Placer Dome announces first quarter 2005 results (United States
("U.S.") dollars, in accordance with U.S. generally accepted
accounting principles ("GAAP")) VANCOUVER, April 26
/PRNewswire-FirstCall/ -- Placer Dome Inc. (NYSE, TSX, ASX: PDG)
announces first quarter earnings of $31 million ($0.07 per share).
Before the effect of the adoption of a new accounting policy
related to accounting for projected post closure personnel
termination obligations, earnings were $45 million ($0.10 per
share). During the quarter, Placer Dome produced 911,000 ounces of
gold at cash costs of $275 per ounce. Mine operating earnings
totalled $104 million and cash from operations before changes in
non-cash working capital was $99 million for the quarter. President
and CEO Peter Tomsett said Placer Dome's first quarter production
was in line with expectations, with the majority of operations
meeting targeted output levels. "A number of our operations
delivered improvements in production and cost performance from the
fourth quarter of 2004," he said. "However, cost pressures remain
challenging." Tomsett said Placer Dome's first quarter financial
results showed improvement from the previous quarter, with mine
operating earnings up 33% and cash from operations before changes
in non-cash working capital up 50%. "We expect performance to
continue to trend upwards throughout the remainder of the year."
MANAGEMENT'S DISCUSSION AND ANALYSIS (United States ("U.S.")
dollars, in accordance with U.S. generally accepted accounting
principles ("GAAP")) Throughout this document, "Placer Dome" is
defined to be collectively Placer Dome Inc., its consolidated
subsidiaries and its proportionate share of unincorporated joint
venture interests. Placer Dome's share is defined to exclude
minority shareholders' interests. The "Corporation" refers to
Placer Dome Inc. This Management's Discussion and Analysis
("MD&A") was made as of April 26, 2005. Highlights Placer
Dome's share of production was 911,000 ounces of gold in the first
quarter of 2005, a decrease of 2% over both the first and fourth
quarters of 2004. Copper production was 91 million pounds, a
decrease of 17% from the same quarter in 2004 and 3% from the
fourth quarter of 2004. Consolidated net earnings in accordance
with U.S. GAAP for the first quarter of 2005 were $31 million
($0.07 per share), compared with $64 million ($0.16 per share) for
the same period in 2004 and $39 million ($0.09 per share) for the
fourth quarter of 2004. Mine operating earnings were $104 million
for the quarter, a 34% decrease over the first quarter in 2004 and
a 33% increase over the fourth quarter of 2004. Cash from
operations before the change in non-cash working capital was $99
million, a decrease of 28% from the same quarter in 2004 and an
increase of 50% over the fourth quarter of 2004. Placer Dome's
share of cash and total production costs per ounce of gold for the
quarter were $275 and $342, respectively, compared with $231 and
$286 in the prior year period and $264 and $330 in the fourth
quarter of the year. Cash and total production costs per pound of
copper for the period were $0.65 and $0.78, respectively, compared
with $0.52 and $0.66, respectively, in the prior year period and
$0.64 and $0.82, respectively, in the fourth quarter of 2004. March
31 ---------------- For the three months ended ----------------
2005 2004
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Financial ($ millions, except per share amounts) Sales 491 508 Mine
operating earnings Gold 56 95 Copper 52 67 Other (4) (4)
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104 158
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Net earnings 31 64 Per share 0.07 0.16 Cash from operations 68 134
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Operations - Gold (000s ozs) Production (Placer Dome's share) 911
929 Production (consolidated) 889 905 Sales (consolidated) 889 915
Cash production costs ($/oz) (Placer Dome's share)(i) 275 231 Total
production cost ($/oz) (Placer Dome's share)(i) 342 286 Sales price
realized ($/oz) 416 398 London spot price ($/oz) 427 408
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Operations - Copper (millions lbs) Production 91 109 Sales 96 124
Cash production costs ($/lb)(i) 0.65 0.52 Total production cost
($/lb)(i) 0.78 0.66 Sales price realized ($/lb) 1.32 1.19 London
spot price ($/lb) 1.48 1.24
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(i) Cash and total production costs per ounce and pound are
non-GAAP measures that do not have any standardized meaning as
prescribed by GAAP and are therefore unlikely to be comparable to
similar measures presented by other entities. Please refer to the
Non-GAAP Measures section for further detail. (ii) During the first
quarter of 2005, Placer Dome changed its accounting policy with
respect to termination obligations, whereby the liability accrued
represents the obligation to date for all employees at mine sites
(see note 2 to the unaudited interim consolidated financial
statements for more details). The cumulative effect of this change
was a non-cash reduction in earnings on a pre-tax and after-tax
basis of $21 million and $14 million ($0.03 per share),
respectively. The first quarter of 2004 earnings included the
effect of a change in accounting policy, with respect to deferred
stripping to exclude the recording of liabilities on the balance
sheet. The cumulative effect of this change through December 31,
2003, was to increase earnings on an after-tax basis by $4 million
($0.01 per share). Outlook Placer Dome's gold production guidance
range for 2005 has been decreased by 50,000 ounces to 3.6 to 3.7
million ounces. This is primarily the result of lower forecast
production from Porgera as a result of increased erosion and slides
on the west wall of Stage 5 of the open pit. Primarily as a result
of lower production at Porgera, gold cash and total costs are now
forecast at between $260 and $270 per ounce and $330 to $340 per
ounce, respectively, an increase from between $250 and $260 per
ounce and $315 to $325 per ounce, respectively. Placer Dome's
copper production and cost guidance ranges remain unchanged at 410
to 420 million pounds with cash and total costs of $0.60 to $0.65
and $0.75 to $0.80 per pound, respectively. Capital expenditures,
excluding deferred stripping expenditures of $35 million, remain
forecast at $260 million. Exploration expenditures are still
forecast to be approximately $90 million in 2005. The 2005 Canadian
federal budget proposed phased in reductions of the general
corporate tax rate of 2% from January 1, 2008 through January 1,
2010 and the elimination of the federal corporate surtax effective
January 1, 2008. These changes are currently being debated within
