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GG $11.19

GG target price
11.19
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Goldcorp Inc.
Type
Public
Traded as TSX: G
NYSE: GG
S&P/TSX 60 component
Industry Gold Mining
Founded 1994; 23 years ago (1994)
Headquarters Vancouver, British Columbia, Canada
Key people
David Garofalo (CEO)
Ian Telfer, Chairman of the Board and Director
Products Gold
Revenue Increase$4,375.00 million (2015)
Operating income
Decrease$-4,863.00 million (2015)
Net income
Decrease$-4,158.00 million (2015)
Total assets Decrease$21.43 billion (2015)
Number of employees
15,800 (2015)
Website goldcorp.com

Goldcorp Inc. is a gold production company headquartered in Vancouver, British Columbia, Canada. The company employs about 15,800 people worldwide, engaged in gold mining and related activities including exploration, extraction, processing and reclamation. Goldcorp’s operating assets include four mines in Canada, two mines in Mexico, and four in Central and South America. As of the third quarter of 2014, Goldcorp was the world's fourth-largest producer of gold.

In June 2016, Goldcorp was named one of Corporate Knights magazine's Best 50 Corporate Citizens in Canada. In the same year, the company was also ranked among Canada's Top 100 Employers. Goldcorp has repeatedly been accused of harming the environment, livestock, and public health in multiple studies by advocacy groups and activists, contaminating areas with toxic heavy metals by its mining activities. These allegations have been refuted by the company and none of these allegations have been proved in a court of law. The company's track record around transparency, policies and practices has improved since a damning 2010 study accused the company of human rights violations.

Goldcorp’s operating assets include four mines in Canada, one mine in Mexico, and four in Central and South America. Goldcorp also has a number of projects including the Coffee, Cochenour and Borden projects in Canada, and NuevaUnión (formerly known as Project Corridor - 50% interest) in Chile.

In 2017 Goldcorp announced it had formed a 50/50 joint venture with Barrick Gold to consolidate the Maricunga Gold Belt in the Atacama Region of northern Chile. On June 9th, Goldcorp acquired the minority 25% interest held by Kinross Gold in Cerro Casale and 100% interest in the Quebrada Seca exploration project for US$260 million and a 1.25% royalty interest in favor of Kinross on 25% of gross revenues from payable metal from Cerro Casale and Quebrada Seca, with Kinross foregoing the first $10 million payable, a contingent payment of $40 million payable after a construction decision at Cerro Casale, and assumption of a $20 million obligation to Barrick payable on commercial production at Cerro Casale.

In April 2017 Goldcorp closed on the sale of its Los Filos gold mine Guerrero State, Mexico to Leagold Mining for US$350 million. The transaction included US$279 million in cash and $71 million in common shares of Leadgold. Goldcorp also nominated Russell Ball the Leagold's board of directors.

In June 2017 Goldcorp announced it had formed a 50/50 joint venture with Barrick Gold to develop the Maricunga District in Chile. The transaction included the acquisition of Exeter Resource Corp. along with a US$260 million payment at closing to Kinross Gold. Goldcorp also granted Kinross a 1.25% royalty on the Cerro Casale and Quebrada Seca deposits.

A week-long protest and blockade disrupted operations at the Peñasquito mine during the first week of October 2017.

In Q2 2017 Goldcorp reported net earnings of US$135 million and production of 635,000 ounces of gold.


In Q1 2017 Goldcorp reported net earnings of US$170 million and production of 655,000 ounces of gold.

In 2016 Goldcorp produced 2.873 million ounces of gold at all-in sustaining costs of $856 per ounce.

2015 production totaled 909,400 ounces for the fourth quarter and 3,464,400 ounces for the full year 2015, compared to 890,900 ounces and 2,871,299 ounces, respectively, in 2014.

Goldcorp was officially incorporated in 1994. Following a period of M&A activity, the company quickly grew to become a leading gold producer. The company is focused on responsible mining practices with safe, low-cost production in areas of low political risk. Through the consistent application of its business strategy, Goldcorp has achieved significant growth, industry recognition, and numerous awards.

