Exhibit 99.2
  Managements Discussion and Analysis  of Financial Condition and Results of Operations  For the Year Ended December
 This Managements Discussion and Analysis should be read in conjunction with Goldcorps audited
consolidated financial statements for the year ended December 31, 2008 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,
2009.
 2008 HIGHLIGHTS
 
    
    Recorded net earnings of $958.1 million in the fourth quarter ($1.31 per share) and $1,475.6
million ($2.07 per share) in the year, compared to the 2007 net earnings of $256.5 million in the
fourth quarter ($0.36 per share) and $460.1 million ($0.65 per share) in the year. Adjusted net
earnings amounted to $84.4 million
($ 0.12 per share) in the fourth quarter of 2008 and $397.0 million ($0.56 per share) in the
year.(1)
    
    Operating cash flows from continuing operations of $247.9 million in the fourth quarter and $866.0
million in the year, compared to $229.6 million in the fourth quarter of 2007 and $650.7 million in
the year. Operating cash flows before working capital changes of $230.5 million in the fourth
quarter and $933.2 million in the year, compared to $327.1 million in the fourth quarter of 2007
and $864.7 million in the year.(2)
    
    Gold production increased by 8%, to 691,800 ounces in the fourth quarter (2007  638,900 ounces)
and by 1%, to 2,324,300 ounces, in the year (2007  2,292,600 ounces).(3)
    
    Total cash costs (net of by-product copper and silver credits) of $323 per ounce in
the fourth quarter (2007  $195 per ounce) and $305 per ounce for the year (2007  $163 per
ounce). On a co-product basis, cash costs were $391 per ounce of gold for the year (2007 
$305 per ounce).(4)
    
    On September 25, 2008, the Company completed its acquisition of Gold Eagle Mines Ltd.
    
    On February 14, 2008, the Company completed the disposition of its remaining 48% interest in Silver
Wheaton.
 
 (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 40 for a reconciliation of adjusted net
earnings to reported net earnings.(2)
    
    Operating cash flows before working capital changes is a non-GAAP measure which the Company
believes provides a better indicator of the Companys ability to generate cash flows from its
mining operations.(3)
    
    Non-GAAP performance measure  includes the results of La Coipa to December 21, 2007, the date
of disposition, which, for accounting purposes have been reclassified as discontinued operations.(4)
    
    The Company has included non-GAAP performance measures, total cash costs, by-product and
co-product, 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. By-product cash costs are computed by deducting
by-product copper and silver revenues from operating cash costs. Cash costs on a co-product basis
are computed by allocating operating cash costs separately to metals using a ratio based on gold
revenues as a proportion of total revenues. Cash costs for 2008 have been presented excluding San
Martin, which commenced reclamation activities in October 2007. Refer to page for 39 a
reconciliation of total cash costs to reported operating expenses. 1




---



##### 



OVERVIEW
        2




---



##### 



CORPORATE DEVELOPMENTS
 Acquisition of Gold Eagle Mines Ltd.
   Investment in New Gold Inc. (Formerly Peak Gold Ltd.)
  Disposition of Silver Wheaton Corp
   Acquisition of Full Ownership of Porcupine and Musselwhite Mines
   3




---



##### 



Sale of Peñasquito Silver Stream
    Acquisition of Glamis Gold Ltd.
     Mining Assets  Impairment
and Business Combination
 Acquisition of Certain Placer Dome Mining Assets
  4




---



##### 



Acquisition of Virginia Gold Mines Inc.
  5




---



##### 



SUMMARIZED ANNUAL FINANCIAL RESULTS (1)
 2008(4)
    
    
    2007(3)
    
    
    2006(2)Revenues
    
    $
    2,419.6
    
    
    $
    2,206.8
    
    
    $
    1,649.4Gold produced(ounces)
    
    
    2,324,300
    
    
    
    2,246,500
    
    
    
    1,665,000Gold sold(ounces)
    
    
    2,304,700
    
    
    
    2,211,000
    
    
    
    1,674,000Average realized gold price(per ounce)
    
    $
    868
    
    
    $
    703
    
    
    $
    610Average London spot gold price(per ounce)
    
    $
    872
    
    
    $
    695
    
    
    $
    604Earnings from operations
    
    $
    506.0
    
    
    $
    612.3
    
    
    $
    446.7Net earnings from continuing operations
    
    $
    1,475.6
    
    
    $
    375.4
    
    
    $
    400.6Net earnings from discontinued operations(1)
    
