Vancouver-based gold mining giant Goldcorp (TSX:G) announced some mixed news on January 9: The company produced a record amount of gold in the fourth quarter of 2013, but cut the long-term outlook on its Penasquito mine from 19 years to 13.
According to a Goldcorp press release, the company produced 767,700 ounces of gold in Q4, pushing its 2013 production total to 2.67 million ounces.
The company anticipates its 2014 gold production to be between 3 million and 3.15 million ounces which, depending on the year's final tally, will represent of jump of between 13% and 18% over 2013.
Silver production is forecasted to reach between 34 million and 36 million ounces in 2014.
Goldcorp's Penasquito mine – a large-scale gold, silver, lead and zinc mine in central Mexico – will only produce gold for 13 years instead of the 19-year lifespan the company originally anticipated.
Goldcorp will not mine the lower-grade gold at Penasquito, resulting in the shorter mine life.
Penasquito is forecasted to produce up to 560,000 ounces of gold in 2014.
Goldcorp's stock closed at $24.31 per share on January 9, down more than $14 from its 52-week high of $38.33.