In 2000, Goldcorp founder Rob McEwen launched the Goldcorp Challenge, sharing with the public the company’s geological data with the offer of $575,000 in prizes to those who could help locate Red Lake mine’s next six million ounces of gold. The challenge was successful, with more than 110 sites identified and more than 80 per cent of sites yielding significant gold reserves. The challenge helped turn the company from a struggling enterprise into one of the most profitable in the industry.

In January 2017 Goldcorp announced it had divested two non-core assets through the sales of the Cerro Blanco Gold Project in Guatemala to Bluestone Resources as well as the Los Filos Mine in Mexico to Leagold Mining.

In January 2017 Goldcorp reported preliminary full year 2016 production totaling 2.873 million ounces of gold at all-in sustaining costs of around $850 per ounce. The Company expects to increase total annual gold production by over 20% over the next five years to more than three million ounces annually.

In February 2017 Goldcorp announced it had purchased New Gold's 4% gold stream on the El Morro deposit. The El Morro deposit is part of NuevaUnión, a 50/50 joint venture with Teck Resources that combines the Relincho and El Morro deposits.

Goldcorp has been working to improve its approach to environmental stewardship. The company publicly reports on its environmental performance on an annual basis and has been a member of the International Council on Mining and Metals (ICMM) since 2009. The company’s El Sauzal mine in Mexico was also the first mine in the world to be successfully decommissioned in accordance with the International Cyanide Management Code (“ICMC”).

Despite this, the environmental, economic and human impact of the company’s Latin American mines has been a controversial topic for a number of years.

A study by Italian activist Flaviano Bianchini in 2006 found dangerous levels of arsenic and lead in the blood of Hondurans living downstream from Goldcorp's San Martin mine, located in the Siria Valley. While people living in the valley had equated their health problems with the mine's operations since it opened in 1999, both the company and the Honduran government disputed the study's findings. Honduran authorities, the company said, took water samples during three visits in 2008 and all pH measurements were normal. They also reviewed and approved the mine's closure plan.

In 2009, two studies commissioned by the UK-based advocacy group CAFOD have found the company's methods to extract gold from low-grade deposits also releases other toxic heavy metals such as arsenic, mercury and lead, contaminating streams and groundwater. The first study from Newcastle University detected acidic mine drainage, whereby sulphides in the rock are exposed to oxygen and water and produce sulphuric acid, which can have devastating effects on animals and plants. A follow-up study by the same university found evidence of "severe" contamination in the form of highly acidic and metal-rich water from the mine site flowing into a stream used by villagers for agriculture and domestic purposes.

Since the closure of San Martin mine in 2008, the 1,500 hectare former mine site has been reclaimed into agricultural farmland and the former camp facilities remodeled into an ecotourism hotel. These developments have since provided employment, skills training and new investment to the area.

An investigative report by the CTV Television Network's W5, published on their website on April 17, 2010, reported criticism by human rights workers about the damage they believe mining companies were doing to the people, the land, and the culture of Guatemala. The same news program ran a four-part documentary entitled "Paradise Lost" which explored some of the controversy surrounding Goldcorp's Marlin mine operation, and investigated the economic, environmental, and social costs and benefits of Canadian mining operations in Central America.

At the request of Goldcorp shareholders, an independent human rights impact assessment (HRIA) was conducted by external auditors in 2010. Goldcorp has since implemented all recommendations from the HIRA, including the publishing of an official Human Rights Policy in 2010.

On July 14–15, 2012 the self-organized International Peoples’ Health Tribunal, a panel of twelve "judges" with backgrounds in science, health, ecology, and human rights met in Guatemala to hear testimony relating to the effects of Goldcorp's South American mines. After the two-day tribunal, the panel found Goldcorp financially liable for health and ecological damages to the communities near its mines in Honduras, Guatemala, and Mexico. As a "self organized" tribunal, the panel findings carry no legal bearing, however, the company did voluntarily secure financial bonds to ensure responsible closure.

The Marlin mine has since been lauded as a model of responsible mine closure and was named one of the 21 Most Socially Responsible Companies in Central America by El Economista (The Economist) Magazine.