    $
    
    
    
    $
    84.7
    
    
    $
    7.7Net earnings
    
    $
    1,475.6
    
    
    $
    460.1
    
    
    $
    408.3Earnings per share from continuing operations Basic
    
    $
    2.07
    
    
    $
    0.53
    
    
    $
    0.92 Diluted
    
    $
    2.06
    
    
    $
    0.53
    
    
    $
    0.91Earnings per share Basic
    
    $
    2.07
    
    
    $
    0.65
    
    
    $
    0.94 Diluted
    
    $
    2.06
    
    
    $
    0.65
    
    
    $
    0.93Cash flow from operating activities of continuing operations
    
    $
    866.0
    
    
    $
    650.7
    
    
    $
    763.7Total cash costs of continuing operations  by-product(per gold ounce) (5)(6)
    
    $
    305
    
    
    $
    188
    
    
    $
    39Total cash costs of continuing operations  co-product(per gold ounce) (5)(7)
    
    $
    391
    
    
    $
    305
    
    
    $
    245Dividends paid
    
    $
    128.7
    
    
    $
    126.9
    
    
    $
    79.1Cash and cash equivalents
    
    $
    262.3
    
    
    $
    510.8
    
    
    $
    526.3Total assets
    
    $
    19,008.8
    
    
    $
    18,952.2
    
    
    $
    17,965.9SUMMARIZED FINANCIAL RESULTS INCLUDING DISCONTINUED
OPERATIONS(NON-GAAP (1))Revenues
    
    $
    2,419.6
    
    
    $
    2,335.6
    
    
    $
    1,710.0Gold Produced(ounces)
    
    
    2,324,300
    
    
    
    2,292,600
    
    
    
    1,693,300Gold Sold(ounces)
    
    
    2,304,700
    
    
    
    2,253,400
    
    
    
    1,708,000Total cash costs  by-product(per gold ounce) (5)(6)
    
    $
    305
    
    
    $
    163
    
    
    $
    33Total cash costs  co-product(per gold ounce) (5)(7)
    
    $
    391
    
    
    $
    305
    
    
    $
    245
 
 (1)
    
    As a result of the sale of Goldcorps 50% interest in La Coipa in December 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.(2)
    
    Includes Goldcorps share of operating results of Campbell, Musselwhite (68%) and Porcupine
(51%) from May 12, 2006, the date of acquisition. Also includes Goldcorps share of operating
results of El Sauzal, Marlin, San Martin and Marigold (67%) from
November 4, 2006, the date of acquisition.(3)
    
    Includes the operating results of Peak and Amapari to April 27, 2007 and March 31, 2007, the
respective dates of disposition. Includes 100% of the operating results of Musselwhite and
Porcupine after December 21, 2007.(4)
    
    Includes the operating results of Silver Wheaton to February 14, 2008, the date of disposition.(5)
    
    The San Martin mine ended its mining process in October 2007 and commenced reclamation
activities at that time. Where noted, certain results for 2008 have been presented excluding San
Martin for informational purposes only.(6)
    
    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 San Dimas at $4.02 per silver
ounce ($3.95 prior to November 2008) sold to Silver Wheaton).(7)
    
    Total cash costs per ounce of
gold on a co-product basis is computed by allocating operating cash costs separately to metals
using a ratio of gold revenues as a proportion of total revenues for Peak and Alumbrera (includes
copper revenues); La Coipa and Marlin (includes silver revenues). 6




---



##### 



Review of Annual Financial Results
  
    
    Revenues increased by $212.8 million, or 10% in the year ended December 31, 2008 as compared to
2007, primarily as a result of 24% higher realized gold prices and a 4% increase in sales volume,
offset by 20% lower realized copper prices;
    
    Operating expenses increased by 22%, to $1,164.2 million
(2007  $953.8 million), primarily due to
the impact of the acquisition of additional interests in Porcupine and Musselwhite ($110.3 million)
in December 2007, the commencement of commercial production at Los Filos ($71.9 million) and the
export retention tax paid in Alumbrera commencing in December of 2007 ($38.3 million);
    
    Production increased slightly, by 3%, compared to 2007. The production ounces from the acquisition
of the Companys additional interests in Porcupine and Musselwhite in December 2007 and the
commencement of commercial production at Los Filos in the first quarter of 2008 were offset by the
disposition of Peak and Amapari in the second quarter of 2007 and production shortfalls at the Red
Lake and San Dimas mines due to lower grades, and Alumbrera due to the high gypsum content in the
mined ore which resulted in lower grades;
    
