GOLDCORP CUTS DIVIDEND, LOWERS GUIDANCE

Goldcorp Inc. slashed its dividend and lowered its production guidance for the next three years on Thursday as the company tries to maintain a strong balance sheet and faces unexpected problems at its Cochenour project in Ontario. The Vancouverbased mining giant moved from a monthly dividend of US2 cents a share to a quarterly dividend at the same level, effectively reducing the annual payout by two-thirds. Goldcorp also removed the Cochenour project from its production guidance for the next three years and said the project is re-entering the “advanced ex- ploration” phase. Goldcorp said it expects to produce between 2.8 and 3.1 million ounces of gold a year in each of the next three years. Previously, the company forecast up to 3.6 million ounces in 2016, up to 3.7 million in 2017, and up to 3.4 million in 2018. For Q4, Goldcorp reported an adjusted loss US$128 million, or US15 cents a share, along with a monster net loss of US$4.3 billion due to impairments. But it said it generated free cash flow of US$239 million in Q4, the last earnings report the retiring Chuck Jeannes will oversee as CEO.