At Goldcorp, our goals are to deliver long-term value and superior returns to shareholders while operating safely and responsibly. There are four elements to our strategy:
Disciplined Portfolio Management
Our continued focus on high-quality gold assets and a disciplined acquisition strategy has helped position Goldcorp for tremendous growth.
We remain committed to responsible stewardship, so our business investments are catalysts for positive, sustainable development everywhere we do business.
Our track record of growing reserves, ability to fund growth internally and active dividend policy have delivered superior shareholders returns over the past seven years.
We’ve consistently grown gold production with an eye on managing costs that have accelerating cash flow and earnings for our shareholders. And our employees love the opportunities provided in a dynamic environment that encourages innovation.
In a few short years, we have grown to take our place amongst the world’s largest gold producers. Our growth profile is exceptional, with an expected 70% increase in gold production in the next five years.
Low Cost Production
In 2011, we produced 2.51 million ounces of gold at a total cash cost of approximately $220 per ounce. These low cash costs are expected to continue over time as new, low-cost mines come online.
Our asset portfolio is located in politically stable, low-risk jurisdictions in the Americas. We conduct business in a socially and environmentally responsible manner, and we share the benefits of our operations with local communities and authorities to ensure that we are welcomed wherever we operate.
Our balance sheet is among the strongest in the sector: we ended 2011 with cash and cash equivalents of approximately $1.7 billion, an undrawn credit facility of $2.0 billion, and forecast average annual operating cash flow of $3.7 billion over the next 5 years, providing us with significant financial flexibility for new opportunities.
Over time, Goldcorp investors have benefited from growth in key financial measures including cashflow and earnings per share. Successful exploration and portfolio management has also resulted in steady growth in the number of gold reserves represented by each of our common shares.