##### 



Exhibit 99.2
   Managements Discussion and Analysis  of Financial Condition and Results of Operations  For the Year Ended December 31, 2007
 This Managements Discussion and Analysis should be read in conjunction with Goldcorps audited
consolidated financial statements for the year ended December 31, 2007 and related notes thereto
which have been prepared in accordance with Canadian generally accepted accounting principles. This
Managements Discussion and Analysis contains forward-looking statements that are subject to risk
factors set out in a cautionary note contained herein. All figures are in United States dollars
unless otherwise noted. This Managements Discussion and Analysis has been prepared as of March 10,
2008.
 FINANCIAL/OPERATIONAL HIGHLIGHTS
 
    
    Record net earnings of $256.5 million in the fourth quarter ($0.36 per share) and $460.1
million ($0.65 per share) for the year, compared to the 2006 net earnings of $66.0 million
in the fourth quarter ($0.11 per share) and $408.3 million ($0.94 per share) in the year.
Adjusted net earnings amounted to $178.5 million ($0.25 per share) in the fourth quarter of
2007 and $440.4 million ($0.62 per share) for the year.(1)
    
    Operating cash flows from continuing operations of $229.6 million in the fourth quarter
and $650.7 million in the year, compared to $230.6 million in the fourth quarter of 2006
and $763.7 million in the year. Operating cash flows before working capital changes of
$327.1 million in the fourth quarter and $864.7 million in the year, compared to $159.1
million in the fourth quarter of 2006 and $707.1 million in the year.
    
    Gold production increased by 9%, to 638,900 ounces in the fourth quarter (2006  587,900
ounces) and by 35%, to 2,292,600 ounces, in the year (2006  1,693,300 ounces).(2)
    
    Total cash costs (net of by-product copper and silver credits) of $195 per ounce in the
fourth quarter (2006  $160 per ounce) and $163 per ounce for the year (2006  $33 per
ounce).(3)
    
    On February 14, 2008, completed the disposition of 48% interest in Silver Wheaton, for
cash proceeds of C$1.6 billion.
 
 (1)
    
    
    Adjusted net earnings is a non-GAAP measure. The Company believes
that, in addition to conventional measures prepared in accordance with GAAP,
the Company and certain investors use this information to evaluate the
Companys performance. Accordingly, it is 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. Refer to page 28
for a reconciliation of adjusted net earnings to reported net earnings.(2)
    
    
    Non-GAAP performance measure  includes the results of La Coipa,
which, for accounting purposes have been reclassified as discontinued
operations.(3)
    
    
    The Company has included a non-GAAP performance measure, total
cash cost per gold ounce, throughout this document. The Company reports total
cash costs on a sales basis. In the gold mining industry, this is a common
performance measure but does not have any standardized meaning, and is a
non-GAAP measure. The Company follows the recommendations of the Gold
Institute standard. The Company believes that, in addition to conventional
measures, prepared in accordance with GAAP, certain investors use this
information to evaluate the Companys performance and ability to generate
cash flow. Accordingly, it is 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. Refer to page 27 for a
reconciliation of total cash costs to reported operating expenses.
 OVERVIEW
  1




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##### 



CORPORATE DEVELOPMENTS
 Secondary Offering of Silver Wheaton Shares
   Acquisition of Full Ownership of Porcupine and Musselwhite Mines
  Sale of Peñasquito Silver Stream
    2




---



##### 



Sale of Peak and Amapari Mines
  Acquisition of Glamis Gold Ltd.
     Mining Assets  Impairment
and Business Combination
 Acquisition of Certain Placer Dome Mining Assets
  3




---



##### 



Acquisition of Virginia Gold Mines Inc.
  4




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##### 



SUMMARIZED ANNUAL FINANCIAL RESULTS (1)
 2007
    
    
    2006(2)
    
    
    2005(3)Revenues
    
    $
    2,206.8
    
    
    $
    1,649.4
    
    
    $
    896.4Gold(ounces) Produced
    
    
    2,246,500
    
    
    
    1,665,000
    
    
    
    1,136,300 Sold
    
    
    2,211,000
    
    
    
    1,674,000
    
    
    
    1,344,600Average realized gold price(per ounce)
    
    $
    703
    
    
    $
    610
    
    
    $
    452Average London spot gold price(per ounce)
    
    $
    695
    
    
    $
    604
    
    
    $
    444Earnings from operations
    
    $
    612.3
    
    
    $
    446.7
    
    
    $
    405.2Earnings from continuing operations
    
    $
    375.4
    
    
    $
    400.6
    
    
    $
    285.7Net earnings from discontinued operations(1)
    
    $
    84.7
    
    
    $
    7.7
    
    
    $
    Net earnings
    
    $
    460.1
    
    
    $
    408.3
    
    
    $
    285.7Earnings per share from continuing operations Basic
    
    $
    0.53
    
    
    $
    0.92
    
    
    $
    0.91 Diluted
    
    $
    0.53
    
    
    $
    0.91
    
    
    $
    0.83Earnings per share Basic
    
    $
    0.65
    
    
    $
    0.94
    
    
    $
    0.91 Diluted
    
    $
    0.65
    
    
    $
    0.93
    
    
    $
    0.83Cash flow from operating activities of continuing operations
    
    $
    650.7
    
    
    $
    763.7
    
    
    $
    465.8Total cash costs of continuing operations(per gold ounce)(4)
    
    $
    188
    
    
    $
    39
    
    
    $
    22Dividends paid
    
    $
    126.9
    
    
    $
    79.1
    
    
    $
    151.0Cash and cash equivalents
    
    $
    510.8
    
    
    $
    526.3
    
    
    $
    562.2Total assets
    
    $
    18,998.0
    
    
    $
    17,965.9
    
    
    $
    4,066.0SUMMARIZED FINANCIAL RESULTS INCLUDING DISCONTINUED OPERATIONS(NON-GAAP
(1))Revenues
    
    $
    2,335.6
    
    
    $
    1,710.0
    
    
    $
    896.4Gold(ounces) Produced
    
    
    2,292,600
    
    
    
    1,693,300
    
    
    
    1,136,300 Sold
    
    
    2,253,400
    
    
    
    1,708,000
    
    
    
    1,344,600Total cash costs(per gold ounce) (4)
    
    
    163
    
    
    $
    33
    
    
    $
    22
 
 (1)
    
    As a result of the sale of Goldcorps 50% interest in La Coipa, the results of
that mine have been reclassified as discontinued operations, in accordance with
GAAP, with restatement of prior periods from May 12, 2006, the date of acquisition.
Where noted, certain results above have been presented including La Coipa for
informational purposes only.(2)
    
    Includes Goldcorps share of results of Campbell, Musselwhite (68%) and
Porcupine (51%) from May 12, 2006, the date of acquisition. Also includes
Goldcorps share of results of El Sauzal, Marlin, San Martin and Marigold (67%) from
November 4, 2006, the date of acquisition.(3)
    
    Includes, with the exception of net earnings, 100% of Wheatons results for the
period subsequent to February 14, 2005, the date of acquisition. Net earnings
include 82% of Wheatons results from February 15, 2005 to April 15, 2005 and 100%
from April 16, 2005 onward.(4)
    
    The calculation of total cash costs per ounce of gold is net of by-product sales
revenue (by-product copper revenue for Peak and Alumbrera; by-product silver revenue
for La Coipa and Marlin at market silver prices; and by-product silver revenue for
Luismin of $3.91 per silver ounce sold to Silver Wheaton). Review of Annual Financial Results
  5




---



##### 



6




---



##### 



QUARTERLY FINANCIAL REVIEW
 2007(1)Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    TotalRevenues
    
    $
    474.2
    
    
    $
    528.8
    
    
    $
    524.0
    
    
    $
    679.8
    
    
    $
    2,206.8Gold produced(ounces)
    
    
    552,900
    
    
    
    526,000
    
    
    
    545,000
    
    
    
    622,600
    
    
    
    2,246,500Gold sold(ounces)
    
    
    527,000
    
    
    
    536,900
    
    
    
    524,000
    
    
    
    623,100
    
    
    
    2,211,000Average realized gold price(per ounce)
    
    $
    650
    
    
    $
    665
    
    
    $
    685
    
    
    $
    797
    
    
    $
    703Earnings from operations
    
    $
    125.4
    
    
    $
    135.9
    
    
    $
    155.4
    
    
    $
    195.6
    
    
    $
    612.3Net earnings (loss) from continuing operations
    
    $
    117.5
    
    
    $
    (9.0
    )
    