the Canadian House of Commons and may or may not become law given
the current minority government. Should the changes be enacted, the
estimated income tax impact to Placer Dome would be a charge to
deferred income tax expense of approximately $24 million and an
equivalent reduction in the deferred tax asset. The Chilean House
of Representatives has passed a tax bill proposing a 5% tax on mine
operating profits. At present, the bill is before the Chilean
Senate. If enacted, the tax would take effect in 2006. The impact
of the legislation on Placer Dome would depend on decisions
regarding whether or not Zaldivar would opt out of the tax
protection currently provided by its DL600 investment contract. The
La Coipa mine does not have DL 600 tax protection and, as such, the
tax, if approved, would have an impact on results. Placer Dome
would also have to consider the impact of the legislation on the
potential development of the Cerro Casale project. Exploration and
Development Projects For details concerning mineral reserve and
mineral resource estimates for the exploration and development
projects set out below, please refer to the Corporation's mineral
reserve and mineral resource tables and the notes thereto contained
in the Corporation's December 31, 2004 Renewal Annual Information
Form/Form 40-F. The Cortez Hills project, on the 60% owned Cortez
Joint Venture property, encompasses a high-grade open pit
exploration discovery made in 2003 combined with an adjacent lower
grade deposit known as the Pediment deposit. At December 31, 2004,
Placer Dome's share of proven and probable mineral reserves was
estimated at 4.4 million ounces. During the first quarter of 2005,
work continued on the feasibility study, with completion still
expected in the second half of 2005. The Pueblo Viejo project
contemplates the mining of a 15 million ounce refractory gold
mineral resource from an historic mining area in the Dominican
Republic. Placer Dome acquired 100% of the project through an
agreement with the Dominican government in 2002. Work continued on
the feasibility study which is anticipated to be completed in the
second half of 2005. The Cerro Casale project contemplates mining a
large gold-copper porphyry deposit in the Andean highlands in
Chile. Cerro Casale is one of the world's largest undeveloped gold
and copper deposits with Placer Dome's 51% share of measured and
indicated mineral resources estimated at 13 million ounces of gold
and 3.3 billion pounds of copper at December 31, 2004. Work is
underway to complete an updated feasibility study expected in the
second half of 2005. The Donlin Creek project contemplates an open
pit operation mining a large refractory gold deposit in southwest
Alaska. Placer Dome owns 30% of the project and is earning an
additional 40%. Placer Dome's share of the project's measured and
indicated gold mineral resource and inferred gold mineral resource,
assuming 70% ownership, is 7.8 million ounces and 10.0 million
ounces, respectively. During the quarter work continued on a
pre-feasibility study. Placer Dome continues to focus on optimizing
the use of its mines' infrastructure by exploring to expand mineral
reserves at existing operations. During the first quarter of 2005,
exploration expenditures totaled $18 million, $12 million of which
related to existing mines with major focuses on the Campbell and
Kalgoorlie West operations. In addition to the mine site focus,
drill programs have been completed or are under way at 4 projects
and drill target definition is proceeding on a further 14
properties. Detailed Review of Financial Results Earnings
Consolidated net earnings in accordance with U.S. GAAP for the
first quarter of 2005 were $31 million ($0.07 per share), compared
with $64 million ($0.16 per share) for the same period in 2004. The
first quarter of 2005 net earnings include the effect of the
adoption of a new accounting policy relating to accounting for post
closure termination obligations. The cumulative effect of this
change was a non-cash decrease in after-tax earnings of $14
million. In the first quarter of 2005, Placer Dome's net earnings
were impacted by unrealized non-hedge derivative after-tax losses
of $nil (2004 - $5 million). Mine operating earnings for the first
three months of 2005 were $104 million, a decrease of 34% or $54
million from 2004 due to lower contributions from both gold and
copper. Gold operating earnings decreased by 41% to $56 million in
the first quarter of 2005 compared with $95 million in 2004. Gold
sales revenue for the quarter was $365 million compared with $361
million in the prior year period, reflecting an $18 per ounce
increase in the average realized price, partially offset by a
decrease in sales volume due to decreased production. The increase
in the average realized sales price was primarily due to a 5%
increase in the average market price. Placer Dome's realized price
was $416 per ounce of gold versus a spot price average of $427 per
ounce as Placer Dome delivered into all positions that matured in
the quarter. The decrease in production was due to lower production
at the Cortez, Kalgoorlie West and Porgera mines and the cessation
of production at Misima in the second quarter of 2004. This was
partially offset by the restart of the Golden Sunlight mine and
higher production from the Granny Smith, Campbell and North Mara
mines. Placer Dome's share of cash and total production costs per
ounce for the period were $275 and $342, respectively, compared
with $231 and $286 in the prior year period. The increase in cash
costs per ounce was due to the appreciation of the South African
rand, the Canadian and Australian dollars, the Papua New Guinean
kina and the Chilean peso against the U.S. dollar (cumulatively $7
per ounce), increased global energy prices, higher input commodity
costs and various mine site specific issues, partially offset by a
positive $5 million contribution from Placer Dome's currency
hedging program. Copper operating earnings of $52 million in the
first quarter of 2005 were 22% lower than 2004. Copper sales
revenue for the quarter was $124 million compared with $145 million
in the 2004 period, reflecting a 23% decrease in sales volumes and
a negative contribution of $19 million from Placer Dome's copper
hedging program, partially offset by a 19% increase in the average
market price. Consolidated copper production in the first quarter
of 2005 was 90.6 million pounds (41,100 tonnes), down 17% from the
prior year period due to lower production at the Osborne and
Zaldivar mines. Placer Dome's share of cash and total production
costs per pound of copper for the period were $0.65 and $0.78,
respectively, compared with $0.52 and $0.66, respectively, in 2004.