    The increase in sales volume increased depreciation and depletion by 7%;
    
    Exploration expense increased by 56% to $66.5 million
(2007  $42.7 million), due to the expansion
of the drilling program at Red Lake and the additional acquired interests in Porcupine and
Musselwhite;
    
    A $30.9 million after tax ($47.1 million before tax) write-down in the value of the Pamour open pit
at Porcupine due to the loss of reserve ounces at December 31, 2008;
    
    Lower interest expense as a result of the repayment of all borrowings outstanding during the first
quarter of 2008, and higher interest income resulting from the higher cash and cash equivalents
balance during the year;
    
    A $1,070.9 million non-cash foreign exchange gain during the year ended December 31, 2008 on the
revaluation of future income tax liabilities on mining interests primarily arising from the
Placer Dome and Glamis acquisitions in 2006 and Gold Eagle acquisition in the third quarter of
2008, compared to a $54.6 million non-cash foreign exchange loss in 2007;
    
    A $2.6 million loss on non-hedge derivatives in 2008, compared to a $23.5 million loss in 2007;
    
    A $111.2 million loss on securities due to the impairment of two of the Companys investments in
equity securities;
    
    A $136.5 million after tax gain ($292.5 million before tax) from the disposition of the Silver
Wheaton shares in the first quarter of 2008. In 2007, a $6.5 million after tax gain ($40.2 million
before tax) was recorded on the disposition of the Peak and Amapari mines and a $9.1 million after
tax gain ($10.8 million before tax) was recorded on the disposition of certain property at
Porcupine;
    
    The year ended December 31, 2007 included net earnings from discontinued operations of $84.7
million from La Coipa, which was disposed of on December 21, 2007.
 7




---



##### 



QUARTERLY FINANCIAL REVIEW
 2008(1)Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    TotalRevenues
    
    $
    626.7
    
    
    $
    631.7
    
    
    $
    552.2
    
    
    $
    609.0
    
    
    $
    2,419.6Gold produced(ounces)
    
    
    521,900
    
    
    
    553,200
    
    
    
    557,400
    
    
    
    691,800
    
    
    
    2,324,300Gold sold(ounces)
    
    
    517,800
    
    
    
    556,200
    
    
    
    550,500
    
    
    
    680,200
    
    
    
    2,304,700Average realized gold price(per ounce)
    
    $
    932
    
    
    $
    897
    
    
    $
    865
    
    
    $
    797
    
    
    $
    868Average London spot gold price(per ounce)
    
    $
    925
    
    
    $
    896
    
    
    $
    872
    
    
    $
    795
    
    
    $
    872Earnings from operations
    
    $
    219.4
    
    
    $
    136.2
    
    
    $
    99.4
    
    
    $
    51.0
    
    
    $
    506.0Net earnings
    
    $
    229.5
    
    
    $
    (9.2
    )
    
    $
    297.2
    
    
    $
    958.1
    
    
    $
    1,475.6Earnings (loss) per share(2) Basic
    
    $
    0.32
    
    
    $
    (0.01
    )
    
    $
    0.42
    
    
    $
    1.31
    
    
    $
    2.07 Diluted
    
    $
    0.32
    
    
    $
    (0.01
    )
    
    $
    0.42
    
    
    $
    1.31
    
    
    $
    2.06Cash flows from operating activities
    
    $
    216.3
    
    
    $
    184.7
    
    
    $
    217.1
    
    
    $
    247.9
    
    
    $
    866.0Total
cash costs  by-product(per gold ounce) (3)(4)
    
    $
    240
    
    
    $
    308
    
    
    $
    346
    
    
    $
    323
    
    
    $
    305Total cash costs co-product(per gold ounce) (3)(5)
    
    $
    397
    
    
    $
    432
    
    
    $
    398
    
    
    $
    358
    
    
    $
    391
 
 (1)
    
    Includes the operating results of Silver Wheaton to February 14, 2008, the date of disposition.(2)
    
    Sum of quarterly earnings per share may not equal the total for twelve months as each quarterly
amount is calculated independently of each other.(3)
    
    The San Martin mine ended its mining process in October 2007 and commenced reclamation
activities at that time. Where noted, certain results for 2008 have been presented excluding San
Martin for information purposes only.(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 San Dimas at $4.02 per silver
ounce ($3.95 prior to November 2008) sold to Silver Wheaton).(5)
    
