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Goldcorp posts bigger loss as low prices for its precious metals hit bottom line

TORONTO – Goldcorp Inc. moved further into the red in the third quarter as the company dealt with falling prices for its precious metals.

The Vancouver-based gold miner, which keeps its books in U.S. dollars, said Thursday that it posted a loss of $192 million or 23 cents per share in the third quarter, compared to a loss of $44 million or five cents per share in the same period last year.

The company said it produced a record-high amount of gold — 922,200 ounces — in the quarter, up 42 per cent from last year, but realized a lower average price of $1,114 an ounce, down from $1,266 an ounce in the third quarter of 2014.

Silver production increased to 11.3 million ounces from 7.8 million ounces in the same period last year, as its realized average price fell from $15.71 per ounce to $13.01 per ounce.

Free cash flow increased to a gain of $243 million from a loss of $355 million.

In the quarter, Goldcorp announced a new joint venture with Teck Resources to produce gold, copper and molybdenum from two projects in Chile.

Note to readers: This is a corrected story. A previous version said Goldcorp’s profits moved into the red.