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Euro reaches 2-month high on suggestion of higher interest rates
By Craig Wong
Canadian Press
via Canadian Broadcast Corp.
Tuesday, March 8, 2005
http://www.cbc.ca/cp/business/050308/b030860.html
VANCOUVER -- Wheaton River Minerals, which recently approved a $2.4-
billion merger with Goldcorp Inc., plans to remain unhedged and
expects the price of gold to push higher next year, executives said
Tuesday.
Wheaton River chief Ian Telfer, who was recently appointed president
and CEO of Goldcorp, told a conference call with analysts that he
expects the price of gold to remain between $400 and $500 US per
ounce this year.
"In 2006 we think it is going to trend higher from there, so we're
very bullish on the price," Telfer said.
The merger of Goldcorp and Wheaton River was accepted by
shareholders last month. Telfer, who was head of Wheaton River,
replaces Goldcorp CEO Rob McEwen, who became non-executive chairman
of the enlarged firm.
Telfer said the company will continue with its strategy to be
unhedged - lacking set prices for future sales - and set aside some
of its production at Goldcorp's Red Lake mine in northwestern
Ontario to take advantage of what it hopes will be higher prices of
gold in the future.
"We are going to continue holding back gold at Red Lake until such
time as we may have a place to spend some of that gold," Telfer
said. "But in the absence of needing that money, I think we'll stay
with that policy for now."
In 2005, Wheaton expects to produce 675,000 gold equivalent ounces.
Capital expenditures planned in 2005 will be about $152 million US.
The company also announced Monday that its proven and probable gold
reserves had increased to 5.1 million ounces as of Dec. 31, 2004.
For 2004, Wheaton River earned $142.1 million US or 22 cents per
diluted share on revenue of $419.2 million US. That compared with a
profit of $57.7 million US or 13 cents per share on revenue of
$212.6 million US.
The Vancouver-based mining company is expected to be formally taken
over by Goldcorp at a shareholder meeting April 12.
Under the deal, Wheaton River shareholders will receive one Goldcorp
share for every four Wheaton River shares they hold.
In trading Tuesday on the Toronto Stock Exchange, Wheaton River
Minerals shares were up 14 cents at $4.49, while Goldcorp shares
were up 50 cents at $18.
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