Goldcorp (NYSE:GG) in Record Net Earnings, Gold Production

Goldcorp (NYSE:GG) reports record gold production and net earnings for 2010.

Adjusted net earnings of $1 billion or $1.37 a share were reported in 2010, up from net earnings of $588.2 million or 80-cents a share reported for 2009. Net earnings for 2010 were a record $1.6 billion or $2.14 ar share, compared to net earnings of $240.2 million or 33-cents/sh reported for 2009.

Goldcorp reported adjusted net earnings of $417.1 million or 57-cents per share in the fourth-quarter 2010, up from $182.7 million or 25-cents/sh reported in the fourth-quarter 2009. Net earnings in the fourth quarter of 2010 were $331.8 million, compared to $66.7 million in the fourth-quarter 2009.

Excluding the Pueblo Viejo operation, capital expenditures for 2011 are forecast to be $1.5 billion including $300 million each for Éléonore and El Morro, $200 million for Red Lake and $200 million for Cerro Negro.

Exploration expenditures are expected to be $170 million this year, of which one-half will be expensed, with efforts focused on replacing reserves mined throughout the year and on extending existing told zones at all of Goldcorp's prospective mines and projects.

Goldcorp reported record gold production of 2,520,300 ounces for 2010, up from 2,421,300 ounces mined in 2009. Gold production for the fourth-quarter 2010 was 689,600 ounces, up from 601,300 ounces for the same period of 2009. Gold production was higher during the fourth-quarter 2010, mainly due to record production at Marlin and Los Filos.





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