    $
    70.3
    
    
    $
    196.6
    
    
    $
    375.4Net earnings from discontinued operations(3)
    
    $
    7.4
    
    
    $
    11.9
    
    
    $
    5.5
    
    
    $
    59.9
    
    
    $
    84.7Net earnings
    
    $
    124.9
    
    
    $
    2.9
    
    
    $
    75.8
    
    
    $
    256.5
    
    
    $
    460.1Earnings (loss) per share from continuing operations(4) Basic
    
    $
    0.17
    
    
    $
    (0.01
    )
    
    $
    0.10
    
    
    $
    0.28
    
    
    $
    0.53 Diluted
    
    $
    0.17
    
    
    $
    (0.01
    )
    
    $
    0.10
    
    
    $
    0.28
    
    
    $
    0.53Earnings per share(4) Basic
    
    $
    0.18
    
    
    $
    0.00
    
    
    $
    0.11
    
    
    $
    0.36
    
    
    $
    0.65 Diluted
    
    $
    0.18
    
    
    $
    0.00
    
    
    $
    0.11
    
    
    $
    0.36
    
    
    $
    0.65Cash flow from operating activities of continuing operations
    
    $
    111.2
    
    
    $
    120.9
    
    
    $
    189.0
    
    
    $
    229.6
    
    
    $
    650.7Total cash costs of continuing operations(per gold ounce)(5)
    
    $
    217
    
    
    $
    166
    
    
    $
    160
    
    
    $
    208
    
    
    $
    188INCLUDING DISCONTINUED OPERATIONS(3)Revenues
    
    $
    505.6
    
    
    $
    567.0
    
    
    $
    554.1
    
    
    $
    708.9
    
    
    $
    2,335.6Gold produced(ounces)
    
    
    558,000
    
    
    
    539,500
    
    
    
    556,200
    
    
    
    638,900
    
    
    
    2,292,600Gold sold(ounces)
    
    
    531,300
    
    
    
    546,400
    
    
    
    537,200
    
    
    
    638,500
    
    
    
    2,253,400Total cash costs(per gold ounce) (5)
    
    $
    181
    
    
    $
    133
    
    
    $
    140
    
    
    $
    195
    
    
    $
    163
 2006(2)Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    TotalRevenues
    
    $
    286.3
    
    
    $
    481.1
    
    
    $
    404.3
    
    
    $
    477.7
    
    
    $
    1,649.4Gold produced (ounces)
    
    
    295,100
    
    
    
    370,900
    
    
    
    419,900
    
    
    
    579,100
    
    
    
    1,665,000Gold sold (ounces)
    
    
    288,400
    
    
    
    389,500
    
    
    
    410,600
    
    
    
    585,500
    
    
    
    1,674,000Average realized gold price (per ounce)
    
    $
    560
    
    
    $
    620
    
    
    $
    620
    
    
    $
    620
    
    
    $
    610Earnings (loss) from operations
    
    $
    140.6
    
    
    $
    221.0
    
    
    $
    146.1
    
    
    $
    (60.9
    )
    
    $
    446.7Net earnings from continuing operations
    
    $
    92.4
    
    
    $
    190.4
    
    
    $
    62.4
    
    
    $
    55.4
    
    
    $
    400.6Net earnings (loss) from discontinued operations (3)
    
    $
    
    
    
    $
    
    
    
    $
    (2.9
    )
    
    $
    10.6
    
    
    $
    7.7Net earnings
    
    $
    92.4
    
    
    $
    190.4
    
    
    $
    59.5
    
    
    $
    66.0
    
    
    $
    408.3Earnings per share from continuing operations (4) Basic
    
    $
    0.27
    
    
    $
    0.50
    
    
    $
    0.15
    
    
    $
    0.09
    
    
    $
    0.92 Diluted
    
    $
    0.24
    
    
    $
    0.49
    
    
    $
    0.15
    
    
    $
    0.09
    
    
    $
    0.91Earnings per share(4) Basic
    
    $
    0.27
    
    
    $
    0.50
    
    
    $
    0.14
    
    
    $
    0.11
    
    
    $
    0.94 Diluted
    
    $
    0.24
    
    
    $
    0.49
    
    
    $
    0.14
    
    
    $
    0.11
    
    
    $
    0.93Cash flow from operating activities of continuing operations
    
    $
    74.4
    
    
    $
    235.3
    
    
    $
    223.4
    
    
    $
    230.6
    
    
    $
    763.7Total cash costs of continuing operations (per gold ounce)(5)
    
    $
    (88
    )
    
    $
    (131
    )
    
    $
    84
    
    
    $
    183
    
    
    $
    39INCLUDING DISCONTINUED OPERATIONS(3)Revenues
    
    $
    286.3
    
    
    $
    491.5
    
    
    $
    418.9
    
    
    $
    513.3
    
    
    $
    1,710.0Gold produced (ounces)
    
    
    295,100
    
    
    
    378,500
    
    
    
    431,800
    
    
    
    587,900
    
    
    
    1,693,300Gold sold (ounces)
    
    
    288,400
    
    
    
    398,700
    
    
    
    421,400
    
    
    
    599,500
    
    
    
    1,708,000Total cash costs (per gold ounce) (5)
    
    $
    (88
    )
    
    $
    (123
    )
    
    $
    84
    
    
    $
    160
    
    
    $
    33
 
 (1)
    
    Reflects Goldcorps 100% ownership interest in Musselwhite and Porcupine acquired
subsequent to December 21, 2007.(2)
    
    Includes Goldcorps share of results of Campbell, Musselwhite (68%) and
Porcupine (51%) from May 12, 2006, the date of acquisition. Also includes
Goldcorps share of results of El Sauzal, Marlin, San Martin and Marigold (67%) from
November 4, 2006, the date of acquisition. 7




---



##### 



(3)
    
    As a result of the sale of Goldcorps 50% interest in La Coipa on December 21,
2007, the results of that mine have been reclassified as discontinued operations, in
accordance with GAAP, with restatement of prior periods from May 12, 2006, the date
of acquisition. Where noted, certain results above have been presented including La
Coipa for informational purposes only.(4)
    
    Sum of quarterly earnings per share may not equal the total for twelve months as
each quarterly amount is calculated independently of each other.(5)
    
    The calculation of total cash costs per ounce of gold is net of by-product sales
revenue (by-product copper revenue for Peak and Alumbrera; by-product silver revenue
for La Coipa and Marlin at market silver prices; and by-product silver revenue for
Luismin of $3.90 per silver ounce sold to Silver Wheaton).
 Review of Quarterly Financial Results
       8




---



##### 



RESULTS OF OPERATIONS (1)
 AverageGold
    
    
    
    
    
    
    realized
    
    
    Earnings
    
    
    Total cashproduced
    
    
    Gold sold
    
    
    gold price
    
    
    (loss) from
    
    
    costsRevenues
    
    
    (ounces)
    
    
    (ounces)
    
    
    (per ounce)
    
    
    Operations
    
    
    (per ounce)Red Lake(1)
    
    
    2007
    
    
    $
    503.4
    
    
    
    700,600
    
    
    
    714,900
    
    
    $
    703
    
    
    $
    213.1
    
    
    $
    2602006
    
    
    
    360.8
    
    
    
    592,900
    
    
    
    590,700
    
    
    
    608
    
    
    
    186.1
    
    
    
    195Musselwhite(2,4)
    
    
    2007
    
    
    
    107.4
    
    
    
    155,700
    
    
    
    154,400
    
    
    
    695
    
    
    
    10.8
    
    
    
    4912006
    
    
    
    62.6
    
    
    
    99,700
    
    
    
    101,400
    
    
    
    618
    
    
    
    3.7
    
    
    
    349Porcupine(2.4)
    
    
    2007
    
    
    
    111.4
    
    
    
    158,400
    
    
    
    158,400
    
    
    
    702
    
    
    
    4.3
    
    
    
    4892006
    
    
    
    72.9
    
    
    
    113,500
    
    
    
    118,100
    
    
    
    618
    
    
    
    16.9
    
    
    
    430Luismin(5)
    
    
    2007
    
    
    
    135.3
    
    
    
    163,300
    
    
    