    Total cash costs per ounce of
gold on a co-product basis is computed by allocating operating cash costs separately to metals
using a ratio of gold revenues as a proportion of total revenues for Peak and Alumbrera (includes
copper revenues); La Coipa and Marlin (includes silver revenues). 8




---



##### 



2007(1)(2)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 (2)
    
    $
    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 (3) Basic
    
    $
    0.17
    
    
    $
    (0.01
    )
    
    $
    0.10
    
    
    $
    0.28
    
    
    $
    0.53 Diluted
    
    $
    0.17
    
    
    $
    (0.01
    )
    
    $
    0.10
    
    
    $
    0.28
    
    
    $
    0.53Earnings per share (3) 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  by-product (per gold
ounce) (4)
    
    $
    217
    
    
    $
    166
    
    
    $
    160
    
    
    $
    208
    
    
    $
    188Total cash costs of continuing operations  co-product (per gold ounce)
(5)
    
    $
    288
    
    
    $
    304
    
    
    $
    297
    
    
    $
    327
    
    
    $
    305INCLUDING DISCONTINUED OPERATIONS(2)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  by-product (per gold ounce) (4)
    
    $
    181
    
    
    $
    133
    
    
    $
    140
    
    
    $
    195
    
    
    $
    163Total cash costs  co-product (per gold ounce) (5)
    
    $
    288
    
    
    $
    304
    
    
    $
    297
    
    
    $
    327
    
    
    $
    305
 
 (1)
    
    Reflects Goldcorps 68% interest in Musselwhite and 51% interest in Porcupine to December 21,
2007, and 100% thereafter. Includes the operating results of Peak and Amapari to April 27, 2007 and
March 31, 2007, the respective dates of disposition.(2)
    
    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. Where noted, certain
results above have been presented including La Coipa for informational purposes only.(3)
    
    Sum of quarterly earnings per share may not equal the total for twelve months as each quarterly
amount is calculated independently of each other.(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 San Dimas at $4.02 per silver
ounce ($3.95 prior to November 2008) sold to Silver Wheaton).(5)
    
    Total cash costs per ounce of
gold on a co-product basis is computed by allocating operating cash costs separately to metals
using a ratio of gold revenues as proportion of total revenues for Peak and Alumbrera (includes
copper revenues); La Coipa and Marlin (includes silver revenues). 9




---



##### 



Review of Quarterly Financial Results
  
    
    Revenues increased by $56.8 million, or 10%, as a result of a 24% and 107% increase in gold and
copper sales volumes, respectively, partially offset by an 8% decrease in realized gold prices to
$797 per ounce in the fourth quarter (third quarter  $865 per ounce) and a 60% decrease in
realized copper prices;
    
    $ 28.6 million increase in operating expenses, resulting primarily from higher sales volume
($46.3 million) and the write-down of inventory at San Martin which is in reclamation ($8.0
million), offset by the impact of the weakening Canadian dollar and Mexican Peso against the
US dollar;
    
    The 16% weakening of the Canadian dollar and the 26% weakening of the Mexican Peso against the US
dollar positively impacted the earnings of the Canadian operations by approximately $20.2 million
and the earnings of the Mexican operations by approximately $6.4 million when compared to the same
period in 2007;
    
    The increase in sales volume increased depreciation and depletion by 18%;
    
    A $30.9 million after tax ($47.1 million before tax) write-down in the value of the Pamour open pit
at Porcupine in the fourth quarter due to the loss of reserve ounces at December 31, 2008;
    
    A $985.7 million non-cash foreign exchange gain in the fourth quarter on the revaluation of
significant future income tax liabilities on mining interests arising from acquisitions, compared
to a $240.2 million gain in the third quarter. The increase is primarily due to the weakening of
the Mexican peso and the Canadian dollar;
    
    Lower interest income in the fourth quarter due to lower cash balances;
    
    An $88.5 million loss on securities in the fourth quarter due to the impairment of investments in
equity securities, compared to a $22.7 million loss in the third quarter.
    
