Goldcorp Inc cuts dividend, posts bigger quarterly loss on US$3.9-billion charge

February 25, 2016

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Goldcorp Inc, the world’s biggest gold producer by market value, reported a bigger quarterly loss due to a US$3.9 billion charge and cut its annual dividend.

The company’s net loss widened to US$4.27 billion, or US$5.14 per share, in the fourth quarter ended Dec. 31, from US$2.4 billion, or US$2.94 per share, a year earlier.

The year-earlier quarter included an impairment charge of US$2.3 billion for the Cerro Negro mine in Argentina.

Adjusted loss more than doubled to US$128 million, or 15 cents per share, from US$55 million, or 7 cents per share.

The Vancouver-based miner said gold production increased to 909,400 ounces in the quarter from 890,900 a year earlier.

© Thomson Reuters 2016

Category: General