The increase in unit production costs primarily reflects the lower
production levels, appreciation of the Chilean peso against the
U.S. dollar, higher input costs and higher energy and shipping
costs. Cash from Operations Cash from operations was $68 million in
the first quarter of 2005, compared with $134 million in the
corresponding period in 2004. Excluding the impact of non-cash
working capital, cash from operations was $99 million in the first
quarter of 2005, compared with $137 million in the prior year
period. The decrease of 28% primarily reflects a decrease in cash
mine operating earnings, partially offset by an increase in
investment and other business income. Expenditures on property,
plant and equipment in the first three months of 2005 amounted to
$57 million, a decrease of $12 million compared with the
corresponding prior period. The expenditures included $10 million
primarily for mobile equipment and development at Cortez, $8
million at North Mara primarily for pre-stripping of the Gokona
pit, $7 million at Porcupine for the Pamour pit and underground
development at Hoyle Pond and $5 million at South Deep for
underground development and infrastructure. Financing activities in
the first three months of 2005 included net debt additions of $6
million and an increase of $11 million in restricted cash. In the
first quarter of 2004, financing activities included proceeds of
$15 million on the exercise of common share options and $1 million
of net debt additions. Consolidated short and long-term debt
balances at March 31, 2005, were $1,273 million, compared with
$1,267 million at December 31, 2004. On March 31, 2005,
consolidated cash and short-term investments amounted to $1,037
million, an increase of $6 million from the beginning of the year.
Of the consolidated balance of cash and short-term investments,
$1,024 million was held by Placer Dome and its wholly owned
subsidiaries. In addition to cash and short-term investments,
Placer Dome had $133 million of restricted cash, primarily related
to the North Mara demand loan, which requires cash to be placed on
deposit with the lender in an amount equal to drawdowns. Forward
Sales and Options During the first quarter of 2005, Placer Dome
reduced the maximum committed ounces under its precious metals
sales program by 0.3 million ounces to 8.7 million ounces.
Committed ounces were reduced during the period by delivering into
forward sales contracts. This represents maximum committed ounces
as a percentage of reserves at December 31, 2004 of just under 15%
at an average expected realized price of approximately $394 per
ounce for delivery over 12 years. Looking forward, Placer Dome
expects to reduce its maximum committed ounces to 7.5 million by
December 31, 2005 by delivering into maturing contracts. This would
represent a cumulative decrease in maximum committed ounces of
approximately 16% for the year. See note 7 of the unaudited interim
consolidated financial statements for detailed allocation of the
metals sales and currency programs. On March 31, 2005, based on
spot prices of $427.50 per ounce for gold, $7.18 per ounce for
silver and an Australian to U.S. dollar ("AUD/USD") exchange rate
of $1.2937, the mark-to-market value of Placer Dome's precious
metal sales program was negative $698 million, a decrease of $77
million from the negative $775 million at December 31, 2004 (at the
then spot prices of $438 per ounce of gold, $6.80 per ounce of
silver and an AUD/USD exchange rate of $1.2814). The amount
reflects the value that would have been paid to counterparties if
the contracts were closed out on March 31, 2005 under prevailing
market conditions without allowance for market illiquidity. The
period-over-period change in the mark-to-market value of Placer
Dome's precious metals sales program and the reconciliation to the
unrealized mark-to-market value are detailed as follows: ---------
$ million
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Mark-to-market value at December 31, 2004 (775) Cash value cost 12
Change in spot price ($427.50 / oz. versus $438.00 / oz.) 83
Accrued contango 34 Change in the AUD/USD exchange rate,
volatility, interest rates and gold lease rates (52)
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Mark-to-market value at March 31, 2005 (698) Provision included in
Deferred Commodity and Currency Sales Contracts and Derivatives
liability relating primarily to the value of the AurionGold and
East African Gold precious metal hedge books remaining from the
acquisitions by Placer Dome 160
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Net unrealized mark-to-market value at March 31, 2005 (538)
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The net unrealized mark-to-market value of negative $538 million
reflects the income statement effect that Placer Dome could expect
to incur had it closed out its contracts at March 31, 2005 under
metal price, foreign exchange rates, interest rates and
volatilities prevailing at that time. This amount is the
mark-to-market balance of negative $698 million less the remaining
amount of the deferred commodity derivative provision of $160
million recorded on Placer Dome's balance sheet at March 31, 2005
primarily related to the fair value of the AurionGold and East
African Gold precious metal hedge books on the dates that Placer
Dome acquired control of those companies. The mark-to-market and
unrealized mark-to-market amounts are not estimates of future
losses which depend on various factors including contango and
interest rates, gold lease rates and the then prevailing spot
price. The copper sales program mark-to-market value of forward and
option contracts on March 31, 2005, was negative $28 million based
on a spot copper price of $1.546 per pound (December 31, 2004 -
negative $38 million based on a spot copper price of $1.488 per
pound). The currency derivative program's mark-to-market on March
31, 2005 was positive $44 million based on an AUD/USD foreign
exchange rate of 1.2937 and a Canadian to U.S. dollar foreign
exchange rate of $1.2096 (December 31, 2004 - positive $51 million
based on an AUD/USD foreign exchange rate of 1.2814 and a Canadian
to U.S. dollar foreign exchange rate of $1.2036), respectively.
Other Income Statement Items Costs related to general and
administrative, exploration, technology, resource development and
other totalled $49 million in the first quarter of 2005, $4 million
greater than in the prior year period. The $2 million increase in
exploration was due to additional mine site exploration primarily
in the Kalgoorlie region and precious metals exploration activity
in South Africa. The increase in general and administration costs
was primarily due to the weakening U.S. dollar and costs associated
with increased corporate activities. Pre-tax non-hedge derivative
losses in the first three months of 2005 were $1 million (2004 -
loss of $7 million). Included in this amount are net unrealized
non-cash losses of $nil (2004 -$5 million). Investment and other
business income for the first three months of 2005 was $22 million
(2004 - $2 million). The 2005 balance includes insurance recoveries
of $6 million, gains on the disposal of assets of $3 million and an
increase in interest income of $5 million due to higher cash
balances. The 2004 balance included foreign exchange losses of $5
million. Interest and financing expenses were $23 million and $19
million in the first quarter of 2005 and 2004, respectively. The
increase relates to higher average debt levels in the 2005 period.
