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Goldcorp Inc.


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Goldcorp is now the world's lowest-cost, million-ounce gold producer. The acquisition of Wheaton River Minerals Ltd. has increased gold production, gold reserves and resources and given the company one of the fastest growth curves in the industry. It has strengthened Goldcorp's already solid balance sheet and lowered production costs per ounce even further. Goldcorp is in excellent financial condition. It has no debt, a large treasury, strong cash flow and earnings and pays a dividend 12 times per year. Goldcorp is completely unhedged.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Phil Russo, Raymond James (10/2/14) "Goldcorp Inc. announced that first gold production at Éléonore occurred on October 1, 2014. . .combined with Cerro Negro's recent declaration of first gold in Q3/14, this reinforces our view that the company's suite of growth projects are set to deliver per expectations in 2014 and drive growth of 25% for the company in 2015. The two projects are slated to contribute 18% of the firm's production in 2015. . .the firm reaffirmed commercial production at Éléonore by Q1/15; we estimate Éléonore production for 2015 will be 280 Koz at total cash costs of $565/oz."

Josh Wolfson, Dundee Capital Markets (9/16/14) "Goldcorp Inc.'s development projects. . .all remain on track. At Cerro Negro in Argentina, the company is on schedule to achieve 2014 guidance for 130–180 Koz, while a rapid ramp-up to more than 500 Koz is expected in 2015. At Eleonore, first gold is expected in Q4/14, but a longer ramp-up period will target average annual production achievement of 575–650 Koz in 2018. At Cochenour, development is on track, and the company has almost completed the 5.5km tram drift to the Red Lake mining facilities. At Penasquito, both the mine and mill are operating well."

The Gold Report Interview with Keith Phillips (8/27/14) "Goldcorp Inc. is a strong company in every way. It has abundant capacity to continue to look to acquire assets." More >

Michael Gray, Macquarie Capital Markets (8/12/14) "We have a high conviction stock call that Goldcorp Inc. should be bought for its strong growth profile (38% the next two years), its free cash flow in 2015 (estimated $977M) and 2016 ($1.2B), its ongoing effective O4E cost containment program, its quality/focused management team, its high NAV exposure to mining-friendly jurisdictions and its attractive 15% discount to the peer average price:NAV. . .we reiterate our Outperform recommendation and $37 target price."

The Gold Report Interview with Chris Mancini (7/9/14) "Virginia Mines has a royalty on what should be one of the best gold mines in the world—Goldcorp Inc.'s Éléonore deposit in northern Québec. It will become a high-grade, bulk-tonnage underground mine in a great jurisdiction with a lot of exploration potential on the entire land package. The gold deposit is getting bigger at depth and Goldcorp could find another economic deposit on the property. . .Peñasquito is Goldcorp's biggest mine and it is currently mining a higher-grade portion of the mine. The mine also has underground potential." More >

Goldcorp CEO Positive on Gold Price

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