    159,600
    
    
    
    690
    
    
    
    12.3
    
    
    
    2592006
    
    
    
    159.6
    
    
    
    208,400
    
    
    
    207,000
    
    
    
    606
    
    
    
    37.8
    
    
    
    131El Sauzal(3)
    
    
    2007
    
    
    
    217.8
    
    
    
    306,900
    
    
    
    306,500
    
    
    
    704
    
    
    
    73.6
    
    
    
    1202006
    
    
    
    45.1
    
    
    
    63,600
    
    
    
    71,000
    
    
    
    630
    
    
    
    14.3
    
    
    
    97Los Filos(7)
    
    
    2007
    
    
    
    
    
    
    
    43,800
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Marlin(3,5)
    
    
    2007
    
    
    
    203.7
    
    
    
    227,200
    
    
    
    232,700
    
    
    
    707
    
    
    
    72.8
    
    
    
    1442006
    
    
    
    32.3
    
    
    
    42,300
    
    
    
    41,000
    
    
    
    627
    
    
    
    16.0
    
    
    
    113Alumbrera(5)
    
    
    2007
    
    
    
    598.3
    
    
    
    230,600
    
    
    
    227,300
    
    
    
    724
    
    
    
    238.7
    
    
    
    (684
    )2006
    
    
    
    593.1
    
    
    
    240,200
    
    
    
    237,700
    
    
    
    613
    
    
    
    334.2
    
    
    
    (1,176
    )Marigold(3)
    
    
    2007
    
    
    
    68.8
    
    
    
    93,900
    
    
    
    95,100
    
    
    
    723
    
    
    
    1.2
    
    
    
    5752006
    
    
    
    19.2
    
    
    
    24,900
    
    
    
    30,700
    
    
    
    625
    
    
    
    6.3
    
    
    
    308Wharf
    
    
    2007
    
    
    
    42.7
    
    
    
    57,700
    
    
    
    57,400
    
    
    
    709
    
    
    
    14.2
    
    
    
    3692006
    
    
    
    40.6
    
    
    
    63,000
    
    
    
    63,400
    
    
    
    605
    
    
    
    12.3
    
    
    
    340San Martin(3)
    
    
    2007
    
    
    
    32.0
    
    
    
    45,300
    
    
    
    45,700
    
    
    
    695
    
    
    
    4.6
    
    
    
    4792006
    
    
    
    8.3
    
    
    
    9,700
    
    
    
    13,000
    
    
    
    629
    
    
    
    2.1
    
    
    
    427Silver Wheaton
    
    
    2007
    
    
    
    175.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    84.8
    
    
    
    2006
    
    
    
    158.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    75.7
    
    
    
    Peak(5,6)
    
    
    2007
    
    
    
    18.9
    
    
    
    36,000
    
    
    
    30,900
    
    
    
    626
    
    
    
    7.7
    
    
    
    3482006
    
    
    
    79.7
    
    
    
    122,600
    
    
    
    114,500
    
    
    
    586
    
    
    
    21.4
    
    
    
    215Amapari(6)
    
    
    2007
    
    
    
    18.3
    
    
    
    27,100
    
    
    
    28,100
    
    
    
    653
    
    
    
    2.8
    
    
    
    4552006
    
    
    
    51.7
    
    
    
    84,200
    
    
    
    85,500
    
    
    
    604
    
    
    
    (189.6
    )
    
    
    524Terrane
    
    
    2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7.4
    )
    
    
    2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3.1
    )
    
    
    Other(8)
    
    
    2007
    
    
    
    (26.6
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (121.2
    )
    
    
    2006
    
    
    
    (35.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (87.3
    )
    
    
    Total  continuing operations
    
    
    2007
    
    
    $
    2,206.8
    
    
    
    2,246,500
    
    
    
    2,211,000
    
    
    $
    703
    
    
    $
    612.3
    
    
    $
    1882006
    
    
    
    1,649.4
    
    
    
    1,665,000
    
    
    
    1,674,000
    
    
    
    610
    
    
    
    446.8
    
    
    
    39La Coipa(2)
    
    
    2007
    
    
    $
    128.8
    
    
    
    46,100
    
    
    
    42,400
    
    
    $
    711
    
    
    $
    56.6
    
    
    $
    (1,152
    )2006
    
    
    
    60.6
    
    
    
    28,300
    
    
    
    34,000
    
    
    
    616
    
    
    
    8.5
    
    
    
    (243
    )Total  including
discontinued operations(for
information only)
    
    
    2007
    
    
    $
    2,335.6
    
    
    
    2,292,600
    
    
    
    2,253,400
    
    
    $
    703
    
    
    $
    668.9
    
    
    $
    1632006
    
    
    
    1,710.0
    
    
    
    1,693,300
    
    
    
    1,708,000
    
    
    
    610
    
    
    
    455.3
    
    
    
    33
 
 (1)
    
    Red Lake operating results include those of the Campbell mine from May 12, 2006,
the date of acquisition. Therefore, the comparative period in 2006 represents the Red
Lake Complex prior to the acquisition date. The inclusion of higher costs from the
Campbell complex in 2007 is the primary reason for increased cash costs per ounce
period over period from the prior year. The combined mines are presented as one mine
going forward.(2)
    
    Placer mine operating results are included from May 12, 2006, the date of
acquisition.(3)
    
    Glamis operating results are included from November 4, 2006, the date of
acquisition.(4)
    
    Reflects Goldcorps 100% ownership interest in Musselwhite and Porcupine acquired
subsequent to December 21, 2007.(5)
    
    The calculation of total cash costs per ounce of gold is net of by-product sales
revenue (by-product copper revenue for Peak and Alumbrera; by-product silver revenue
for Marlin at market silver prices; and by-product silver revenue for Luismin of $3.90
per silver ounce sold to Silver Wheaton). 9




---



##### 



(6)
    
    Peak mine operating results are included until April 27, 2007, the date of
disposition. Amapari mine results are included until March 31, 2007, the date of
disposition.(7)
    
    The Los Filos project has not yet achieved commercial production per Canadian GAAP.
Pre-commercial production ounces are shown, and related sales revenue will be credited
against capitalized project costs.(8)
    
    Includes costs of sales from silver sales in Luismin and Corporate activities.
Includes Silver Wheaton.
 OPERATIONAL REVIEW
 Red Lake gold mines, Canada
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006(1)Operating DataTonnes of ore milled
    
    
    180,900
    
    
    
    163,900
    
    
    
    170,400
    
    
    
    205,800
    
    
    
    721,000
    
    
    
    768,900Average mill head grade (grams/tonne)
    
    
    32
    
    
    
    32
    
    
    
    31
    
    
    
    28
    
    
    
    31
    
    
    
    28Average recovery rate
    
    
    97
    %
    
    
    97
    %
    
    
    97
    %
    
    
    96
    %
    
    
    97
    %
    
    
    97
    %Gold (ounces) Produced
    
    
    179,400
    
    
    
    173,500
    
    
    
    163,400
    
    
    
    184,300
    
    
    
    700,600
    
    
    
    665,600 Sold
    
    
    162,100
    
    
    
    185,700
    
    
    
    172,000
    
    
    
    195,100
    
    
    
    714,900
    
    
    
    661,200Average realized gold price (per ounce)
    
    $
    652
    
    
    $
    666
    
    
    $
    684
    
    
    $
    796
    
    
    $
    703
    
    
    $
    609Total cash costs (per ounce)
    
    $
    228
    
    
    $
    246
    
    
    $
    271
    
    
    $
    291
    
    
    $
    260
    
    
    $
    195Financial DataRevenues
    
    $
    105.9
    
    
    $
    124.0
    
    
    $
    118.0
    
    
    $
    155.5
    
    
    $
    503.4
    
    
    $
    402.0Earnings from operations
    
    $
    48.5
    
    
    $
    52.0
    
    
    $
    44.6
    
    
    $
    68.0
    
    
    $
    213.1
    
    
    $
    177.1
 
 (1)
    
    The Campbell complex operations are included in Goldcorps operating
results for the period subsequent to the date of acquisition, May 12, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the Campbell complex operations, and may not include all of the pro forma
financial adjustments required had the acquisition taken place on January 1,
2006.      
    
    The sinking of the #3 shaft was completed in January 2007 when it reached a depth 1,924
meters below surface.
 10




---



##### 




    
    Personnel and material began traveling via the new shaft early in the second quarter and,
following the completion of the 43 level loading pocket, skipping of development waste
commenced.
    
