GoldCorp Inc is reaffirming its commitment to precious metals. The chief executive officer of GoldCorp, Chuck Jeannes said that with their growth profile intact for the next five-plus years, it gave them the opportunity to try to continue that growth organically and through early-stage acquisitions, rather than going out and paying full price for a fully developed asset.
The second largest gold mining company in the world, GoldCorp is a Vancouver based mining company that has doubled its profit during the first quarter of 2011. As the price of both gold and silver continue to rise the company hopes to expand golf production by 60% till 2015. This means that they will be hoping to produce 4 million ounces of gold annually in the next four years.
As the CEO spoke after declaring the first quarter results he said that they were a gold mining company and they were committed to remaining a gold mining company. He said this in response to questions about the company’s focus after Barrick Gold’s recent decision to deviate from the path of precious metal mining.
The company earned $651 million for the quarter ending March 31, 2011 and made a profit of $247 million. The revenue totaled $1.22 billion which has also risen from $ 718 million a year ago.