Goldcorp sees 2013 gold production rising about 10 pct

Mon Jan 7, 2013 8:33pm EST
 
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Jan 7 (Reuters) - Goldcorp Inc, one of Canada's biggest gold miners, said it expects gold production to rise by about 10 percent to between 2.55 million and 2.80 million ounces in 2013.

The company also raised its annual dividend by 11 percent to 60 Canadian cents ($0.61) per share.

"We expect to deliver meaningful production growth in 2013, driven by solid performance expected throughout the portfolio as well as the ramp-up in production at the Pueblo Viejo joint venture in the Dominican Republic," Goldcorp said in a statement.

"Production is expected to build in the second half of the year," it added.

The company said it is working with Chilean authorities to fix deficiencies at its stalled $3.9 billion El Morro copper-gold project, including advancing the consultation process.

Chile's Supreme Court in April upheld the suspension of an environmental permit for El Morro, in one of the biggest legal blows to a mine in the country. An appeals court had struck down the permit at the request of an indigenous agricultural community.

Goldcorp Chief Executive Chuck Jeannes told Reuters in November he hoped the mine would receive a new permit within the next year. The mine had previously been expected to begin production in 2017.

The company said on Monday it expects five-year cash costs to remain below C$500 per ounce.

Goldcorp produced 696,700 ounces of gold in the fourth quarter.