Tough ground conditions at Goldcorp's Red Lake mine complex has increased production costs this year for the Vancouver gold giant.
During the first quarter of this year, the company produced 114,200 ounces, about a 40 per cent decrease from the 186,100 ounces produced during the same period last year. It resulted in cash costs increasing to $523 an ounce during that period compared to $322 ounces during the first three months of 2011.
“Adverse ground conditions at Red Lake delayed the development of new mining faces in the high-grade zone which, taken together with lower grade in other areas of the mine, led to our slow start in 2012,” said CEO Chuck Jeannes in a press release.
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