Pueblo Viejo mining project takes place in the Dominican Republic and is operated by Barrick Pueblo Viejo, a firm owned by Barrick Gold and Goldcorp. 25 years of operation are scheduled for this project, which is likely to raise the exports of the Dominican Republic clearly. The project is accused of having caused contamination and illegal logging. The illegal logging has since been attributed to local village people. In 2012, Barrick Gold opened a water treatment plant that has since successfully rehabilitated the contaminated area.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2018 2019-02-13 0.07 -4.59
Q3 2018 2018-10-24 -0.08 -0.12

Ratings

2016-07-13 Downgrade Desjardins Buy to Hold
2016-07-07 Reiterated Rating HSBC Buy
2016-07-07 Reiterated Rating Deutsche Bank AG Sell
2016-06-25 Reiterated Rating RBC Capital Underperform $22.00
2016-06-25 Reiterated Rating Royal Bank Of Canada Underperform $22.00
2016-06-22 Upgrade Desjardins Hold to Buy
2016-06-08 Reiterated Rating Jefferies Group Hold
2016-05-14 Reiterated Rating Credit Suisse Hold
2016-05-14 Reiterated Rating Credit Suisse Group AG Hold
2016-05-11 Downgrade Goldman Sachs Buy to Neutral $15.30 to $16.00
2016-05-11 Downgrade Goldman Sachs Group Inc. Buy to Neutral $15.30 to $16.00
2016-04-28 Reiterated Rating Jefferies Group Hold
2016-04-27 Reiterated Rating RBC Capital Underperform
2016-04-11 Downgrade RBC Capital Sector Perform to Underperform $12.00 to $16.50
2016-04-08 Boost Price Target CIBC $16.50 to $17.50
2016-04-03 Reiterated Rating Credit Suisse Hold $13.00
2016-03-30 Boost Price Target Jefferies Group $17.00
2016-03-24 Reiterated Rating Deutsche Bank Sell $12.30
2016-03-24 Reiterated Rating Deutsche Bank AG Sell $12.30
2016-03-15 Downgrade Macquarie Outperform to Neutral
2016-03-14 Boost Price Target Raymond James $17.00 to $22.00
2016-03-14 Boost Price Target Raymond James Financial Inc. $17.00 to $22.00
2016-03-09 Initiated Coverage Desjardins Hold
2016-02-29 Reiterated Rating Goldman Sachs Buy $23.50 to $21.00
2016-02-29 Lower Price Target RBC Capital $12.00
2016-02-29 Lower Price Target Barclays Overweight $17.00 to $16.00
2016-02-29 Downgrade Citigroup Inc. Buy to Neutral $15.00
2016-02-29 Lower Price Target Barclays PLC Overweight $17.00 to $16.00
2016-02-26 Downgrade TD Securities Buy to Hold $19.00 to $15.50
2016-02-26 Downgrade Deutsche Bank Hold to Sell $15.00 to $13.50
2016-02-26 Reiterated Rating RBC Capital Sector Perform $19.00 to $16.25
2016-02-26 Lower Price Target Credit Suisse Neutral $14.00 to $13.00
2016-02-16 Downgrade Canaccord Genuity Buy to Hold
2016-02-12 Downgrade CIBC Sector Outperform to Sector Perform
2016-02-05 Reiterated Rating RBC Capital Sector Perform $19.50
2016-02-05 Reiterated Rating JPMorgan Chase & Co. Overweight
2016-01-15 Reiterated Rating Canaccord Genuity Buy $26.00 to $21.50
2016-01-14 Lower Price Target Barclays $21.00 to $17.00
2016-01-13 Downgrade Credit Suisse Outperform to Neutral $15.50 to $14.00
2015-11-12 Lower Price Target RBC Capital Sector Perform $18.00 to $17.00
2015-11-05 Reiterated Rating Deutsche Bank Hold $18.00 to $17.00
2015-10-30 Downgrade TD Securities Buy List to Buy $24.00 to $21.00
