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Goldcorp (GG) Resumes Operations at the Cerro Negro Mine


Goldcorp Inc. GG has announced that operations in the Cerro Negro mine in Argentina have resumed following a work stoppage.

Notably, the workers representing the Asociacion Obrera Minera Argentina union started a work stoppage from Mar 8, 2019. The provincial government of Santa Cruz issued a conciliation process resolution that was accepted by the parties.

Moreover, all personnel have been remobilized at the site and ramping to normal operations is underway. During the period of conciliation, the company is committed to cooperate with the government officials and employee representatives on a fair and equitable resolution. It will be focused on safe operations, environmental protection along with full permit compliance.

Notably, gold production at Cerro Negro rose 12.3% year over year to 146,000 ounces while all-in sustaining costs (AISC) declined 27.4% to $488 per ounce in the fourth quarter of 2018. The mine also exited 2018 with 4,000 tons of ore mined per day.

Goldcorp’s shares have lost 18.4% in the past year, against the industry’s 7.6% rise.

In February, the company announced production and cost guidance for 2019. It expects to produce 2.2-2.4 million ounces of gold at AISC of $750-$850 per ounce. Cash costs per ounce is expected in the range of $400-$500.

Zacks Rank & Key Picks

Goldcorp currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the basic materials space are Kirkland Lake Gold Ltd. KL, Ingevity Corporation NGVT and Materion Corporation MTRN, all currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Kirkland has an expected earnings growth rate of 8.8% for 2019. The company’s shares have surged 133.9% in the past year.

Ingevity has an expected earnings growth rate of 17.9% for the current year. The company’s shares have rallied 34.8% in a year’s time.

Materion has an expected earnings growth rate of 12.6% for 2019. Its shares have gained 4.8% in a year’s time.

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