Goldcorp shares drop to more than 16-year low after third-quarter loss

VANCOUVER – Shares of Goldcorp Inc. sank to their lowest level in more than 16 years after the miner swung to a $101-million net loss in the third quarter.

The Vancouver-based company’s shares closed down $2.50 or 18.4 per cent to $11.09 Thursday on the Toronto Stock Exchange after hitting an intraday low of $11.

That’s the lowest level since July 2002 and the lowest closing price since April 2001.

Goldcorp says production declined more than 20 per cent to 503,000 ounces while sales fell 16 per cent to 508,000 ounces.

The net loss equalled 12 cents per share for the period ended Sept. 30, compared with a 13 cents per share or $111-million profit a year earlier.

Goldcorp says it has identified an extra $30 million in annual cost savings that will bring it closer to its goal of achieving $350 million in savings by the end of 2019.

Companies in this story: (TSX:G)