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Goldcorp

Goldcorp is the 5th largest gold producer in the world based on 2017 figures, (4th in 2016). The miner produced 2.6 mn ounces of gold in 2017 and expects to produce 2.5 mn ounces in 2018. GCN's operations are located in Canada and Latin America, with 40% of gold production coming from Canada. The remaining 60% of gold production comes from Mexico, Argentina, Guatemala, and the Dominican Republic, which are areas that face greater political risks. As of 6/30/17 GCN had 53.5 mn ounces of 2P gold reserves based on a gold price assumption of $1,200/oz, up 26% YoY from 42.3 mn ounces. The increase is driven by the converted ounces from successful exploration at Porcupine's Century Project and the 50% acquisition of Cerro Casale net of the Los Filos and Camino Rojo divestments. (20 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

GCN: 3Q18 Results Impacted by Peñasquito Issues

Worth Watching: 29 Oct 2018, 10:20 PM ET - GCN (Baa3/BBB+) reported 3Q18 revenues of $621 mn and adjusted EBITDA of $237 mn, down 28% and 41%, respectively, from the prior year. GCN has considerable exposure to Latin America, with production from Peñasquito, Cerro Negro, and Pueblo Viejo a ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..
Focused

GCN: 2Q18 Results, On Track

Worth Watching: 30 Jul 2018, 10:08 PM ET - GCN (Baa3/BBB+) reported 2Q18 revenues of $793 mn and adjusted EBITDA of $334 mn, down 4% and 23%, respectively, from the prior year. GCN has considerable exposure to Latin America, and production from Peñasquito, Cerro Negro, and Pueblo Viejo acc ..

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  
Focused

GCN: 1Q18 Results, Same Guidance

Worth Watching: 26 Apr 2018, 9:09 PM ET - GCN (Baa3/BBB+) reported 1Q18 revenues of $846 mn and EBITDA of $325 mn, down 4% and up 2%, respectively, from the prior year. GCN has ~60% of its gold production coming out of Latin America, and production from Peñasquito, Cerro Negro, and Pueblo ..

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 
Focused

GCN: 4Q17 Results; Progress Toward 20/20/20 Plan

Worth Watching: 18 Feb 2018, 8:23 PM ET - GCN (Baa3/BBB+) reported 4Q17 revenues of $853 mn and adjusted EBITDA of $331 mn, down 5% and 1%, respectively, from the prior year. GCN has ~60% of its gold production coming out of Latin America, and production from Peñasquito, Cerro Negro, and ..

CREDITSIGHTS WEBCAST: EVs, Autos and Metals

Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Metals 2018 Outlook: Valuations Over Fundamentals

Sector Outlook: 15 Jan 2018, 9:19 PM ET - We analyze the broad trends within the metals & mining sector, delve into sub-sector developments, and then examine name-specific recommendations.

Metals: Steel Section 232 Finally in Trump's Hands

Worth Watching: 12 Jan 2018, 12:06 PM ET - Metals: Commerce Department Secretary Wilbur Ross has finally delivered his much-anticipated Section 232 report on the impact of steel imports on U.S. national security to President Trump on Thursday, January 11th. The Commerce Department noted th ..

Iron Ore: China Imports Falls in October

Worth Watching: 08 Nov 2017, 1:45 PM ET - Iron Ore: October imports of iron ore into China were 79.5 mt, down 23% MoM and 2% YoY. This is the lowest amount since February 2016, although YTD imports of 896 mt are still up 6% over the prior year period. The dramatic fall of imports was driv ..
Focused

GCN: Solid 3Q17 Results and Reiterated Guidance

Worth Watching: 30 Oct 2017, 5:46 AM ET - GCN (Baa3/BBB+) reported 3Q17 revenues of $866 mn and adjusted EBITDA of $348 mn, down 5% and up 1%, respectively, from the prior year. GCN has ~60% of its gold production coming out of Latin America, and production from Peñasquito, Cerro Negro, a ..

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