2015-10-27 Lower Price Target Barclays Overweight $23.00 to $21.00
2015-10-26 Reiterated Rating RBC Capital Sector Perform
2015-10-24 Reiterated Rating Canaccord Genuity Buy $29.00
2015-10-08 Boost Price Target CIBC $19.00
2015-10-07 Lower Price Target BMO Capital Markets $19.00 to $18.00
2015-10-05 Lower Price Target Deutsche Bank Hold $19.00 to $18.00
2015-09-24 Reiterated Rating Citigroup Inc. Buy $20.00
2015-09-15 Reiterated Rating RBC Capital Hold
2015-09-15 Lower Price Target HSBC $17.40 to $17.30
2015-09-14 Lower Price Target RBC Capital Sector Perform $19.00 to $18.00
2015-09-08 Lower Price Target HSBC Buy $19.00 to $17.50
2015-09-01 Lower Price Target Scotiabank $27.00 to $22.50
2015-08-24 Lower Price Target RBC Capital Sector Perform $21.00 to $19.00
2015-07-31 Lower Price Target Scotiabank $27.50 to $27.00
2015-07-24 Initiated Coverage CIBC Sector Outperform to Outperform
2015-07-18 Lower Price Target Citigroup Inc. Buy $23.00 to $22.00
2015-07-16 Reiterated Rating Barclays Overweight $25.00 to $23.00
2015-07-10 Reiterated Rating JPMorgan Chase & Co. Buy
2015-07-08 Boost Price Target JPMorgan Chase & Co. Overweight $27.00 to $27.50
2015-07-07 Upgrade Morgan Stanley Equal Weight to Overweight $25.50
2015-07-06 Initiated Coverage Credit Suisse Outperform $24.00
2015-06-16 Initiated Coverage BMO Capital Markets Outperform $22.00
2015-06-15 Downgrade RBC Capital Outperform to Sector Perform $24.00 to $21.00
2015-06-11 Upgrade SunTrust Neutral to Buy
2015-06-11 Upgrade SunTrust Banks Inc. Neutral to Buy
2015-05-26 Lower Price Target RBC Capital Outperform $27.00 to $24.00
2015-05-09 Downgrade Raymond James Strong-Buy to Outperform
2015-05-07 Reiterated Rating Barclays Overweight $25.00
2015-05-01 Downgrade Raymond James Strong-Buy to Outperform
2015-04-14 Lower Price Target Barclays Overweight $26.00 to $25.00
2015-04-13 Lower Price Target Citigroup Inc. Buy $27.00 to $25.00
2015-04-06 Lower Price Target Deutsche Bank Hold $23.00 to $21.00
2015-03-16 Upgrade HSBC Neutral to Overweight
2015-03-10 Upgrade Jefferies Group Underperform to Hold
2015-02-23 Reiterated Rating Scotiabank Sector Outperform
2015-02-20 Reiterated Rating Canaccord Genuity Buy
2015-02-20 Lower Price Target Citigroup Inc. Buy $28.00 to $27.00
2015-02-09 Reiterated Rating Citigroup Inc. Buy $27.00 to $28.00
2015-01-27 Set Price Target Canaccord Genuity Buy $36.00
2015-01-26 Lower Price Target JPMorgan Chase & Co. Overweight $30.00 to $29.00
2015-01-26 Downgrade HSBC Overweight to Neutral
2015-01-15 Lower Price Target Barclays Overweight $30.00 to $26.00
2015-01-13 Upgrade Raymond James Outperform to Strong-Buy
2015-01-13 Set Price Target Credit Suisse Outperform $24.00 to $26.00
2015-01-12 Lower Price Target Deutsche Bank Hold $27.00 to $23.00
2014-12-01 Reiterated Rating Citigroup Inc. Buy $28.00 to $27.00
2014-10-31 Reiterated Rating Barclays Overweight $32.00 to $30.00
2014-10-31 Reiterated Rating Scotiabank Sector Outperform
2014-10-31 Reiterated Rating Citigroup Inc. Buy $29.00 to $28.00
2014-10-23 Reiterated Rating Citigroup Inc. Buy $31.00 to $29.00
2014-10-15 Reiterated Rating Jefferies Group Underperform $21.00 to $18.00
