Goldcorp takes big impairment charge, operating earnings fall

Thu Jul 25, 2013 8:16am EDT
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July 25 (Reuters) - Goldcorp Inc, the world's largest gold miner by market capitalization, posted a second quarter loss on Thursday on a $2 billion non-cash impairment charge.

The Vancouver-based miner said the after-tax charge was primarily related to exploration value at its Penasquito mine in Mexico.

Goldcorp's net loss in the quarter was $1.9 billion, or $2.38 a share, compared with a profit of $268 million, or 41 cents a share, in the year-ago period. Adjusted to remove one-time items, earnings were 14 cents a share, compared with 41 cents a share a year before.

Revenue fell 18 percent to $889 million.