits in the world was discovered 200 to 1000 feet below the old Red Lake Mine. Operations only started in November 2000, so this is a young mine with new technology and equipment. In fact, the underground mine is "wired for the 21st Century" with fibre optic and co-axial cable throughout. The objective is to use technology to turn an underground mine into a "digital open pit mine".
Annual production will start at 240,000 ounces a year and increase to 315,000 a year. Operating costs were estimated to be $11/oz. for exploration and $88/oz. for production. But actual costs for the first quarter of operation of the mine came in at an amazing $54 an ounce. With an expected sales price of $250 or more an ounce, that spells profit with a capital P. Reserves are 2.9 million ounces.
The most recent quarterly report to March 31, 2001 saw revenues increase four fold and earnings per share jump from nothing to $0.18. With a break-even price of $129 an ounce, Red Lake is poised to become an extremely profitable venture. More so if gold prices continue to rise.
Quarterly Earnings per Share
| 2000 | 2001 | % Change | |
| To Mar 31st | $0.00 | $0.18 | n/a |
| Revenues (000s) | $10,366 | $48,299 | 365.9% |
Annual Earnings per Share
| 1998 | 1999 | % Change | 2000 | % Change | |
| EPS | -$0.03 | $0.14 | n/a | -$0.24 | -271.4% |
| Revenues (000s) | $55,256 | $51,954 | -6.0% | $64,872 | 24.9% |