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Thursday, June 3, 2010

Goldcorp's (NYSE:GG) Solid Low-cost Strategy

Goldcorp's (NYSE:GG) (TSE:G) continues to work on positioning itself as one of the low-cost leaders in the gold mining industry, setting themselves up be profitable in any economic condition.

One of the strategies the company is using to meet those goals is to divest of non-core assets.

This is good foresight by Goldcorp leadership, as the recent findings of the Fortis Bank Nederland/VM Group: Gold Mine Cost Report, Q1 2010, reveals that on average cash cost of gold mining production in the first quarter of 2010 was $544 an ounce, the highest average in the data series. That was also $29 an ounce higher than the previous quarter.

Goldcorp estimates it'll produce about 2.6 million ounces of gold in 2010 at an average cash cost of $350 an ounce, net of by-product credits.

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