Goldcorp FY16 output down as altered strategy aligns major for better future yields

The adage ‘What you lose on the swings, you make up for on the roundabouts’ could probably be said of major precious metals miner Goldcorp, after it announced a 17% year-on-year drop in gold output during 2016, to 2.87-million ounces. Despite the 2017 guidance calling for even less output, forecast at 2.5-million ounces of gold, the company on Monday outlined a prodigious five-year growth profile, that will see Goldcorp boost output by 20% to three-million ounces, lift gold reserves by 20% to 50-million ounces and reduce all-in sustaining costs (AISC) by 20% to $700/oz.