FORM
6-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For
the
month of May 2007
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Goldcorp
Inc.
(Translation
of registrant's name into English)
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Suite 3400
- 666 Burrard St.
Vancouver,
British Columbia V6C 2X8 Canada
(Address
of principal executive offices)
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Indicate
by check mark whether the registrant files or will file annual reports
under
cover Form 20-F or Form 40-F.
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Form
20-F
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o
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Form
40-F
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x
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____
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Note:Regulation
S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if
submitted solely to provide an attached annual report to security
holders.
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted
by Regulation S-T Rule 101(b)(7): ____
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Note:
Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a
Form 6-K if submitted to furnish a report or other document that
the
registrant foreign private issuer must furnish and make public
under the
laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant’s “home country”), or under
the rules of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document
is not a
press release, is not required to be and has not been distributed
to the
registrant’s security holders, and, if discussing a material event, has
already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
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Indicate
by check mark whether by furnishing the information contained in this Form,
the
registrant is also thereby furnishing the information to the Commission
pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
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o
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No
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x
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If
"Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto
duly authorized.
| GOLDCORP INC. | ||
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Date: May
11, 2007
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/s/
Anna M. Tudela
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Name: Anna M. Tudela |
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Title:
Director,
Legal and Assistant Corporate
Secretary
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||
 |
Suite
3400 - 666 Burrard St.
Vancouver,
BC, V6C 2X8
Tel:
(604) 696-3000
Fax:
(604) 696-3001
|
| Toronto Stock Exchange: G |
GOLDCORP
FIRST QUARTER NET EARNINGS INCREASE 32 PERCENT
(All
figures are in US dollars unless stated otherwise)
Vancouver,
British Columbia - May 11, 2007 - Goldcorp
Inc. (GG:NYSE; G:TSX) today
reported net earnings of $124.9
million, or $0.18 per share, for the quarter ended March 31, 2007. This
compares to net earnings of $92.4 million, or $0.27 per share, in the first
quarter of 2006.
First
Quarter 2007 Highlights
| · |
Gold
production nearly doubled to 558,000
ounces.
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| · |
Total
cash costs (net of by-product copper and silver credits) of $181
per ounce
of gold(1).
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| · |
Operating
cash flows increased to $122.6
million.
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| · |
Cash
and cash equivalents at March 31, 2007 of $403.5
million.
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| · |
Dividends
paid of $31.6 million.
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| · |
Second
quarter completion of the sale of Amapari and Peak mines for $200
million
in cash and $100 million in Peak Gold common shares.
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| · |
Sale
to Silver Wheaton of 25% of future Peñasquito silver production for $485
million in cash expected to close by May
31.
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“Solid
mine performance in the first quarter has laid the groundwork for a good
year,”
said Kevin McArthur, Goldcorp President and Chief Executive Officer. “Our
cornerstone Red Lake mine in Canada is off to a strong start, and production
at
Marlin mine in Guatemala continues to gain momentum. Another cornerstone
asset,
the Peñasquito project in Mexico, remains on track. Construction activity is
underway, good progress is being made on the engineering design and procurement
and significant effort is now turning to further optimization studies in
light
of recent exploration success.
“Companywide
gold production is scheduled to ramp up throughout the year, which includes
the
anticipated first gold pour at Los Filos mine late in the second quarter.
Considering the revised production schedule for Los Filos mine, and the
sale of
the Amapari and Peak mines, we expect to produce approximately 2.5 million
gold
ounces for the year, and we continue to expect our total cash cost to be
approximately $150 per gold ounce. Goldcorp enjoys the highest margins
within
the senior companies, attributable to our focus on designing and building
low
cost mines and our policy to not hedge our gold production.
-
2 -
“We
also
took important steps to further strengthen our financial position during
the
first quarter. The now-completed sale of the Peak and Amapari mines simplifies
our asset portfolio. The second quarter sale of 25 percent of the future
silver
stream at Peñasquito for $485 million provides flexibility to reduce debt and
fund our growth programs. The two transactions bring a total of $785 million
in
cash and securities to our balance sheet in the second quarter. Our focus
for
the balance of 2007 will be to unlock value through an exploration investment
of
$120 million in our own properties and mine sites.”
A
conference call will be held Friday, May 11th
at
9:00am. (PT) to discuss these results. Participants may join the call by
dialing
toll free 1-800-819-9193 or (913) 981-4911 for calls from outside Canada
and the
US. Conference ID# 9234904.
The
conference call will be recorded and available for replay until June
15th,
2007 by
dialing 1-888-203-1112 or (719) 457-0820 for calls outside Canada and the
US.
Passcode: 9234904. A live and archived audio webcast will be available
on the
website at www.goldcorp.com.
Goldcorp
is one of the world’s lowest-cost and fastest growing multi-million ounce gold
producers with operations throughout the Americas. The
Company does not hedge its gold production.
| (1) |
The
Company has included a non-GAAP performance measure, total cash
cost per
gold ounce, throughout this document. The Company reports total
cash costs
on a sales basis. In the gold mining industry, this is a common
performance measure but does not have any standardized meaning,
and is a
non-GAAP measure. The Company follows the recommendations of the
Gold
Institute standard. The Company believes that, in addition to conventional
measures, prepared in accordance with GAAP, certain investors use
this
information to evaluate the Company’s performance and ability to generate
cash flow. 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.
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3 -
Cautionary
Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”, within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation, concerning the business, operations and
financial performance and condition of Goldcorp. Forward-looking
statements include, but are not limited to, statements with respect to
the
future price of gold, silver, copper, lead and zinc, the estimation of
mineral
reserves and resources, the realization of mineral reserve estimates, the
timing
and amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits, success
of
exploration activities, permitting time lines, hedging practices, currency
exchange rate fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated reclamation
expenses, timing and possible outcome of pending litigation, title disputes
or
claims and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words and phrases or
state that certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may
cause the actual results, level of activity, performance or achievements
of
Goldcorp to be materially different from those expressed or implied by
such
forward-looking statements, including but not limited to: risks related
to the
integration of acquisitions; risks related to international operations;
risks
related to joint venture operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions
of
economic evaluations; changes in project parameters as plans continue to
be
refined; future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; failure of plant,
equipment
or processes to operate as anticipated; accidents, labour disputes and
other
risks of the mining industry; delays in obtaining governmental approvals
or
financing or in the completion of development or construction activities,
as
well as those factors discussed in the section entitled “Description of the
Business - Risk Factors” in Goldcorp’s Annual Information Form for the year
ended December 31, 2006, available on www.sedar.com, and Form 40-F for
the year
ended December 31, 2006 on file with the United States Securities and Exchange
Commission in Washington, D.C. Although Goldcorp has attempted to identify
important factors that could cause actual results to differ materially
from
those contained in forward-looking statements, there may be other factors
that
cause results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Goldcorp does not undertake to update any
forward-looking statements that are incorporated by reference herein, except
in
accordance with applicable securities laws.
For
further information, please contact:
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Jeff
Wilhoit
Vice
President, Investor Relations
Goldcorp
Inc.
Telephone:
(604) 696-3074
Fax:
(604) 696-3001
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e-mail:
info@goldcorp.com
website:
www.goldcorp.com
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