April 25, 2012 / 9:08 PM / 6 years ago

Goldcorp profit hurt by hurdles at Ontario mine

TORONTO, April 25 (Reuters) - Canada’s Goldcorp Inc reported a slight increase in its first-quarter operating profit on Wednesday, as operational hurdles at one of its largest mines partly offset gains from a sharp increase in bullion prices.

Vancouver-based Goldcorp said adverse ground conditions at Red Lake in northern Ontario delayed the development of new mining faces in the operations’ high-grade zone. That, together with lower grade in other areas of the mine, led to a slow start to 2012.

Excluding an impairment charge related to certain equity investments and other one-time items, earnings rose to $404 million, or 50 cents a share, from a year-earlier profit of $392 million or 49 cents.

Net earnings dropped to $479 million or 51 cents a share, from $651 million or 81 cents, a year earlier.

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