UPDATE 3-Goldcorp stock slumps on loss driven by writedown, prices

Thu Oct 29, 2015 2:52pm EDT
 
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(Adds details on Cochenour timetable and Eleonore production from conference call, updates stock prices)

By Susan Taylor

TORONTO Oct 29 (Reuters) - Goldcorp Inc shares tumbled 10 percent on Thursday while stocks of several top gold miners made gains, after the world's most valuable bullion producer posted a surprise loss on an inventory writedown and declining prices.

The Vancouver-based company was overshadowed by better quarterly results from the world's largest gold producer, Barrick, whose stock rose 1.9 percent; Newmont, up 4.1 percent; and Agnico-Eagle, whose shares rose 0.7 percent.

"When companies are delivering good results, their share prices are reflecting it," said Dundee Capital Markets analyst Josh Wolfson. "Investors are looking for tangible results."

Goldcorp reported an adjusted loss of $37 million, or 4 cents a share, which included a writedown on stockpiles of $40 million, or 5 cents a share.

Analysts, on average, expected an adjusted profit of 4 cents, according to Thomson Reuters I/B/E/S.

Production and development challenges also raised concerns.

An issue with iron sulphides at the Eleonore mine impacted third-quarter recoveries. Combined with a previous problem, that could hurt its 2015 output forecast of 250,000-270,000 ounces of gold, said Chief Operating Officer George Burns.   Continued...