OREANDA-NEWS. GOLDCORP INC. (TSX: G, NYSE: GG) today reported quarterly revenues of USD 889 million, generating adjusted net earnings1,2 of USD 117 million, or USD 0.14 per share, compared to USD 332 million, or USD 0.41 per share, in the second quarter of 2012.  A non-cash impairment charge, primarily related to exploration potential at Peсasquito, led to a net loss in the quarter of USD 1.93 billion compared to net earnings of USD 268 million in the second quarter of 2012.  Adjusted operating cash flow1,3 was USD 388 million or USD 0.48 per share.

Second Quarter 2013 Highlights
Revenues totaled USD 889 million.
Gold sales totaled 624,300 ounces1 on gold production of 646,000 ounces.
All-in sustaining costs totaled USD 1,2791,4 per ounce, cash costs totaled USD 646 per ounce on a by-product basis1,5 and USD 713 per ounce on a co-product basis1,5.
Adjusted operating cash flow totaled USD 388 million or USD 0.48 per share.
Adjusted net earnings were USD 117 million, or USD 0.14 per share.
Dividends paid amounted to USD 121 million.
Impairment charge of USD 1.96 billion, net of tax.
New water source identified at Peсasquito.
Agreement-in-principle reached on amendments to Pueblo Viejo Special Lease Agreement.
Reconfirmed 2013 guidance of between 2.55 to 2.80 million ounces at total cash costs of between USD 1,000 and USD 1,100 per ounce on an all-in sustaining cost basis, USD 525 to USD 575 per ounce on a by-product basis, and USD 700 to USD 750 per ounce on a co-product basis.

"Gold production across the portfolio was as planned during the second quarter, but revenues and operating cash flows were significantly impacted by lower realized gold prices, timing of gold production and a temporary increase in inventory at Red Lake," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Almost half of our total quarterly gold and silver sales occurred in the month of June, which coincided with a period of particularly weak prices for the metals.

"Goldcorp is uniquely positioned in the industry with a solid balance sheet and quality growth profile, and we are taking action to maintain these competitive advantages. In response to lower metals prices and resulting lower-than-expected cash flow this year, we have implemented company-wide spending reductions that will help to safeguard our strong financial position while keeping intact the key elements of our industry-leading growth profile.

"Market factors have also necessitated a reassessment of the book value of our portfolio, which has led to an after-tax charge of USD 1.96 billion, consisting primarily of impairment to the value of exploration potential at Peсasquito. Peсasquito continues to possess strong exploration upside, but due to lower metals prices, the current in situ market value of exploration potential has decreased significantly. This mine is a key driver of our long-term financial performance and this charge simply aligns the carrying value of the asset, which was established over seven years ago, with the current market environment for exploration properties in the gold industry."