The effective tax rate during the period decreased to 25% compared
to 36% in the prior year period. This decrease was primarily due to
the reversal of previously booked tax contingencies which were no
longer required. On April 21, 2005 the Supreme Court of Canada
granted leave for the Ontario Ministry of Finance to appeal a
decision by the Ontario Court of Appeal which reversed a
reassessment of a subsidiary of the Corporation for Ontario mining
taxes. Management is of the view that Placer Dome will ultimately
prevail, accordingly, Placer Dome has not recorded a liability for
this contingency. See note 8(c) to the unaudited interim
consolidated financial statements for more details. The first
quarter 2005 net earnings include the effect of a change in
accounting policy with respect to termination obligations, whereby
the liability accrued represents the obligation to date for all
employees at mine sites (see note 2 to the unaudited interim
consolidated financial statements for more details). The cumulative
effect of this change was a non-cash reduction in earnings on a
pre-tax and after-tax basis of $21 million and $14 million ($0.03
per share), respectively. The first quarter of 2004 earnings
included the effect of a change in accounting policy, with respect
to deferred stripping to exclude the recording of liabilities on
the balance sheet. The cumulative effect of this change through
December 31, 2003, was to increase earnings on an after-tax basis
by $4 million ($0.01 per share). Share Capital As at April 22,
2005, the Corporation had 436,498,366 common shares outstanding. As
at the same date, it had $230 million in convertible debentures
outstanding, none of which were in a position to be converted on
April 22, 2005. If conversion were possible, the total number of
common shares the Corporation would have to issue on conversion on
that date would be 10,991,631. As at April 22, 2005, the
Corporation had 14,856,464 share options outstanding under its
stock based incentive plans. If all of these options were exercised
on that date, the Corporation would have to issue 14,856,464 common
shares. Recent Accounting Pronouncements On March 30, 2005, the
Financial Accounting Standards Board ("FASB") ratified the
consensus of the Emerging Issues Task Force ("EITF") of the FASB
Issue 04-6 that stripping costs incurred during the production
phase of a mine are variable production costs that should be
included in the costs of the inventory produced during the period
that the stripping costs are incurred. This consensus is effective
for the first reporting period in fiscal years beginning after
December 15, 2005, with early adoption permitted. The consensus can
be adopted either prospectively through a cumulative-effect
adjustment or retrospectively by restating prior period financial
statements. Placer Dome currently capitalizes stripping costs
incurred during the production phase of a mine to the deferred
stripping account. Amortization, which is calculated using the
units of production method based on recovered ounces of gold or
pounds of copper, is charged to cost of sales as gold or copper is
produced and sold, using a stripping ratio calculated as the ratio
of total tonnes of rock to be moved to total ounces of gold or
total pounds of copper expected to be recovered over the life of
open pits. This policy results in the expensing of stripping costs
over the lives of the open pits as gold or copper is produced and
sold. At March 31, 2005, Placer Dome's deferred stripping amount on
its unaudited interim consolidated balance sheet was $180 million.
In addition to this, smaller deferred stripping balances were
present in various product inventory accounts such as metal in
circuit and ore stockpiles. Placer Dome is currently evaluating the
impact of this consensus. On April 15, 2005, the U.S. Securities
and Exchange Commission ("SEC") announced that it would provide for
a phased-in implementation process for FASB Statement No. 123(R),
Share-Based Payment ("SFAS 123(R)"). The SEC would require that
registrants adopt SFAS 123(R)'s fair value method of accounting for
share-based payments to employees no later than the beginning of
the first fiscal year beginning after June 15, 2005. Placer Dome
now plans to adopt SFAS 123(R) effective January 1, 2006. Canadian
GAAP Pursuant to an exemption order obtained from Canadian
securities regulatory authorities in July 2003, Placer Dome was
permitted to file its annual and quarterly consolidated financial
statements prepared in US GAAP rather than Canadian GAAP provided
that, among other things, the notes to the first two sets of annual
financial statements filed after the date of the order and the
notes to the interim financial statements filed during such period
include a reconciliation highlighting the material differences
between such financial statements prepared in accordance with US
GAAP as compared to the financial statements being prepared in
Canadian GAAP, as well as a management's discussion and analysis
focusing on these differences. In accordance with the terms of the
order, Placer Dome is no longer required to include the
reconciliation in the notes to its interim financial statements.
