The mid-tier gold producer has boosted its dividend a third time, by 25% to US15 per share, and it will be paid out every two months rather than every three.
As a result, shareholders of record on Feb. 10, 2003, will receive a US2.5 dividend payment on Feb. 14.
Earlier in the week, Goldcorp announced that its year-end cash and short-term investments had grown to US$260 million, up US$25 million from the end of the third quarter.
In addition, the company’s gold-bullion hoard grew by 17,000 oz. during the fourth quarter to end the year at about 196,000 oz. — worth US$67 million using the year-end gold price of US$342.75 per oz.
(These 17,000 oz. represent unsold fourth-quarter production rather than gold bought on the open market. Of the total hoard, some 100,160 oz. represent gold that was purchased.)
Thus, Goldcorp’s liquid assets at the end of 2002 totalled US$327 million — an increase of US$34 million from the end of the third quarter of 2002.
The Toronto-based company cheekily points out that its gold hoard is now greater than 41 of the world’s 114 countries that report gold ownership.
Goldcorp’s flagship Red Lake mine in Ontario is expected to produce 520,000 oz. gold in 2002 at a cash cost of US$65 per oz.
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