Goldcorp is a leading gold producer focused on responsible mining practices with safe, low-cost production throughout the Americas. A portfolio of long-lived, high-quality assets positions us to deliver long-term value. Our operating cash flows are from the sale of gold and by-products, such as silver, copper, lead and zinc. In 2015, our operations, projects and offices engaged in gold mining and related activities including exploration, extraction, processing and reclamation. We were organized into two operating regions (Canada and Latin America).
Goldcorp’s vision is Together, Creating Sustainable Value. Our strategy is to build and acquire mines, grow net asset value, deliver cost savings, maintain an investment-grade balance sheet and operate responsibly in politically stable jurisdictions. Headquartered in Vancouver, British Columbia, we employ and contract over 15,800 people at operations and development projects throughout the Americas.
In 2015, we achieved record gold production of 3.46 million ounces. We paid over $680 million in wages and salaries and over $550 million to subcontractors. We will continue to focus on effective operating and capital cost management going forward, while ensuring we create sustainable value for our shareholders, employees, contractors and partners. For a full review of Goldcorp’s 2015 financial performance, please refer to our audited consolidated financial statements for the year ended December 31, 2015 as well as our Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2015.
Key performance indicators for 2015, 2014, and 2013 (dollar amounts are US$):
|Financial and operational key
performance indicators (KPIs)
|Gold production (thousands of ounces)||3,464||2,871||2,667|
|Gold sold (thousands of ounces)||3,591||2,673||2,597|
|Total cash costs – by-product (per gold ounce)||$605||$542||$553|
|Total cash costs – co-product (per gold ounce)||$685||$668||$687|
|All-in sustaining costs (per gold ounce)||$894||$949||$1,031|
|Adjusted operating cash flow ($ millions)||$1,437||$1,393||$1,601|
For more information on our key statistics, markets served and financial performance measures, please refer to our Management's Discussion and Analysis (MD&A) for the year ended December 31, 2015.
Goldcorp is a leading gold producer engaged in gold mining and related activities including exploration, extraction, processing and reclamation. At December 31, 2015, our principal producing mining properties were comprised of the following:
For more information about our exploration and development projects, please refer to our Management's Discussion and Analysis (MD&A) for the year ended December 31, 2015.
Significant Changes During 2015
In 2015, there were a number of important events, as per our financial highlights:
- On December 23, 2015, Goldcorp announced we had successfully decommissioned the El Sauzal mine in Mexico in accordance with the International Cyanide Management Code (ICMC). El Sauzal is the first mine in the world to be decommissioned in accordance with the ICMC.
- On November 24, 2015, we announced that the company and Teck Resources Limited had combined their respective El Morro and Relincho deposits into a 50/50 joint venture. In June 2016, the joint venture was given the interim name of NuevaUnion.
- On March 13, 2015, we completed the acquisition of Probe Mines Ltd. Probe's principal asset is the Borden gold project in Ontario, 160 kilometres west of our Porcupine mine.
- On March 12, 2015, we announced that the Peñasquito mine had reached a definitive court-approved settlement with the Cerro Gordo ejido relating to surface land rights to 600 hectares of land located within the confines of the Peñasquito mine site.
- On February 20, 2015, we completed the sale of the Wharf mine in Lead, South Dakota to Coeur Mining, Inc.
- On January 30, 2015, we announced that we had signed a Collaboration Agreement with the Wabauskang First Nation. The agreement paves the way for long-term economic benefits for the northwestern Ontario First Nation and provides a framework for strengthened collaboration in the development and operations of the Red Lake Gold Mines. With the signing of the agreement, we now have collaboration agreements in place with First Nations at all of our operating mines in Canada.
- Cerro Negro and Éléonore declared commercial production effective January 1, 2015 and April 1, 2015, respectively.
Further information regarding these changes is available in our Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2015.
Supply Chain Management
A mine is a massive operation, and its supply chain is equally complex. Hundreds of thousands of items, from food to tires to construction materials, arrive in a constant flow. The role of our Supply Chain Management team is to ensure that each item is safely and responsibly sourced and shipped cost-effectively and on time.
Goldcorp’s Supply Chain Management teams operate at the global, regional and mine site levels to manage contracts with suppliers, ranging from multinationals to nearby small businesses. Selecting which vendors to partner with is much more than seeking the lowest price. Supply chain management is a balance of requirements and priorities, from ethics and anti-corruption, to labour standards and local procurement. Every vendor relationship must meet our economic, logistical and sustainability standards.
Guided by our Goldcorp Commercial Practices, the Supply Chain Management team applies due diligence in vendor selection. They must be assured that our providers are capable – organizationally, technically and financially – to reliably deliver the top-quality supplies or services that our mines’ operational performance depends on.
Collectively, the Supply Chain team across the organization exceeded their cost savings targets for the year, without compromising reliability, quality or ethics.
In addition, we support and implement the World Gold Council’s Conflict-Free Gold Standard, which allows gold-mining companies like us to provide assurance that the gold has been extracted in a way that does not cause, support or benefit unlawful conflict, or contribute to serious human rights abuses or breaches of international law. For more information on our 2015 findings, please see the Human Rights and Security section, under Communities.