Pursuant to the Regulations under the Canada Business Corporations
Act, Placer Dome will be required to include the reconciliation
between US GAAP and Canadian GAAP described above in the notes to
its annual financial statements for the financial year ended
December 31, 2005. After such date, Placer Dome will no longer be
required to include this reconciliation in the notes to its annual
financial statements. Review of Mining Operations
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PRODUCTION AND OPERATING SUMMARY
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For the three months ended March 31
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Placer Dome's Share Placer Mine ----------------------------------
Dome's share operating Millfeed Mine (% of mine earnings (000s
Grade Recovery production) (1) tonnes) (g/t,%) (%)
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GOLD Canada Campbell 100% 2005 $ 3 118 15.5 95.8 2004 $ 1 98 14.4
95.6
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Musselwhite 68% 2005 2 242 6.0 95.5 2004 2 248 5.0 94.6
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Porcupine 51% 2005 6 548 3.1 92.1 2004 6 502 3.7 91.6
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United States Bald Mountain(3) 100% 2005 (1) 360 1.1 - 2004 2 216
1.3 -
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Cortez(3)(4) 60% 2005 28 5,332 1.1 - 2004 31 6,074 1.2 -
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Golden Sunlight(5) 100% 2005 (1) 529 1.5 72.3 2004 1 - - -
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Turquoise Ridge(6) 75% 2005 (2) 91 13.1 91.0 100% 2004 4 106 14.6
93.9
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Australia Granny Smith 100% 2005 (7) 974 3.3 92.2 2004 (4) 1,041
1.7 89.2
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Henty 100% 2005 4 74 16.7 96.3 2004 3 73 13.8 96.0
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Kalgoorlie West 100% 2005 (3) 709 2.5 95.6 2004 7 794 3.1 96.2
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Kanowna Belle 100% 2005 (3) 429 4.0 88.7 2004 5 473 3.9 89.5
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Osborne(7) 100% 2005 - 387 0.7 84.7 2004 - 375 1.0 82.7
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Papua New Guinea Misima(8) 80% 2004 3 1,137 0.7 87.4
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Porgera 75% 2005 33 1,112 5.4 91.3 2004 36 1,196 6.2 88.2
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Chile La Coipa(9) 50% 2005 6 852 1.0 81.8 2004 5 797 1.4 82.4
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South Africa South Deep 50% 2005 (6) 261 5.5 97.1 2004 (3) 258 5.7
97.3
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Tanzania North Mara 100% 2005 6 692 3.1 91.5 2004 6 499 3.3 93.4
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Metal hedging loss 2005 (8) 2004 (10)
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Currency hedging gain 2005 5 2004 5
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TOTAL GOLD 2005 $ 56 2004 $ 95
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COPPER Osborne(7) 100% 2005 3 387 2.0 94.0 2004 10 375 2.9 96.4
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Zaldivar(3) 100% 2005 68 4,146 0.9 - 2004 65 4,544 1.4 -
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Metal hedging loss 2005 (19) 2004 (8)
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TOTAL COPPER 2005 $ 52 2004 $ 67
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Other(11) 2005 (4) 2004 (4)
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CONSOLIDATED MINE OPERATING 2005 $ 104 EARNINGS(1) 2004 $ 158
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PRODUCTION AND OPERATING SUMMARY
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For the three months Estimated annual 2005/ ended March 31 Actual
2004 ---------------------------------------------------- Placer
Placer Dome's Share Dome's
---------------------------------------------------- Share
Production Cost per Cost per (% of -------------- unit(2)
Production unit(10) mine (ozs, % ($/oz, $/lb) (ozs, ($/oz, $/lb)
Mine production) 000s lbs) change Cash Total 000s lbs) Cash Total
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GOLD Canada Campbell 100% 2005 59,379 +37% 299 371 200,000 285 365
2004 43,206 295 376 209,045 276 344
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Musselwhite 68% 2005 45,929 +23% 294 378 165,000 275 355 2004
37,413 289 369 163,386 269 345
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Porcupine 51% 2005 55,049 +2% 251 315 185,000 255 335 2004 53,984
243 312 201,710 236 310
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United States Bald Mountain (3) 100% 2005 12,051 -7% 421 460 90,000
330 380 2004 12,912 211 232 46,685 349 379
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Cortez (3)(4) 60% 2005 132,245 -22% 172 210 515,000 185 225 2004
169,507 150 190 630,801 162 201
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Golden Sunlight (5) 100% 2005 11,777 +431% 412 505 90,000 300 405
2004 2,219 - - 2,419 - -
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Turquoise Ridge(6) 75% 2005 34,889 -18% 361 397 150,000 310 350
100% 2004 42,494 260 267 126,921 343 352
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Australia Granny Smith 100% 2005 94,275 +89% 372 496 350,000 310
420 2004 49,812 372 461 267,267 354 440
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Henty 100% 2005 35,317 +12% 187 289 110,000 210 335 2004 31,578 198
302 143,064 170 283
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Kalgoorlie West 100% 2005 56,590 -30% 391 470 270,000 350 430 2004
80,318 292 340 262,553 335 418
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Kanowna Belle 100% 2005 54,192 -3% 377 478 245,000 280 360 2004
55,625 264 331 237,291 254 316
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Osborne(7) 100% 2005 7,510 -24% - - 40,000 - 2004 9,863 - - 41,630
-
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Papua New Guinea Misima(8) 80% 2004 22,240 296 303 40,522 275 281
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Porgera 75% 2005 181,519 -6% 213 245 600,000 265 305 2004 193,237
180 213 764,809 192 228
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Chile La Coipa(9) 50% 2005 21,920 -25% 258 323 100,000 245 325 2004
29,117 220 297 90,932 231 300
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South Africa South Deep 50% 2005 45,467 -1% 478 549 215,000 370 435
2004 45,857 427 472 214,293 394 437
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Tanzania North Mara 100% 2005 63,026 +28% 248 319 290,000 230 320
2004 49,420 245 301 208,484 230 289
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Metal hedging loss 2005 2004
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Currency hedging gain 2005 (6) (6) 2004 (6) (6)
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3,600,000 - 260- 330- TOTAL GOLD 2005 911,135 -2% 275 342 3,700,000
270 340 2004 928,802 231 286 3,651,812 240 298
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COPPER Osborne(7) 100% 2005 16,256 -29% 1.10 1.26 80,000 0.91 1.04
2004 22,983 0.65 0.76 87,404 0.69 0.84
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Zaldivar (3) 100% 2005 74,330 -13% 0.55 0.68 332,000 0.55 0.68 2004
85,850 0.49 0.64 325,406 0.51 0.66
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Metal hedging loss 2005 2004
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410,000 - 0.60- 0.75- TOTAL COPPER 2005 90,586 -17% 0.65 0.78
420,000 0.65 0.80 2004 108,833 0.52 0.66 412,810 0.55 0.70
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Other(11) 2005 2004
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CONSOLIDATED MINE 2005 OPERATING EARNINGS(1) 2004
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Notes to the Production and Operating Summary: (1) Mine operating
earnings represent 100% of the results of mines owned by the
Corporation and its subsidiaries and a pro-rata share of joint
ventures. "Consolidated operating earnings", (and the related
sub-totals), in accordance with accounting principles generally
accepted in the U.S., exclude the pro-rata share of La Coipa, a
non-controlled incorporated joint venture. Mine operating earnings
comprises sales, at the spot price, less cost of sales including
reclamation costs, depreciation and depletion for each mine, in
millions of U.S. dollars. (2) Components of Placer Dome's share of
cash and total production costs in accordance with the Gold
Institute Standard: ---------------- For the three months ended
March 31 ---------------- 2005 2004 $/oz $/oz
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Direct mining expenses 275 219 Stripping and mine development
adjustment (17) (6) Third party smelting, refining and
transportation 1 1 By-product credits (1) (2)
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--------------------------------------------------------------------
Cash operating costs per ounce 258 212
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Royalties 15 15 Production taxes 2 4
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Total cash costs per ounce 275 231
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Depreciation 35 34 Depletion and amortization 25 17 Reclamation and
mine closure 7 4
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Total production costs per ounce 342 286
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(3) Recovery percentage is difficult to accurately measure at heap
leach operations. (4) The Cortez mine processes material by way of
carbon-in-leach ("CIL") and heap leaching.
