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Production Issues Raise Stakes on Goldcorp

NEW YORK (TheStreet ) — Gold stock darling, Goldcorp, lowered production guidance for 2011 and shares got punished, but CEO Chuck Jeannes says the problems are “well in hand.”

Although the company beat second quarter estimates and made 52 cents a share, the gold miner, which had become accustomed to delivering blow-out quarters, lowered full year production guidance from 2.75 million ounces of gold on the high end to 2.55 million ounces.

Three factors led to this miss, two were natural disasters — a forest fire at its Musselwhite mine in Canada which shut down production for a month and flooding at its Pueblo Viejo project in the Dominican Republic. Barrick Gold owns 40% of the project….

Production Issues Raise Stakes on Goldcorp

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