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With a strong balance sheet, an exceptional high-quality asset portfolio and a dedicated management team, we are building a future of sustained prosperity for our shareholders.
Financial Highlights: 2016
Gold production(1) totaled 761,000 ounces for the fourth quarter and 2,873,000 ounces for 2016, compared to 909,000 ounces and 3,464,000 ounces, respectively, in 2015.
Total cash costs
All-in sustaining cash costs(1),(2) for the fourth quarter were $747 per ounce, and $856 per ounce for 2016, compared to $977 per ounce and $894 per ounce, respectively, in 2015. On a by-product basis cash costs(1),(3) for the fourth quarter were $481 per ounce and $573 per ounce for 2016, compared to $687 per ounce and $605 per ounce, respectively, in 2015.
For the full year 2015, the Company recorded net earnings of $162 million, or $0.19 per share, compared to a net loss of $4.2 billion, or ($5.08 per share) in 2015.
Operating cash flows
Adjusted operating cash flows(1),(3) totaled $383 million for the fourth quarter and $1.12 billion for 2016, compared to $504 million and $1.65 billion, respectively, in 2015.
Dividends paid in 2016 totaled $97 million, compared to dividends paid of $370 million in 2015.
For further financial information refer to the 'Reports & Filings' section and the 'Interactive Analyst Centre'
(1) The Company has included non-GAAP performance measures on an attributable basis (Goldcorp share) throughout this information. Attributable performance measures include the Company's mining operations and projects and the Company's share from Alumbrera, Pueblo Viejo and NuevaUnion subsequent to the formation of the joint venture on November 24, 2015.
(2) All-in sustaining costs include total production cash costs incurred at the Compay's mining operations, which forms the basis of the Company's by-product cash costs. Additionally, the Company includes sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs, and reclamation cost accretion and amortization. The measure seeks to reflect the full cost of gold production from current operations, therefore groth capital is excluded. Certain other cash expenditures, including tax payments, dividends and financing costs are excluded.
AISC is a non-GAAP performance measure that the Company believes more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company reports this measure on a gold ounces sold basis. The Company's all-in sustaining cost definition conforms to the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.
(3) Adjusted operating cash flows comprises Goldcorp's share of operating cash flows, calculated on an attributable basis to include the Company's share of Alumbrera, Pueblo Viejo and NuevaUnion's operating cash flows. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance and ability to operate without reliance on additional external funding or use of available cash. For the reconciliation of the cash provided by operating activities in the consolidated financial statements to Goldcorp's share of adjusted operating cash flows refer to page 52 of the 2016 Management's Discussion and Analysis (MD&A).