----------------------------------- For the three months ended
March 31 ----------------------------------- Millfeed Produc-
(000's Grade Recovery tion tonnes) (g/t) (%) (ozs)
--------------------------------------------------------------------
Carbon in leach 2005 494 4.8 87.9 64,381 2004 469 6.1 88.9% 82,073
--------------------------------------------------------------------
Heap leach 2005 4,813 0.7 Note 3 62,308 2004 5,547 0.8 Note 3
78,124
--------------------------------------------------------------------
Sale of carbonaceous ore 2005 25 7.3 87.3 5,556 2004 58 5.9 85.2%
9,310
--------------------------------------------------------------------
--------------------------------------------------------------------
Total 2005 5,332 1.1 Note 3 132,245 2004 6,074 1.2 Note 3 169,507
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(5) Production from Golden Sunlight was suspended in December 2003
and recommenced when ore was delivered to the mill from stage 2B in
January 2005. (6) Production from Turquoise Ridge relates to third
party ore sales. The mine's cash and total cost per ounce balances
do not include the cost of processing the ore and are not included
in Placer Dome's cash and total cost per ounce balances. (7)
Osborne produces copper concentrate with gold as a by-product.
Therefore, gold unit costs are not applicable. (8) Silver is a
by-product at the Misima mine. For the three months ended March 31,
2004, Misima produced 117,000 ounces of silver. Mining was
completed at Misima in May 2001, but processing of stockpiled ore
continued until May 2004. (9) Gold and silver are accounted for as
co products at La Coipa. Gold equivalent ounces are calculated
using a ratio of the silver market price to gold market price for
purposes of calculating costs per equivalent ounce of gold. The
equivalent ounces of gold produced at La Coipa were 33,970 ounces
and 40,550 ounces for the three months ended March 31, 2005 and
2004 respectively. At La Coipa, production for silver was 0.7
million ounces for the three months ended March 31, 2005 and 0.7
million ounces for the prior year period. (10) Estimated 2005
annual unit costs for the Canadian, Australian, Papua New Guinean,
Chilean and South Deep mines are based on Canadian and Australian
dollar, Papua New Guinean kina, Chilean peso and South African rand
exchange rates to the U.S. dollar of 1.2048, 1.2821, 3.00, 600, and
6.00 to 1, respectively. Any change from these exchange rates would
have an impact on the unit costs. At March 31, 2005 these exchange
rates were 1.2096, 1.2965, 3.08, 584, and 6.25 to 1, respectively.
(11) Pursuant to SFAS 109 - Accounting for Income Taxes, on
business acquisitions, where differences between assigned values
and tax bases of property, plant and equipment acquired exist,
Placer Dome grosses up the property, plant and equipment values to
reflect the recognition of the deferred tax liabilities for the tax
effect of such differences. Other mine operating earnings includes
a charge of $4 million in the three months ended March 31, 2005
(2004 - $2 million) related to the amortization of the property,
plant and equipment allocation. The amortization of these amounts
includes $1 million (2004 - nil) for Kalgoorlie West, $1 million
(2004 - $1 million) for Porgera, $1 million (2004 - $1 million) for
North Mara and $1 million (2004 - nil) for Henty. Review of Mining
Operations Canada On average, the Canadian dollar appreciated 7%
against the U.S. dollar in the first quarter of 2005 compared to
the first quarter of 2004. Production at the Campbell mine in the
first three months of 2005 increased by 37% over the prior year
period. The increase was the result of improved mine productivity,
mill throughput and headgrade. Cash costs per ounce were similar to
the prior year period as the impact of the increased production was
offset by the appreciation of Canadian dollar, increased
development activity, higher maintenance expenses and costs related
to the implementation of the SAP enterprise resource planning
system which went live in April of 2005. Cash costs during the
first quarter were 16% below those of the fourth quarter of 2004,
but above annual guidance for 2005. Costs are expected to decrease
over the remainder of 2005 primarily due to an anticipated
reduction in maintenance expenditures. The mine's Reid shaft will
be taken out of service for maintenance for approximately five days
during the second quarter, this may result in an adverse impact on
quarterly production. At the Musselwhite mine, Placer Dome's share
of production for the first quarter was 23% higher than the prior
year period and 5% higher than the fourth quarter of 2004 as the
underground mine delivered 4,000 tonnes per day to the mill. Grades
during the quarter were improved due to the combination of no lower
grade open pit material being needed to meet mill capacity, higher
than expected grades from the PQ Deeps development and stope
sequencing. Cash costs per ounce were approximately the same as the
prior year period as the increased production offset the
appreciation of the Canadian dollar and increased short-term
development activities and other operating costs. Cash costs were
marginally above those of the fourth quarter of 2004 and are
expected to decline over the remainder of 2005 due primarily to a
reduction in contractor costs. Placer Dome's share of production in
the first quarter for the Porcupine Joint Venture was approximately
the same as the prior year period as higher throughput due to the
mill expansion completed in the fourth quarter of 2004 was offset
by lower grades resulting from the closure of the Dome underground
mine in May of 2004. Following the mill expansion, production in
the first quarter of 2005 was 21% greater than in the fourth
quarter of 2004. Cash costs per ounce were slightly higher than the
first quarter of 2004 due to the continued appreciation of the
Canadian dollar, partially offset by lower operating costs.
Overburden removal at the Pamour pit continued throughout the
quarter, with gold production expected to commence in the third
quarter of this year to coincide with the closure of the Dome open
pit. United States Placer Dome's share of production from the
Cortez mine in the first three months of 2005 decreased by 22%
compared with the 2004 period. This was due primarily to planned
lower grades in the CIL process and planned lower production from
the heap leach operations due to decreased tonnes placed on the
leach pads as a result of a higher stripping ratio in the quarter.
Cash costs per ounce were 15% higher than in the prior year period,
primarily due to the lower production, but 5% below those of the
fourth quarter of 2004. Placer Dome's share of production from
Turquoise Ridge in the first three months of 2005 was 18% lower
than the prior year period due to lower shipments. This was due to
stockpile buildup at the end of 2003 as compared to the fourth
quarter of 2004. Ounces mined during the first quarter of 2005 were
7% higher than the prior year period due to a doubling of
production from the Turquoise Ridge mine, partially offset by a 17%
reduction in ounces from the Getchell mine. Production from the
Turquoise Ridge mine is expected to continue to increase throughout
2005. Cash costs per ounce, excluding the cost of processing, were
39% higher than the period year period due to increased contractor,
consultant and input prices. Cash costs per ounce were $45 below
the fourth quarter of 2004, but still in excess of 2005 guidance.
Cost experience in the first quarter, partially offset by the
anticipated production increases from first quarter levels, has
resulted in cash and total costs per ounce forecasts for 2005
increasing to $310 and $350 per ounce from $280 and $300 per ounce,
respectively. Australia and Papua New Guinea At the Porgera mine,
Placer Dome's share of production in the first three months of 2005
was 6% below prior year first quarter levels and 11% below that of
the fourth quarter of 2004. Production decreased due to impacts on
the mining schedule from increased erosion and slides on the west
wall of the open pit. The issue affected access to higher-grade
stage 5 ore and impacted mining rates. Cash costs per ounce were
$213 or 18% higher than the first quarter of 2004, primarily due to
the decrease in production, the appreciation of the Papua New
Guinean kina and higher fuel prices. The mine has been experiencing
minor failures of the west pit wall since 2002. To date the impacts
have been manageable without a significant impact on production.
Due to heavy rainfall conditions in the first quarter of 2005, the
failures have accelerated and are having a more significant impact
on production as material falling into the pit requires removal to
access mining faces and is restricting access to certain areas. The
situation is being evaluated to determine a long-term solution and
this study will be completed by June. In the interim, temporary
measures have been taken to direct as much surface water as
possible away from these areas. Based on estimated impacts and
pending the completion of the evaluation, Placer Dome has decreased
its share of forecast production for 2005 by 120,000 ounces to
600,000 ounces and increased its forecast cash and total costs per
ounce to $265 and $305 from $255 and $295, respectively. This issue
is expected to have no impact on reserves. At the Granny Smith
mine, production for the first quarter was 89% above that of the
prior year period. This was primarily due to higher than planned
grades, mill throughput and recoveries during the first quarter of
2005. Results for the first quarter of 2004 were negatively
impacted by the processing of low-grade stockpiled ore. As a result
of the positive production experience, 2005 forecast production has
been increased by 25,000 ounces to 350,000 ounces. Cash costs per
ounce were similar to the comparative prior year period as the
impact of the increased production was offset by higher fuel
prices, maintenance costs, stripping costs and underground trial
mining costs. Cash costs per ounce decreased $27 from the fourth
quarter of 2004, but remain above 2005 annual guidance. Ongoing
cost reduction efforts, including a reduction in rental equipment
and staffing levels, a decrease in stripping activity and the
increased production estimate have combined to result in no change
in previously forecast cash and total costs per ounce. During the
quarter work continued on the Wallaby underground with a
feasibility study expected to be completed in the third quarter of
2005. Production from Kalgoorlie West during the quarter was 30%
below that of the prior year period primarily due to lower mined
grades and decreased throughput as a result of the closure of the
Kundana mill in 2004, but similar to the fourth quarter of 2004.
Cash costs per ounce in the quarter increased by 34% compared to
the prior year period due to the lower production levels and
stripping costs for several small open pit mines which will be
mined later in 2005. Cash costs per ounce were marginally below
those of the fourth quarter of 2004, but remain above 2005 forecast
levels. As a result of higher grades encountered at Raleigh North
during development and contributions from the above mentioned small
open pit mines, the production forecast for 2005 has been increased
by 20,000 ounces to 270,000 ounces with no change to previously
forecast cash and total costs per ounce. At the Kanowna Belle mine,
production for the three months ended March 31, 2005 was in line
with the comparative prior year period but 18% below the fourth
quarter of 2004. Positive production experience for much of the
period was offset by the failure of two stopes due to ground
control issues. Cash costs per ounce of $377 were approximately 45%
higher than the first and fourth quarters of 2004 due primarily to
additional costs associated with the stope failures and processing
of higher cost stockpiled ore to replace the deferred underground
feed. During the quarter, additional development work was carried
out to open up stopes in other areas to ensure flexibility in the
mine plan over the remainder of 2005. There is no change to
previously forecast production and unit cost guidance. The
management of Placer Dome's Kalgoorlie operations -- Kalgoorie West
and Kanowna Belle -- is being realigned with all operations under
one general manager and all regional development responsibilities
including exploration, project development and joint venture and
third party relationships under a separate general manager. As a
result of this management change, commencing in the second quarter,
the reporting for Kalgoorlie West and Kanowna Belle will be
consolidated in a single Kalgoorlie operation. At the Osborne mine,
copper and gold production in the first quarter of 2005 were 16.3
million pounds and 7,510 ounces, a decrease of 29% and 24%,
respectively, from the prior year period due primarily to lower
grades. Cash costs per pound of copper (Osborne produces copper
concentrate with gold as a by-product) of $1.10 were 69% above
prior period levels due to the decreased production and maintenance
and development costs. Previously issued production and unit cost
guidance remains unchanged due primarily to anticipated higher
grades for the remainder of 2005. South Africa and Tanzania At the
South Deep mine, Placer Dome's share of production for the first
quarter of 2005 was 45,467 ounces, similar to the prior year
comparative period, but 24% below that of the fourth quarter of
2004. The first quarter of 2005 was a challenging one for the mine
as it encountered a number of infrastructure related problems, many
of which were related to power outages due to lightning strikes.