    Work continues on the waste/ore handling system for the new shaft, which includes the 43
level conveyor, underground bins and truck dump, and is expected to be completed by the third
quarter of 2008.   Ventilation upgrades are also in progress and a staged implementation
throughout 2008 will provide additional ventilation and allow for increased mining rates.
   Musselwhite mine, Canada (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4(1)
    
    
    2007(1)
    
    
    2006(2)Operating DataTonnes of ore milled
    
    
    226,800
    
    
    
    231,700
    
    
    
    228,700
    
    
    
    223,900
    
    
    
    911,100
    
    
    
    884,900Average mill head grade (grams/tonne)
    
    
    5.19
    
    
    
    5.47
    
    
    
    5.53
    
    
    
    5.60
    
    
    
    5.41
    
    
    
    5.51Average recovery rate
    
    
    96
    %
    
    
    95
    %
    
    
    96
    %
    
    
    95
    %
    
    
    96
    %
    
    
    95
    %Gold (ounces) Produced
    
    
    36,200
    
    
    
    38,500
    
    
    
    39,800
    
    
    
    41,200
    
    
    
    155,700
    
    
    
    148,800 Sold
    
    
    35,700
    
    
    
    38,900
    
    
    
    40,400
    
    
    
    39,400
    
    
    
    154,400
    
    
    
    148,700Average realized gold price (per ounce)
    
    $
    648
    
    
    $
    662
    
    
    $
    677
    
    
    $
    788
    
    
    $
    695
    
    
    $
    603Total cash costs (per ounce)
    
    $
    458
    
    
    $
    478
    
    
    $
    490
    
    
    $
    534
    
    
    $
    491
    
    
    $
    425Financial DataRevenues
    
    $
    23.2
    
    
    $
    25.8
    
    
    $
    27.4
    
    
    $
    31.0
    
    
    $
    107.4
    
    
    $
    89.7Earnings from operations
    
    $
    2.2
    
    
    $
    2.2
    
    
    $
    2.8
    
    
    $
    3.6
    
    
    $
    10.8
    
    
    $
    6.0
 
 (1)
    
    On December 21, 2007, Goldcorp acquired Kinross Gold Corporations 32%
interest in the Musselwhite gold mine, and, as a result, the table above reflects
Goldcorps 68% ownership to December 21, 2007 and its 100% ownership subsequent
to December 21, 2007.(2)
    
    Results from Musselwhite mine are included in Goldcorps financial results
for the period subsequent to the date of acquisition, May 12, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the Musselwhite mine operations, and may not include all of the pro forma
financial adjustments required had the acquisition taken place on January 1,
2006.    11




---



##### 



Porcupine mine, Canada (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4(1)
    
    
    2007(1)
    
    
    2006(2)Operating DataTonnes of ore milled
    
    
    491,100
    
    
    
    489,200
    
    
    
    484,900
    
    
    
    592,300
    
    
    
    2,057,500
    
    
    
    2,151,000Average mill head grade (grams/tonne)
    
    
    2.49
    
    
    
    2.73
    
    
    
    2.44
    
    
    
    2.26
    
    
    
    2.47
    
    
    
    2.55Average recovery rate
    
    
    94
    %
    
    
    96
    %
    
    
    94
    %
    
    
    93
    %
    
    
    94
    %
    
    
    93
    %Gold (ounces) Produced
    
    
    36,800
    
    
    
    41,400
    
    
    
    36,800
    
    
    
    43,400
    
    
    
    158,400
    
    
    
    162,700 Sold
    
    
    30,400
    
    
    
    45,900
    
    
    
    37,300
    
    
    
    44,800
    
    
    
    158,400
    
    
    
    168,200Average realized gold price (per ounce)
    
    $
    649
    
    
    $
    664
    
    
    $
    680
    
    
    $
    794
    
    
    $
    702
    
    
    $
    606Total cash costs (per ounce)
    
    $
    419
    
    
    $
    447
    
    
    $
    483
    
    
    $
    584
    
    
    $
    489
    
    
    $
    370Financial DataRevenues
    
    $
    19.8
    
    
    $
    30.5
    
    
    $
    25.5
    
    
    $
    35.6
    
    
    $
    111.4
    
    
    $
    102.1Earnings from operations
    
    $
    1.3
    
    
    $
    3.2
    
    
    $
    0.3
    
    
    $
    (0.5
    )
    
    $
    4.3
    
    
    $
    17.1
 
 (1)
    
    On December 21, 2007, Goldcorp acquired Kinross Gold Corporations 49%
interest in the Porcupine gold mine, and, as a result, the table above reflects
Goldcorps 51% ownership to December 21, 2007 and its 100% ownership subsequent
to December 21, 2007.(2)
    
    Results from the Porcupine mine are included in Goldcorps financial
results for the period subsequent to the date of acquisition, May 12, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the Porcupine mine operations, and may not include all of the pro forma financial
adjustments required had the acquisition taken place on January 1, 2006.     12




---



##### 



Luismin mines, Mexico (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006Operating DataTonnes of ore milled
    
    
    232,400
    
    
    
    197,100
    
    
    
    203,000
    
    
    
    213,100
    
    
    
    845,600
    
    
    
    1,085,700Average mill head grade (grams/tonne) Gold
    
    
    6.46
    
    
    
    6.09
    
    
    
    7.37
    
    
    
    5.81
    
    
    
    6.43
    
    
    
    6.34 Silver
    
    
    326
    
    
    
    286
    
    
    
    381
    
    
    
    354
    
    
    
    337
    
    
    
    328Average recovery rate Gold
    
    
    95
    %
    
    
    92
    %
    
    
    92
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    % Silver
    
    
    92
    %
    
    
    90
    %
    
    
    91
    %
    
    
    91
    %
    
    
    91
    %
    
    
    89
    %Produced (ounces) Gold
    
    
    45,900
    
    
    
    35,600
    
    
    
    44,400
    
    
    
    37,400
    
    
    
    163,300
    
    
    
    208,400 Silver
    
    
    1,898,300
    
    
    
    1,341,300
    
    
    
    1,865,600
    
    
    
    1,829,400
    
    
    
    6,934,600
    
    
    
    8,931,700Sold (ounces) Gold
    
    
    46,500
    
    
    
    34,500
    
    
    
    44,000
    
    
    
    34,600
    
    
    
    159,600
    
    
    
    207,000 Silver
    
    
    1,937,000
    
    
    
    1,394,000
    
    
    
    1,900,000
    
    
    
    1,682,000
    
    
    
    6,913,000
    
    
    
    8,978,200Average realized price (per ounce) Gold
    
    $
    648
    
    
    $
    667
    
    
    $
    683
    
    
    $
    780
    
    
    $
    690
    
    
    $
    606 Silver (2)
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.94
    
    
    $
    3.91
    
    
    $
    3.90Total cash costs per gold ounce(2)
    
    $
    141
    
    
    $
    377
    
    
    $
    255
    
    
    $
    304
    
    
    $
    259
    
    
    $
    131Financial DataRevenues
    
    $
    37.8
    
    
    $
    27.7
    
    
    $
    36.8
    
    
    $
    33.0
    
    
    $
    135.3
    
    
    $
    159.6Earnings (loss) from operations
    
    $
    9.4
    
    
    $
    (2.9
    )
    
    $
    5.0
    
    
    $
    0.8
    
    
    $
    12.3
    
    
    $
    37.8
 
 (1)
    
    Prior period figures include the results of the San Martin mine (Mexico),
which was sold on January 31, 2007.(2)
    
    Luismin silver is sold to Silver Wheaton at a price of $3.90 per ounce.
The calculation of total cash costs per ounce of gold is net of by-product silver
sales revenue of $3.90 per silver ounce from January to October and $3.95 in
November and December. If the silver sales were treated as a co-product, average
total cash costs at Luismin for the year ended December 31, 2007, would be $333
per ounce of gold (2006  $231).  
    
    the San Dimas district, one of the most significant gold-silver deposits in Mexico
and
    
    Nukay, a small underground mine located adjacent to the Los Filos operation in the
south-west of Mexico. With the commencement of commercial production at Los Filos as of
January 1, 2008, the production from the Nukay mine will be reported as part of the Los
Filos operation in 2008.
    13




---



##### 



El Sauzal mine, Mexico
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006(1)Operating DataTonnes of ore mined
    
    
    594,800
    
    
    
    779,600
    
    
    
    701,100
    
    
    
    618,000
    
    
    
    2,693,500
    
    
    
    2,633,600Tonnes of waste removed
    
    
    985,100
    
    
    
    1,169,400
    
    
    
    1,179,100
    
    
    
    1,261,600
    
    
    
    4,595,200
    
    
    
    4,757,800Ratio of waste to ore
    
    
    1.7
    
    
    
    1.5
    
    
    
    1.7
    
    
    
    2.0
    
    
    
    1.7
    
    
    
    1.8Tonnes of ore milled
    
    
    480,200
    
    
    
    575,600
    
    
    
    574,700
    
    
    
    534,900
    
    
    
    2,165,400
    
    
    
    2,107,700Average mill head grade(grams/tonne)
    
    
    4.64
    
    
    
    4.70
    
    
    
    4.46
    
    
    
    5.11
    
    
    
    4.65
    
    
    
    4.70Average recovery rate
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %Gold (ounces) Produced
    
    
    66,600
    
    
    
    79,900
    
    
    
    77,600
    
    
    
    82,800
    
    
    
    306,900
    
    
    
    299,600 Sold
    
    
    66,500
    
    
    
    75,600
    
    
    
    81,000
    
    
    
    83,400
    
    
    
    306,500
    
    
    
    296,800Average realized gold price (per ounce)
    
    $
    655
    
    
    $
    664
    
    
    $
    683
    
    
    $
    799
    
    
    $
    704
    
    
    $
    607Total cash costs (per ounce)
    
    $
    117
    
    
    $
    127
    
    
    $
    117
    
    
    $
    118
    
    
    $
    120
    
    
    $
    103Financial DataRevenues
    
    $
    44.1
    
    
    $
    50.8
    
    
    $
    56.0
    
    
    $
    66.9
    
    
    $
    217.8
    
    
    $
    182.0Earnings from operations
    
    $
    11.7
    
    
    $
    13.5
    
    
    $
    17.1
    
    
    $
    31.3
    
    
    $
    73.6
    
    
    $
    119.4
 
 (1)
    
    Results from the El Sauzal mine are included in Goldcorps financial
results for the period subsequent to the date of acquisition, November 4, 2006.
For comparative purposes only, the 2006 column includes the full year results
from the El Sauzal mine operations, and may not include all of the pro forma
financial adjustments required had the acquisition taken place on January 1,
2006. %
   14




---



##### 



Marlin mine, Guatemala
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006(1)Operating DataTonnes of ore milled
    
    
    361,500
    
    
    
    442,100
    
    
    
    462,200
    
    
    
    506,800
    
    
    
    1,772,600
    
    
    
    1,088,800Average mill head grade (grams/tonne) Gold
    
    
    4.87
    
    
    
    4.27
    
    
    
    4.36
    
    
    
    4.73
    
    
    
    4.55
    
    
    
    4.92 Silver
    
    
    89
    
    
    
    80
    
    
    
    86
    
    
    
    84
    
    
    
    84
    
    
    
    75Average recovery rate Gold
    
    
    83
    %
    
    
    89
    %
    
    
    91
    %
    
    
    90
    %
    
    
    88
    %
    
    
    87
    % Silver
    
    
    58
    %
    
    
    60
    %
    
    
    63
    %
    
    
    56
    %
    
    
    59
    %
    
    
    60
    %Produced (ounces) Gold
    
    
    46,800
    
    
    
    53,700
    
    
    
    58,700
    
    
    
    68,000
    
    
    
    227,200
    
    
    
    161,000 Silver
    
    
    591,900
    
    
    
    680,800
    
    
    
    793,600
    
    
    
    771,000
    
    
    
    2,837,300
    
    
    
    1,598,400Sold (ounces) Gold
    
    
    51,100
    
    
    
    52,700
    
    
    
    57,000
    
    
    
    71,900
    
    
    
    232,700
    
    
    
    153,800 Silver
    
    
    616,400
    
    
    
    667,000
    
    
    
    675,800
    
    
    
    938,100
    
    
    
    2,897,300
    
    
    
    1,443,000Average realized gold price (per ounce)
    
    $
    653
    
    
    $
    664
    
    
    $
    679
    
    
    $
    799
    
    
    $
    707
    
    
    $
    602Total cash costs (per ounce)(2)
    
    $
    144
    
    
    $
    140
    
    
    $
    176
    
    
    $
    121
    
    
    $
    144
    
    
    $
    209Financial DataRevenues
    
    $
    41.6
    
    
    $
    43.8
    
    
    $
    47.3
    
    
    $
    71.0
    
    
    $
    203.7
    
    
    $
    109.9Earnings from operations
    
    $
    16.4
    
    
    $
    17.6
    
    
    $
    17.5
    
    
    $
    21.3
    
    
    $
    72.8
    
    
    $
    36.4
 
 (1)
    
    Results from the Marlin mine are included in Goldcorps financial results
for the period subsequent to the date of acquisition November 4, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the Marlin mine operations, and may not include all of the pro forma financial
adjustments required had the acquisition taken place on January 1, 2006.(2)
    
    The calculation of total cash costs per ounce of gold sold is net of
by-product silver sales revenue. If the silver sales were treated as a
co-product, average total cash costs at Marlin for the year ended December 31,
2007, would be $253 per ounce of gold and $4.76 per ounce of silver (2006  $270
and $5, respectively).   15




---



##### 



Alumbrera mine, Argentina
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006Operating DataTonnes of ore mined
    
    
    2,504,300
    
    
    
    2,493,700
    
    
    
    2,133,400
    
    
    
    2,475,000
    
    
    
    9,606,400
    
    
    
    11,625,500Tonnes of waste removed
    
    
    8,488,500
    
    
    
    8,181,100
    
    
    
    7,476,800
    
    
    
    7,469,400
    
    
    
    31,615,800
    
    
    
    30,435,400Ratio of waste to ore
    
    
    3.4
    
    
    
    3.3
    
    
    
    3.5
    
    
    
    3.0
    
    
    
    3.3
    
    
    
    2.6Tonnes of ore milled
    
    
    3,648,800
    
    
    
    3,584,500
    
    
    
    3,683,300
    
    
    
    3,561,000
    
    
    
    14,477,600
    
    
    
    13,631,100Average mill head grade Gold (grams/tonne)
    
    
    0.54
    
    
    
    0.61
    
    
    
    0.78
    
    
    
    0.77
    
    
    
    0.67
    
    
    
    0.71 Copper (%)
    
    
    0.49
    %
    
    
    0.55
    %
    
    
    0.61
    %
    
    
    0.58
    %
    
    
    0.56
    %
    
    
    0.56
    %Average recovery rate Gold
    
    
    69
    %
    
    
    72
    %
    
    
    73
    %
    
    
    80
    %
    
    
    74
    %
    
    
    78
    % Copper
    
    
    82
    %
    
    
    83
    %
    
    
    84
    %
    
    
    86
    %
    
    
    84
    %
    
    
    88
    %Produced Gold (ounces)
    
    
    43,200
    
    
    
    50,800
    
    
    
    66,000
    
    
    
    70,600
    
    
    
    230,600
    
    
    
    240,200 Copper (thousands of pounds)
    
    
    32,600
    
    
    
    36,400
    
    
    
    40,800
    
    
    
    39,200
    
    
    
    149,000
    
    
    
    148,900Sold Gold (ounces)
    
    
    40,000
    
    
    
    51,000
    
    
    
    49,600
    
    
    
    86,700
    
    
    
    227,300
    
    
    
    237,700 Copper (thousands of pounds)
    
    
    30,300
    
    
    
    36,700
    
    
    
    32,100
    
    
    
    49,100
    
    
    
    148,200
    
    
    
    144,500Average realized price Gold (per ounce)
    
    $
    652
    
    
    $
    661
    
    
    $
    704
    
    
    $
    807
    
    
    $
    724
    
    
    $
    613 Copper (per pound)
    
    $
    2.93
    
    
    $
    3.66
    
    
    $
    3.82
    
    
    $
    2.64
    
    
    $
    3.22
    
    
    $
    3.58Total cash costs (per gold ounce)(1)
    
    $
    (299
    )
    
    $
    (1,071
    )
    
    $
    (1,057
    )
    
    $
    (420
    )
    
    $
    (684
    )
    
    $
    (1,176
    )Financial DataRevenues
    
    $
    104.3
    
    
    $
    154.8
    
    
    $
    151.0
    
    
    $
    188.2
    
    
    $
    598.3
    
    
    $
    593.1Earnings from operations
    
    $
    22.1
    
    
    $
    69.6
    
    
    $
    69.2
    
    
    $
    77.8
    
    
    $
    238.7
    
    
    $
    334.2
 
 (1)
    
    The calculation of total cash costs per ounce of gold for Alumbrera is
net of by-product copper sales revenue. If copper production were treated as a
co-product, average total cash costs at Alumbrera for the year ended December
31, 2007 would be $325 per ounce of gold and $1.72 per pound of copper (2006 
$215 per ounce of gold and $1.31 per pound of copper).    16




---



##### 



Marigold mine, United States 
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006(1)Operating DataTonnes of ore mined
    
    
    969,200
    
    
    
    1,474,300
    
    
    
    1,682,600
    
    
    
    2,059,900
    
    
    
    6,186,000
    
    
    
    5,778,900Tonnes of waste removed
    
    
    6,497,100
    
    
    
    5,486,500
    
    
    
    3,740,200
    
    
    
    3,803,400
    
    
    
    19,527,500
    
    
    
    19,396,500Ratio of waste to ore
    
    
    6.7
    
    
    
    3.7
    
    
    
    2.2
    
    
    
    1.9
    
    
    
    3.2
    
    
    
    3.4Tonnes of ore processed
    
    
    969,200
    
    
    
    1,474,300
    
    
    
    1,682,600
    
    
    
    2,059,900
    
    
    
    6,186,000
    
    
    
    5,779,100Average head grade (grams/tonne)
    
    
    0.49
    
    
    
    0.45
    
    
    
    0.75
    
    
    
    0.96
    
    
    
    0.71
    
    
    
    0.74Average recovery rate
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %Gold (ounces) Produced
    
    
    14,300
    
    
    
    18,600
    
    
    
    21,800
    
    
    
    39,200
    
    
    
    93,900
    
    
    
    99,800 Sold
    
    
    14,700
    
    
    
    19,300
    
    
    
    19,700
    
    
    
    41,400
    
    
    
    95,100
    
    
    
    98,200Average realized gold price (per ounce)
    
    $
    647
    
    
    $
    667
    
    
    $
    681
    
    
    $
    796
    
    
    $
    723
    
    
    $
    602Total cash costs (per ounce)
    
    $
    549
    
    
    $
    754
    
    
    $
    580
    
    
    $
    500
    
    
    $
    575
    
    
    $
    464Financial DataRevenues
    
    $
    9.5
    
    
    $
    12.9
    
    
    $
    13.4
    
    
    $
    33.0
    
    
    $
    68.8
    
    
    $
    59.2Earnings (loss) from operations
    
    $
    (1.0
    )
    
    $
    (4.9
    )
    
    $
    (1.2
    )
    
    $
    8.3
    
    
    $
    1.2
    
    
    $
    16.0
 
 (1)
    
    Results from Marigold mine are included in Goldcorps financial results
for the period subsequent to the date of acquisition, November 4, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the Marigold mine operations, and may not include all of the pro forma financial
adjustments required had the acquisition taken place on January 1, 2006. 2006
cash costs have been restated for consistency with Goldcorps accounting
practices.    17




---



##### 



Wharf mine, United States
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006Operating DataTonnes of ore mined
    
    
    603,100
    
    
    
    612,200
    
    
    
    852,500
    
    
    
    838,300
    
    
    
    2,906,100
    
    
    
    2,968,000Tonnes of ore processed
    
    
    597,800
    
    
    
    640,200
    
    
    
    888,800
    
    
    
    847,800
    
    
    
    2,974,600
    
    
    
    3,040,400Average grade of gold processed (grams/tonne)
    
    
    1.36
    
    
    
    1.36
    
    
    
    0.87
    
    
    
    0.72
    
    
    
    1.01
    
    
    
    1.02Average recovery rate
    
    
    71
    %
    
    
    66
    %
    
    
    63
    %
    
    
    69
    %
    
    
    67
    %
    
    
    75
    %Gold (ounces) Produced
    
    
    14,000
    
    
    
    12,600
    
    
    
    12,200
    
    
    
    18,900
    
    
    
    57,700
    
    
    
    63,000 Sold
    
    
    15,700
    
    
    
    12,800
    
    
    
    12,000
    
    
    
    16,900
    
    
    
    57,400
    
    
    
    63,400Average realized gold price (per ounce)
    
    $
    653
    
    
    $
    658
    
    
    $
    690
    
    
    $
    806
    
    
    $
    709
    
    
    $
    605Total cash costs (per ounce)
    
    $
    330
    
    
    $
    364
    
    
    $
    338
    
    
    $
    429
    
    
    $
    369
    
    
    $
    340Financial DataRevenues
    
    $
    10.7
    
    
    $
    8.8
    
    
    $
    8.8
    
    
    $
    14.4
    
    
    $
    42.7
    
    
    $
    40.6Earnings from operations
    
    $
    4.0
    
    
    $
    2.1
    
    
    $
    3.1
    
    
    $
    5.0
    
    
    $
    14.2
    
    
    $
    12.3
    San Martin mine, Honduras
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006(1)Operating DataTonnes of ore mined
    
    
    715,800
    
    
    
    974,900
    
    
    
    862,100
    
    
    
    46,000
    
    
    
    2,598,800
    
    
    
    4,022,100Tonnes of waste removed
    
    
    1,307,900
    
    
    
    859,500
    
    
    
    498,600
    
    
    
    0
    
    
    
    2,666,000
    
    
    
    4,455,700Ratio of waste to ore
    
    
    1.83
    
    
    
    0.88
    
    
    
    0.57
    
    
    
    n/a
    
    
    
    1.0
    
    
    
    1.11Tonnes of ore processed
    
    
    715,800
    
    
    
    974,900
    
    
    
    862,100
    
    
    
    46,000
    
    
    
    2,598,800
    
    
    
    4,023,600Average mill head grade (grams/tonne)
    
    
    0.66
    
    
    
    0.77
    
    
    
    0.85
    
    
    
    0.72
    
    
    
    0.77
    
    
    
    0.78Average recovery rate
    
    
    55
    %
    
    
    55
    %
    
    
    51
    %
    
    
    51
    %
    
    
    54
    %
    
    
    55
    %Gold (ounces) Produced
    
    
    11,400
    
    
    
    14,100
    
    
    
    11,000
    
    
    
    8,800
    
    
    
    45,300
    
    
    
    59,600 Sold
    
    
    11,400
    
    
    
    14,400
    
    
    
    11,000
    
    
    
    8,900
    
    
    
    45,700
    
    
    
    61,600Average realized gold price (per ounce)
    
    $
    657
    
    
    $
    662
    
    
    $
    691
    
    
    $
    804
    
    
    $
    695
    
    
    $
    605Total cash costs (per ounce)
    
    $
    453
    
    
    $
    459
    
    
    $
    498
    
    
    $
    521
    
    
    $
    479
    
    
    $
    350Financial DataRevenues
    
    $
    7.6
    
    
    $
    9.5
    
    
    $
    7.7
    
    
    $
    7.2
    
    
    $
    32.0
    
    
    $
    37.5Earnings from operations
    
    $
    1.6
    
    
    $
    2.2
    
    
    $
    1.4
    
    
    $
    (0.6
    )
    
    $
    4.6
    
    
    $
    7.0
 18




---



##### 



(1)
    
    Results from San Martin mine are included in Goldcorps financial results
for the period subsequent to the date of acquisition, November 4, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the San Martin mine operations, and may not include all of the pro forma
financial adjustments required had the acquisition taken place on January 1,
2006.   Silver Wheaton Corp (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006Operating DataOunces of silver sold Luismin
    
    
    1,937,000
    
    
    
    1,394,000
    
    
    
    1,900,000
    
    
    
    1,682,000
    
    
    
    6,913,000
    
    
    
    8,978,200 Zinkgruvan
    
    
    519,000
    
    
    
    539,000
    
    
    
    247,000
    
    
    
    540,000
    
    
    
    1,845,000
    
    
    
    1,685,800 Yauliyacu
    
    
    887,000
    
    
    
    844,000
    
    
    
    792,000
    
    
    
    919,000
    
    
    
    3,442,000
    
    
    
    2,867,000 Stratoni
    
    
    
    
    
    
    276,000
    
    
    
    190,000
    
    
    
    402,000
    
    
    
    868,000Total
    
    
    3,343,000
    
    
    
    3,053,000
    
    
    
    3,129,000
    
    
    
    3,543,000
    
    
    
    13,068,000
    
    
    
    13,531,000Average realized silver price (per ounce)
    
    $
    13.20
    
    
    $
    13.58
    
    
    $
    12.66
    
    
    $
    14.18
    
    
    $
    13.42
    
    
    $
    11.72Total cash costs (per ounce)
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.93
    
    
    $
    3.91
    
    
    $
    3.90Financial DataRevenues
    
    $
    44.1
    
    
    $
    41.5
    
    
    $
    39.6
    
    
    $
    50.2
    
    
    $
    175.4
    
    
    $
    158.5Earnings from operations
    
    $
    21.7
    
    
    $
    20.0
    
    
    $
    18.3
    
    
    $
    24.8
    
    
    $
    84.8
    
    
    $
    75.7
 
 (1)
    
    Goldcorps disposed of its 48% interest in Silver Wheaton on February 14,
2008. PROJECT DEVELOPMENT REVIEW
 Los Filos Project, Mexico
 The Los Filos Project is a 100%  owned development project, consisting of two open pit mines (Los
Filos and El Bermejal) with common heap leach, wet plant and ancillary facilities. Total reserves
of Los Filos are 5.64 million gold ounces, with 0.90 million ounces in the proven category and 4.74
million ounces classified as probable reserves.
 Los Filos is located in the Nukay mining district of central Guerrero State in southern Mexico,
approximately 230 kilometres south of Mexico City.  The property is accessible from Highway 95, a
major paved route between Mexico City and Acapulco.  At the village of Mezcala on Highway 95, a
former 8.5 kilometre dirt road leading to Los Filos and El Bermejal areas was broadened and paved
as part of the project scope and is fully operational.  Driving time from Mexico City is
approximately three hours. The Los Filos project is located near established power and road
infrastructure at Mezcala and near centers of supply for materials and workers at Chilpancingo,
Iguala and Cuernavaca.
 19




---



##### 



Peñasquito Project, Mexico
 Peñasquito is a 100% owned development project consisting initially of two open pits, Chile
Colorado and Peñasco. The mine is in development, with the current feasibility study envisaging a
heap leach operation starting in 2008, followed by a 130,000 tonne per day milling operation in
2009. Annual production over the life of mine (estimated at 19 years) is expected to average
approximately 400,000 ounces of gold, 31 million ounces of silver and over 400 million pounds of
zinc. In June 2007, new reserves were calculated using the latest exploration data and the deposit
now contains 13.05 million ounces of proven and probable gold reserves, 4.73 million ounces of
measured and indicated gold resources and 9.02 million ounces of inferred gold resources. In
addition, Peñasquito contains 863.9 million ounces of proven and probable silver reserves, 413.3
million ounces of measured and indicated silver resources and 509.9 million ounces of inferred
silver resources. Significant quantities of zinc and lead will also add to the revenue base. The
deposit remains open to the north, east, and at depth. Exploration drilling remains in progress.
    20




---



##### 



Éléonore Project, Canada
 The Éléonore Project is located in the north-east corner of the Opinaca Reservoir in the James Bay
region of Québec, Canada. The Éléonore deposit is a major new gold discovery in a relatively
unexplored area in the Province of Québec, located in the core of what Goldcorp believes to be a
promising new gold district in North America. An initial indicated gold resource estimate of 1.8
million ounces at an average grade of 7.4 grams per tonne and initial inferred gold resource of 0.9
million at an average grade of 7.1 grams per tonne was announced in June 2007. By December 31,
2007, the indicated gold resource had grown to 2.5 million ounces at an average grade of 7.2 grams
per tonne and the inferred gold resource had grown to 1.2 million ounces at an average grade of 6.6
grams per tonne. High grade drill results outside the resource boundary point to significant
expansion potential at Éléonore.
       Cerro Blanco Project, Guatemala
 The Cerro Blanco Project is located in southwestern Guatemala and is considered to be a classic hot
springs gold deposit with typical bonanza type gold mineralization. There is a possibility of
developing an underground mine which would also consist of potential operating synergies with the
Marlin Mine.
 21




---



##### 



Pueblo Viejo, Dominican Republic (Goldcorps interest  40%)
 Pueblo Viejo is an 18 million ounce proven and probable gold reserve, where Goldcorps interest
represents 7.2 million ounces. The project is a partnership with Barrick Gold Corporation, the
project operator. The deposit also contains 87.8 million ounces of silver, 360 million pounds of
copper and 2.6 billion pounds of zinc. The mine will be comprised of two conventional open pits,
which are expected to produce an average of 775,000-800,000 ounces of gold per year (100% basis),
over an anticipated life of 20 years. The ore is refractory and will be treated at a rate of 15,000
tonnes per day by whole ore pressure oxidation, followed by CIL cyanide leach.
  22




---



##### 



EXPENSES
 2007
    
    
    2006
    
    
    2005Depreciation and depletion
    
    $
    465.1
    
    
    $
    304.4
    
    
    $
    135.3Corporate administration
    
    
    132.9
    
    
    
    83.0
    
    
    
    43.9Exploration
    
    
    42.7
    
    
    
    27.6
    
    
    
    8.0Write-down of mining interests
    
    
    
    
    
    
    174.7
    
    
    
    
     OTHER INCOME (EXPENSE)
 2007
    
    
    2006
    
    
    2005Interest and other income/expense
    
    $
    20.5
    
    
    $
    17.9
    
    
    $
    5.6Interest expense and financing fees
    
    
    (44.7
    )
    
    
    (44.8
    )
    
    
    0.1Share of income of equity investees
    
    
    0.1
    
    
    
    
    
    
    
    (Loss) gain on foreign exchange
    
    
    (49.4
    )
    
    
    5.3
    
    
    
    0.5Non-hedge derivative loss
    
    
    (23.5
    )
    
    
    (4.1
    )
    
    
    Gain (loss) on marketable securities, net
    
    
    5.5
    
    
    
    (5.0
    )
    
    
    10.2Gain on sale of mining interests
    
    
    51.0
    
    
    
    
    
    
    
    Gain on sale of shares in subsidiaries, net
    
    
    
    
    
    
    109.8
    
    
    
    Dilution gains
    
    
    10.0
    
    
    
    63.8
    
    
    
    18.7$
    (30.5
    )
    
    $
    142.9
    
    
    $
    35.1
   23




---



##### 



INCOME AND MINING TAXES
   24




---



##### 



NON-CONTROLLING INTERESTS
      25




---



##### 



DISCONTINUED OPERATIONS  LA COIPA MINE, CHILE
  Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2007
    
    
    2006(1)Operating DataTonnes of ore milled
    
    
    391,300
    
    
    
    402,400
    
    
    
    415,000
    
    
    
    495,400
    
    
    
    1,704,100
    
    
    
    2,562,300Average mill head grade (grams/tonne) Gold
    
    
    0.79
    
    
    
    1.35
    
    
    
    1.13
    
    
    
    1.16
    
    
    
    1.11
    
    
    
    0.95 Silver
    
    
    282
    
    
    
    237
    
    
    
    120
    
    
    
    115
    
    
    
    183
    
    
    
    94Average recovery rate Gold
    
    
    60
    %
    
    
    71
    %
    
    
    80
    %
    
    
    88
    %
    
    
    76
    %
    
    
    78
    % Silver
    
    
    74
    %
    
    
    70
    %
    
    
    67
    %
    
    
    72
    %
    
    
    72
    %
    
    
    64
    %Produced (ounces) Gold
    
    
    5,100
    
    
    
    13,500
    
    
    
    11,200
    
    
    
    16,300
    
    
    
    46,100
    
    
    
    62,400 Silver
    
    
    2,502,100
    
    
    
    2,436,800
    
    
    
    976,600
    
    
    
    1,319,800
    
    
    
    7,235,300
    
    
    
    4,777,500Sold (ounces) Gold
    
    
    4,300
    
    
    
    9,500
    
    
    
    13,200
    
    
    
    15,400
    
    
    
    42,400
    
    
    
    70,100 Silver
    
    
    2,136,100
    
    
    
    2,418,600
    
    
    
    1,656,300
    
    
    
    1,191,600
    
    
    
    7,402,600
    
    
    
    4,345,700Average realized price (per ounce) Gold
    
    $
    654
    
    
    $
    659
    
    
    $
    682
    
    
    $
    783
    
    
    $
    711
    
    
    $
    597 Silver
    
    $
    13.38
    
    
    $
    13.26
    
    
    $
    12.78
    
    
    $
    14.36
    
    
    $
    13.36
    
    
    $
    11.99Total cash costs per gold ounce(2)
    
    $
    (4,235
    )
    
    $
    (1,746
    )
    
    $
    (671
    )
    
    $
    (328
    )
    
    $
    (1,152
    )
    
    $
    (57
    )Financial DataRevenues
    
    $
    31.4
    
    
    $
    38.2
    
    
    $
    30.1
    
    
    $
    29.1
    
    
    $
    128.8
    
    
    $
    93.8Earnings (loss) from operations
    
    $
    15.1
    
    
    $
    16.5
    
    
    $
    10.0
    
    
    $
    15.0
    
    
    $
    56.6
    
    
    $
    21.6
 
 (1)
    
    Results from the La Coipa mine are included in Goldcorps financial
results for the period subsequent to the date of acquisition, May 12, 2006. For
comparative purposes only, the 2006 column includes the full year results from
the La Coipa mine operations, and may not include all of the pro forma financial
adjustments required had the acquisition taken place on January 1, 2006.(2)
    
    The calculation of total cash costs per ounce of gold is net of by-product
silver sales revenue. If gold production was treated as a co-product, average
total cash costs for the year ended December 30, 2007 would be $275 per ounce of
gold and $5.19 per ounce of silver (2006  $305 per ounce of gold and $6.14 per
ounce of silver).  26




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##### 



NON-GAAP MEASURES
 Total Cash Cost per Gold Ounce
   2007
    
    
    2006
    
    
    2005Cash costs, continuing operationsOperating expenses per financial statements
    
    $
    953.8
    
    
    $
    613.1
    
    
    $
    304.0Industrial minerals operating expense
    
    
    
    
    
    
    
    
    
    
    (9.9
    )Treatment and refining charges on concentrate sales
    
    
    48.4
    
    
    
    73.6
    
    
    
    49.4By-product silver and copper sales, and other
    
    
    (581.1
    )
    
    
    (603.4
    )
    
    
    (304.8
    )Non-cash adjustments
    
    
    (5.3
    )
    
    
    (17.9
    )
    
    
    (9.5
    )Total cash costs
    
    $
    415.8
    
    
    $
    65.4
    
    
    $
    29.2Divided by ounces of gold sold
    
    
    2,211,000
    
    
    
    1,674,000
    
    
    
    1,344,600Total cash costs per ounce of gold
    
    $
    188
    
    
    $
    39
    
    
    $
    22Cash costs, including discontinued operations(provided for informational purposes)Operating expenses per financial statements
    
    $
    1,005.4
    
    
    $
    643.8
    
    
    $
    304.0Industrial minerals operating expense
    
    
    
    
    
    
    
    
    
    
    (9.9
    )Treatment and refining charges on concentrate sales
    
    
    48.9
    
    
    
    73.9
    
    
    
    49.4By-product silver and copper sales, and other
    
    
    (682.0
    )
    
    
    (643.2
    )
    
    
    (304.8
    )Non-cash adjustments
    
    
    (5.3
    )
    
    
    (17.5
    )
    
    
    (9.5
    )Total cash costs
    
    $
    367.0
    
    
    $
    57.0
    
    
    $
    29.2Divided by ounces of gold sold
    
    
    2,253,400
    
    
    
    1,708,000
    
    
    
    1,344,600Total cash costs per ounce of gold
    
    $
    163
    
    
    $
    33
    
    
    $
    22
 27




---



##### 



Adjusted Net Earnings
   2007
    
    
    2006
    
    
    2005Net earnings per financial statements
    
    $
    460.1
    
    
    $
    408.3
    
    
    $
    285.7Foreign exchange loss (gain) on revaluation of future income tax liabilities
    
    
    54.6
    
    
    
    (4.8
    )
    
    
    Unrealized non-hedge derivative loss, net of tax
    
    
    2.4
    
    
    
    2.6
    
    
    
    Loss (gain) on marketable securities, net of tax
    
    
    (4.7
    )
    
    
    5.0
    
    
    
    (8.5
    )Dilution gain
    
    
    (10.0
    )
    
    
    (63.8
    )
    
    
    (18.7
    )Gain on sale of mining interests, net of tax
    
    
    (15.6
    )
    
    
    
    
    
    
    Gain on sale of mining interests included in discontinued operations, net of tax
    
    
    (46.4
    )
    
    
    
    
    
    
    Gain on sale of shares in subsidiary, net of tax
    
    
    
    
    
    
    (87.8
    )
    
    
    Write-down of mining interests
    
    
    
    
    
    
    174.7
    
    
    
    Total adjusted net earnings
    
    $
    440.4
    
    
    $
    434.2
    
    
    $
    258.5Weighted average shares outstanding (000s)
    
    
    704,868
    
    
    
    435,189
    
    
    
    314,292Adjusted net earnings per share
    
    $
    0.62
    
    
    $
    1.00
    
    
    $
    0.82
 LIQUIDITY AND CAPITAL RESOURCES
    28




---



##### 



Derivative Instruments
   Contractual Obligations
   2008
    
    $
    8.62009
    
    
    5.62010
    
    
    2.62011
    
    
    1.32012
    
    
    1.419.5Thereafter
    
    
    Total minimum payments required
    
    $
    19.5
 29




---



##### 



2008
    
    $
    28.52009
    
    
    28.52010
    
    
    28.52011
    
    
    28.52012
    
    
    673.5Thereafter
    
    
    277.4$
    1,064.9
 RISKS AND UNCERTAINTIES
  Metal Prices
   Currency Fluctuations
    Foreign Operations
  30




---



##### 



Government Regulation
  Environmental Regulation
   CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Income and Mining Taxes
  31




---



##### 



Mining Interests
    Reclamation and Closure Cost Obligations
  Goodwill and Impairment Testing
   RECENT CANADIAN ACCOUNTING PRONOUNCEMENTS
 Canadian Accounting Policies Implemented Effective January 1, 2007
  32




---



##### 



Canadian Accounting Pronouncements Effective January 1, 2008
    OUTLOOK
   33




---



##### 



CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
  Internal Controls Over Financial Reporting
  
    
    pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company;
    
    provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with GAAP; and
    
    provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Companys assets that could have a
material effect on the annual financial statements or interim financial statements.
  Limitations of Controls and Procedures
  34




---



##### 



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 This report contains forward-looking statements, within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian Securities legislation.
Forward-looking statements include, but are not limited to, statements with respect to the future
price of gold, silver and copper, the estimation of mineral reserves and resources, the realization
of mineral reserve estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, currency exchange rate fluctuations, requirements
for additional capital, government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as plans, expects or does not expect, is expected, budget, scheduled,
estimates, forecasts, intends, anticipates or does not anticipate, or believes, or
variations of such words and phrases or state that certain actions, events or results may,
could, would, might or will be taken, occur or be achieved. Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Goldcorp to be materially different from
those expressed or implied by such forward-looking statements, including but not limited to: risks
related to the integration of acquisitions; risks related to international operations; risks
related to joint venture operations; actual results of current exploration activities; actual
results of current reclamation activities; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of gold, silver and copper; possible
variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of development or construction
activities, as well as those factors discussed in the section entitled Description of the Business
 Risk Factors in Goldcorps annual information form for the year ended December 31, 2007,
available on SEDAR at www.sedar.com. Although Goldcorp has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorp does
not undertake to update any forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
 CAUTIONARY NOTE REGARDING RESERVES AND RESOURCES
 Readers should refer to the annual information form of Goldcorp for the year ended December 31,
2007, dated March , 2008, and other continuous disclosure documents filed by Goldcorp since
January 1, 2008 available at www.sedar.com, for further information on mineral reserves and
resources, which is subject to the qualifications and notes set forth therein.
 35