2014-10-13 Reiterated Rating JPMorgan Chase & Co. Overweight $32.00 to $31.00
2014-10-08 Upgrade HSBC Neutral to Overweight
2014-09-24 Upgrade Credit Suisse Neutral to Outperform $32.00 to $33.00
2014-08-20 Boost Price Target Goldman Sachs C$30.00 to C$32.00
2014-08-05 Boost Price Target Jefferies Group Underperform $19.00 to $21.00
2014-08-04 Reiterated Rating Deutsche Bank Hold $26.00 to $28.00
2014-08-01 Upgrade Raymond James Market Perform to Outperform $31.00 to $33.00
2014-07-17 Boost Price Target Credit Suisse $31.00 to $32.00
2014-07-10 Lower Price Target Canaccord Genuity Buy C$40.00 to C$38.00
2014-07-09 Set Price Target JPMorgan Chase & Co. $32.00 to $31.00
2014-07-08 Boost Price Target Morgan Stanley $26.40 to $29.00
2014-05-02 Reiterated Rating Deutsche Bank Hold $26.00 to $25.00
2014-05-02 Lower Price Target Cowen and Company $21.98 to $20.61
2014-04-24 Lower Price Target HSBC $28.35 to $27.80
2014-04-11 Lower Price Target Barclays Overweight $33.00 to $32.00
2014-03-21 Boost Price Target Cowen and Company $22.41 to $24.34
2014-03-13 Upgrade Credit Suisse Neutral to Outperform
2014-03-03 Initiated Coverage Raymond James Market Perform
2014-02-20 Boost Price Target Canaccord Genuity Buy C$31.50 to C$35.00
2014-02-19 Boost Price Target Morgan Stanley Equal Weight $24.10 to $26.40
2014-02-18 Boost Price Target TD Securities Buy C$29.00 to C$33.00
2014-02-18 Boost Price Target RBC Capital $31.00 to $32.00
2014-02-14 Downgrade Mackie Buy to Hold
2014-01-21 Reiterated Rating Dundee Securities Neutral
2014-01-17 Lower Price Target Barclays $32.00 to $30.00
2014-01-14 Boost Price Target RBC Capital $30.00 to $31.00
2014-01-13 Lower Price Target Canaccord Genuity Buy C$34.50 to C$31.50
2014-01-13 Boost Price Target CSFB Neutral C$22.00 to C$23.00
2014-01-10 Reiterated Rating CIBC Sector Outperform
2014-01-10 Lower Price Target BMO Capital Markets $37.00 to $32.00
2014-01-09 Reiterated Rating Scotiabank Sector Outperform
2014-01-09 Lower Price Target Barclays Overweight $34.00 to $32.00
2014-01-08 Lower Price Target RBC Capital Outperform $32.00 to $30.00
2013-11-18 Upgrade Citigroup Inc. Neutral to Buy
2013-10-29 Downgrade HSBC Overweight to Neutral $31.10 to $30.00
2013-10-25 Reiterated Rating Scotiabank Sector Outperform $33.00
2013-10-25 Lower Price Target RBC Capital Outperform $37.00 to $36.00
2013-10-25 Lower Price Target Credit Suisse Neutral $28.00 to $25.00
2013-10-25 Lower Price Target CIBC Sector Outperform $31.00
2013-10-25 Reiterated Rating Deutsche Bank Hold $27.00
2013-10-25 Lower Price Target TD Securities Buy C$35.00 to C$33.00
2013-10-24 Initiated Coverage Canaccord Genuity Buy $36.00 to $33.50
2013-10-21 Upgrade HSBC Neutral to Overweight
2013-09-20 Initiated Coverage Goldman Sachs Buy $34.00
2010-11-23 Initiated HSBC Securities Neutral $50
2016-07-13 Downgrade Desjardins Buy to Hold
2016-07-07 Reiterated Rating HSBC Buy
2016-07-07 Reiterated Rating Deutsche Bank AG Sell
2016-06-25 Reiterated Rating RBC Capital Underperform $22.00
2016-06-25 Reiterated Rating Royal Bank Of Canada Underperform $22.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks