Page 54 By Gregory Reynolds The three T immins operations of Goldcorp Inc produced more gold in the frst six months of 2013 but rev enues fell as compared to the same period in 2012 due to lower grades of ore and lower gold prices Porcupine Gold Mines currently consists of three mining operations Hoyle Pond Dome and Stockpile which feed one processing facility lo cated at the Dome The Hoyle Pond under ground opera tion experienced 26 higher tonnage as planned due to increased feed from lower grade long hole stopes which in addition to sequencing of the high grade V AZ zone resulted in 20 low er grades The Dome under ground operation ex perienced 32 lower grades partially of fset by 34 higher tonnage due to mining in higher tonnage bulk zones Material recla imed from Stockpile provided 7 lower grades from a lower grade section of the stockpile with 10 lower tonnage as a result of the higher under ground tonnage Six months gold production was 137000 ounces as compared to 135600 ounces in the same 2012 pe riod Revenues were 202 million as compared to 224 million in the frst six months of 2012 At the Musselwhite Mine produc tion for the frst six months of 2013 was 121900 ounces as compared to 109700 in 2012 Revenues were 179 million as compared to 187 million in 2012 s frst six months Companywide Goldcorp had six month revenues of 229 billion from production of 126 million ounces of gold The net loss attributable to sharehold ers of Goldcorp for the six months ended June 30 2013 was 16 billion or 201 per share compare d to net earnings attributable to shareholders of Goldcorp of 747 million or 092 per share for the six months ended June 30 2012 Gold production across the portfo lio was as planned during the second quarter but revenues and operating cash fows were signifcantly im pacted by lower realized gold prices timing of gold production and a tem porary increase in inventory at Red Lake said Chuck Jeannes Goldcorp President and CE Almost half of our total quarterly gold and silver sales occurred in the month of June which coincided with a period of particular ly weak prices for the metals Goldcorp is uniquely positioned in the industry with a solid balan ce sheet and quality growth profle and we are taking action to maintain these com petitive advantages In response to lower metals prices and resulting low er thanexpected cash fow this year we have implemented companywide spending reductions that will help to safeguard our strong fnancial posi tion while keeping intact the key ele ments of our industryleading growth profle At June 30 2013 the company s principal producing mining properties were comprised of the Red Lake Por cupine and Musselwhite gold mines in Canada the Penasquito goldsilver leadzinc mine and the Los Filos and El Sauzal gold mines in Mexico the Marlin goldsilver mine in Guatema la the Alumbrera goldcopper mine 375 interest in Ar gentina the Marigold 667 interest and Wharf gold mines in the United States and the Pueblo V iejo goldsilvercop per mine in the Dominican Republic 40 interest The company s signifcant develop ment projects at June 30 2013 were comprised of the Cerro Negro gold project in Ar gentina the Eleonore and Cochenour gold projects in Can ada the El Morro goldcoppe r project 70 interest in Chile the Camino Rojo goldsilver project in Mexico and the Cerro Blanco goldsil ver proj ect in Guatemala The company also owns a 270 eq uity inte rest in Primero Mining Corp a publicly traded company engaged in the production of precious metals with operations primarily the San Di mas goldsilver mine in Mexico and a 398 equity interest in T ahoe Re sources Inc a publicly traded com pany focused on the explora tion and development of resource properties with a principal objective to develop the Escobal silver project in Guate mala The company said during June 2013 the announcement of a potential re duction in quantitative easing by the US Open Market Committee led to sharp increases in longterm US inter est rates and the US dollar index trad ing at threeyear highs This along with other macroeconomic indica tors in the United States suggested the US economy and accordi ngly the strength of the US dollar would im Contd on pg 55 Pr oduction incr eases at T immins Musselwhite but r evenues decline