It’s going to be a year of change at Goldcorp (TSX:G) as the Vancouver-based miner deals with diminished production, slashed dividends and a changing of the guard.
Shares at Goldcorp, the world’s largest gold producer based on market value, fell 9.1% to trade at C$19.57 as of 9 a.m. PT Friday (February 26) after reporting a fourth-quarter net loss of US$4.27 billion a day earlier.
Its net loss amounted to US$2.4 billion during the same period a year ago, while its adjusted loss was US$128 million in the fourth quarter of 2015.
The company said it would slash dividends to shareholders. Instead of monthly dividends of US$0.02, it would offer quarterly dividends of US$0.02.
Goldcorp also pulled back on its production forecast for 2016 from its 2015 levels.
Last year, Goldcorp produced 3.5 million ounces of gold but it anticipates it will produce between 2.8 million and 3.1 million in 2016.
Among the other big changes unfolding at Goldcorp over the next year is the departure of CEO Chuck Jeannes, who announced in December he would retire in April.
Hudbay (TSX:HBM) David Garofalo was named Jeannes’ successor the same day the retirement was announced.