    Adjusted net earnings were $84.4 million in the fourth quarter, compared to $64.7 million in the
third quarter. In addition to the factors noted above, higher adjusted earnings are also the result
of the lower effective tax rate in the fourth quarter as a result of the impact of the use of
Mexican flat tax credits on taxable earnings in Mexico ($37.8 million).
  10




---



##### 



RESULTS OF OPERATIONS 
YEARS ENDED DECEMBER 31
 AverageGold
    
    
    
    
    
    
    realized
    
    
    Earnings
    
    
    Total cashproduced
    
    
    Gold sold
    
    
    gold price
    
    
    (loss) from
    
    
    costsRevenues
    
    
    (ounces)
    
    
    (ounces)
    
    
    (per ounce)
    
    
    operations
    
    
    (per ounce) (5)Red Lake
    
    
    2008
    
    
    $
    535.8
    
    
    
    629,200
    
    
    
    618,300
    
    
    $
    865
    
    
    $
    231.5
    
    
    $
    3022007
    
    
    
    503.4
    
    
    
    700,600
    
    
    
    714,900
    
    
    
    703
    
    
    
    213.1
    
    
    
    260Porcupine(1)
    
    
    2008
    
    
    
    255.6
    
    
    
    291,000
    
    
    
    294,000
    
    
    
    869
    
    
    
    (34.2
    )
    
    
    5882007
    
    
    
    111.4
    
    
    
    158,400
    
    
    
    158,400
    
    
    
    702
    
    
    
    4.3
    
    
    
    489Musselwhite(1)
    
    
    2008
    
    
    
    184.6
    
    
    
    210,500
    
    
    
    214,000
    
    
    
    862
    
    
    
    21.2
    
    
    
    6112007
    
    
    
    107.4
    
    
    
    155,700
    
    
    
    154,400
    
    
    
    695
    
    
    
    10.8
    
    
    
    491San Dimas(2,3,4)
    
    
    2008
    
    
    
    92.6
    
    
    
    86,700
    
    
    
    88,800
    
    
    
    870
    
    
    
    30.0
    
    
    
    4052007
    
    
    
    116.2
    
    
    
    135,300
    
    
    
    132,300
    
    
    
    691
    
    
    
    4.5
    
    
    
    238Los Filos(3)
    
    
    2008
    
    
    
    189.2
    
    
    
    213,600
    
    
    
    215,100
    
    
    
    871
    
    
    
    58.3
    
    
    
    4072007
    
    
    
    19.1
    
    
    
    71,800
    
    
    
    27,300
    
    
    
    693
    
    
    
    7.8
    
    
    
    322El Sauzal
    
    
    2008
    
    
    
    239.3
    
    
    
    274,200
    
    
    
    274,100
    
    
    
    868
    
    
    
    96.1
    
    
    
    1492007
    
    
    
    217.8
    
    
    
    306,900
    
    
    
    306,500
    
    
    
    704
    
    
    
    73.6
    
    
    
    120Marlin(4)
    
    
    2008
    
    
    
    258.1
    
    
    
    241,400
    
    
    
    241,300
    
    
    
    870
    
    
    
    100.0
    
    
    
    1912007
    
    
    
    203.7
    
    
    
    227,200
    
    
    
    232,700
    
    
    
    707
    
    
    
    72.8
    
    
    
    144Peñasquito(8)
    
    
    2008
    
    
    
    
    
    
    
    20,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Alumbrera(4)
    
    
    2008
    
    
    
    490.7
    
    
    
    189,200
    
    
    
    192,200
    
    
    
    870
    
    
    
    135.3
    
    
    
    (449
    )2007
    
    
    
    598.3
    
    
    
    230,600
    
    
    
    227,300
    
    
    
    724
    
    
    
    238.7
    
    
    
    (684
    )Marigold
    
    
    2008
    
    
    
    81.4
    
    
    
    96,200
    
    
    
    93,200
    
    
    
    872
    
    
    
    12.1
    
    
    
    6082007
    
    
    
    68.8
    
    
    
    93,900
    
    
    
    95,100
    
    
    
    723
    
    
    
    1.2
    
    
    
    575Wharf
    
    
    2008
    
    
    
    57.2
    
    
    
    60,700
    
    
    
    62,200
    
    
    
    873
    
    
    
    19.7
    
    
    
    4812007
    
    
    
    42.7
    
    
    
    57,700
    
    
    
    57,400
    
    
    
    709
    
    
    
    14.2
    
    
    
    369San Martin(5)
    
    
    2008
    
    
    
    10.4
    
    
    
    11,600
    
    
    
    11,500
    
    
    
    893
    
    
    
    (15.2
    )
    
    
    2007
    
    
    