The problems were principally associated with pumping
infrastructure contained in the older South Shaft complex. Pump
failures and water column failures caused flooding in certain
sections of the mine and restricted production. In total during the
quarter 25 days of production were impacted to some degree by these
issues. Steps are being taken to make the operation less
susceptible to power and water recirculation failures. Unit cash
costs increased by 12% compared to the prior year period primarily
due to a 12% appreciation in the rand relative to the U.S. dollar.
Relative to the fourth quarter of 2004, unit cash costs increased
dramatically due to the production shortfalls. As a result of first
quarter performance, Placer Dome's share of forecast production for
2005 has been decreased by 15,000 ounces to 215,000 ounces and
forecast cash and total costs per ounce have been increased to $370
and $435 per ounce from $350 and $400 per ounce, respectively.
Production from the North Mara mine during the quarter was 28%
greater than in the prior year period due primarily to increased
throughput as a result of the mill expansion completed in the
fourth quarter of 2004. Cash costs per ounce were similar to the
first quarter of 2004 as the impact of the increased production was
offset by higher fuel and steel costs and startup costs associated
with the transfer to owner mining from contract mining. Development
of the Gokona pit commenced in the first quarter of 2005 with
production scheduled to commence in the fourth quarter. Due to
redirecting mining equipment to Gokona for development activities,
production will be largely from stockpiles until scheduled delivery
of mining equipment for Gokona. The 2005 production guidance of
290,000 ounces at cash and total costs of $230 and $320 per ounce
is dependent on delivery and fabrication schedules for identified
second hand mining equipment for the Gokona pit. Should these
schedules not be met, production and unit cost guidance would be
negatively impacted. Chile At the Zaldivar mine, copper production
for the first quarter of 2005 was 74.3 million pounds, a decrease
of 13% from the prior year period due to mining in a lower grade
section of the pit and operational problems in the ore conveying
and stacking systems resulting in less tonnes being placed on the
leach pad. Cash costs per pound during the period were $0.55, an
increase of 12% from the prior year period due to lower production
and higher fuel, tire and acid costs. Non-GAAP Measures Placer Dome
has included certain non-GAAP performance measures throughout this
document. These non-GAAP performance measures do not have any
standardized meaning prescribed by GAAP and, therefore, are
unlikely to be comparable to similar measures presented by other
companies. Placer Dome believes that, in addition to conventional
measures, prepared in accordance with U.S. GAAP, certain investors
use this information to evaluate Placer Dome's performance and its
ability to generate cash flow for use in investing and other
activities. Accordingly, they are intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Set out below are definitions for these performance measures
and reconciliations of the non-GAAP measures to reported GAAP
measures. Unit costs A reconciliation of costs per ounce of gold
produced, calculated in accordance with the Gold Institute
Standard, and costs per pound of copper produced to the Cost of
Sales and Depreciation and Depletion is included below:
--------------------------------------------------------------- For
the three month ended March 31
---------------------------------------------------------------
2005 2004
---------------------------------------------------------------
Gold Copper Gold Copper
---------------------------------------------------------------
Cost Cost Cost Cost of Depre- of Depre- of Depre- of Depre- Sales
ciation Sales ciation Sales ciation Sales ciation
-------------------------------------------------------------------------
Reported 319 68 - - 287 63 - - Copper (64) (12) 64 12 (66) (17) 66
17 Corporate(ii) 1 (4) - - (2) (4) - -
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Related to metals produced 256 52 64 12 219 42 66 17 Add La Coipa 9
3 - - 8 3 - - Deduct minority interest - - - - (2) - - - By-product
(1) - (3) - (2) - (5) - Reclamation (6) 6 (1) 1 (4) 4 - - Ore sales
costs (13) - - - (13) - - - Inventories 1 - (3) (1) (4) (2) (8) (2)
Other (iii) (5) (2) 2 - - 1 4 -
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241 59 59 12 202 48 57 15
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Production reported(i) 911 911 91 91 929 929 109 109 Osborne gold
ozs. (8) (8) - - (10) (10) - - Ore sales ozs. (40) (40) - - (52)
(52) - - Golden Sunlight ozs. - - - - (2) (2) - - La Coipa au
equivalents ozs. 12 12 - - 11 11 - -
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Production base for calculation 875 875 91 91 876 876 109 109
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Unit costs(i) 275 67 0.65 0.13 231 55 0.52 0.14
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(i) Gold production is in thousands of ounces, and unit costs for
gold are in $/oz. Copper production is in millions of pounds, and
unit costs for copper are in $/lb. (ii) Corporate depreciation
includes the amortization of tax gross ups (see note 4(b)(iii) to
the interim unaudited consolidated financial statements). (iii)
Other consists of management fees and unusual costs such as
significant severance or costs incurred during a temporary mine
shut down, which are excluded from the determination of unit costs
and smelting charges which are netted against sales revenue but
included in the determination of unit costs. DATASOURCE: Placer
Dome Inc. CONTACT: on this report please contact: Investor
Relations: Greg Martin, (604) 661-3795, Meghan Brown, (604)
661-1577, or ; Media Relations: Gayle Stewart, (604) 661-1911;
Toll-free within North America, (800) 565-5815; On the internet:
http://www.placerdome.com/; For enquiries related to shares,
transfers and dividends please contact: CIBC Mellon Trust Company,
Toll-free within North America, (800) 387-0825; Collect calls
accepted from outside North America, (416) 643-5500; Head Office,
Suite 1600, Bentall IV, 1055 Dunsmuir Street, (PO Box 49330,
Bentall Postal Station), Vancouver, British Columbia, Canada V7X
1P1, Tel: (604) 682-7082, Fax: (604) 682-7092 /FIRST AND FINAL ADD
TO FOLLOW
Copyright