In Canada, Goldcorp operations include three mines in the province of Ontario:
- Red Lake
Gold production at Red Lake increased 31% from the prior quarter to 130,300 ounces at an all-in sustaining cost, or AISC, of $809 per ounce. The rise was driven by higher mill throughput and higher grades of gold. For the full-year 2014, gold production totaled 414,400 ounces at AISC of $934 per ounce. In 2015, Red Lake production is expected to be between 400,000 and 425,000 ounces.
Fourth-quarter gold production totaled 90,400 ounces at AISC of $857 per ounce. The improved performance was due to higher grades from numerous higher-grade veins in the Hoyle Pond underground operation. For the full-year 2014, gold production totaled 300,000 ounces at AISC of $906 per ounce. In 2015, gold production at Porcupine is expected to be between 300,000 and 320,000 ounces.
Up to 25% higher grades resulted in 9% more gold production at this mine in 2014 than in 2013. The mine produced 278,300 ounces, although the gains were partially offset by 12% lower mill throughput. AISC for 2014 was $811 per ounce, including by-product cash costs of $629 per ounce. This was a respective $277 per ounce and $131 per ounce less than in 2013.
The 25% decrease in AISC—inclusive of the by-product cash cost impacts—was due to lower sustaining capital expenditures, higher gold production, a weaker Canadian dollar, and lower operating costs.
Goldcorp’s (GG) Canadian operations include the Éléonore and Cochenour projects, which are in execution stage.