Goldcorp’s (NYSE:GG) Q2 production increased 10% compared to prior quarter, totaling 578,600 ounces. Goldcorp also revised its full-year production figures due to due to operational problems at its Red Lake mine in Ontario and its Penasquito mine in Mexico. Goldcorp is now forecasting for full-year gold production of 2.35 mln to 2.45 mln ounces, below its previous guidance of 2.6 mln ounces.
“We are disappointed with reducing production guidance due to operational issues at our two most important mines,” chief executive Chuck Jeannes said in a statement. “Our focus is on addressing these issues promptly and in a manner supporting the long-term opportunities at these key assets.”
Goldcorp also revised its 2012 silver forecast to 30 million to 31 million ounces, down from a previous estimate of 34 million ounces.