    32.0
    
    
    
    45,300
    
    
    
    45,700
    
    
    
    695
    
    
    
    4.6
    
    
    
    479Terrane
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6.5
    )
    
    
    2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7.4
    )
    
    
    Other(6)
    
    
    2008
    
    
    
    24.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (142.3
    )
    
    
    2007
    
    
    
    186.0
    
    
    
    63,100
    
    
    
    59,000
    
    
    
    639
    
    
    
    (25.9
    )
    
    
    399Total  continuing operations
    
    
    2008
    
    
    $
    2,419.6
    
    
    
    2,324,300
    
    
    
    2,304,700
    
    
    $
    868
    
    
    $
    506.0
    
    
    $
    3052007
    
    
    $
    2,206.8
    
    
    
    2,246,500
    
    
    
    2,211,000
    
    
    $
    703
    
    
    $
    612.3
    
    
    $
    188La Coipa(7)
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007
    
    
    $
    128.8
    
    
    
    46,100
    
    
    
    42,400
    
    
    $
    711
    
    
    $
    56.6
    
    
    $
    (1,152
    )Total  including discontinued
operations(7)
    
    
    2008
    
    
    $
    2,419.6
    
    
    
    2,324,300
    
    
    
    2,304,700
    
    
    $
    868
    
    
    $
    506.0
    
    
    $
    3052007
    
    
    $
    2,335.6
    
    
    
    2,292,600
    
    
    
    2,253,400
    
    
    $
    703
    
    
    $
    668.9
    
    
    $
    163
 
 (1)
    
    2007 figures reflect Goldcorps 68% interest in the Musselwhite mine and 51% interest in the
Porcupine mine to December 21, 2007 and 100% ownership subsequent to December 21, 2007.(2)
    
    Previously disclosed as Luismin. Prior period figures have been reclassified to exclude Los
Filos Underground (Nukay), which is now disclosed as part of the Los Filos operation. 11




---



##### 



(3)
    
    The Los Filos project achieved commercial production on January 1, 2008. The Nukay underground
pit, formerly included with San
Dimas (formerly referred to as Luismin), has been included in the Los Filos segment, with
restatement of prior periods. For 2007, pre-commercial production ounces relating to the Los Filos
project are shown, and related sales revenues are excluded as they are credited against capitalized
project costs.(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 Marlin at market
silver prices; and by-product silver revenue for San Dimas at $4.02 per silver ounce ($3.95 prior
to November 2008) sold to Silver Wheaton).(5)
    
    The San Martin mine ended its mining process in
October 2007 and commenced reclamation activities at that time. Total cash costs for
2008 have been presented excluding San Martin for information purposes only.(6)
    
    Includes costs of silver sales in San Dimas, corporate activities, the operating results of
Silver Wheaton to February 14, 2008, the date of disposition and the Peak and Amapari operating
results to April 27, 2007 and March 31, 2007, the respective dates of disposition.(7)
    
    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.(8)
    
    Represents pre-commercial production ounces from Peñasquito. However, sales and related sales
revenues are excluded as they are credited against capitalized project costs. 12




---



##### 



RESULTS OF OPERATIONS
 THREE MONTHS ENDED DECEMBER 31
 AverageGold
    
    
    
    
    
    
    realized
    
    
    Earnings
    
    
    Total cashproduced
    
    
    Gold sold
    
    
    gold price
    
    
    (loss) from
    
    
    costsRevenues
    
    
    (ounces)
    
    
    (ounces)
    
    
    (per ounce)
    
    
    operations
    
    
    (per ounce) (5)Red Lake
    
    
    2008
    
    
    $
    150.0
    
    
    
    191,000
    
    
    
    188,400
    
    
    $
    795
    
    
    $
    71.3
    
    
    $
    2322007
    
    
    
    155.5
    
    
    
    184,300
    
    
    
    195,100
    
    
    
    796
    
    
    
    68.0
    
    
    
    291Porcupine(1)
    
    
    2008
    
    
    
    67.0
    
    
    
    84,700
    
    
    
    84,400
    
    
    
    795
    
    
    
    (42.2
    )
    
    
    5002007
    
    
    
    35.6
    
    
    
    43,400
    
    
    
    44,800
    
    
    
    794
    
    
    
    (0.5
    )
    
    
    584Musselwhite(1)
    
    
    2008
    
    
    
    55.3
    
    
    
    69,300
    
    
    
    69,000
    
    
    
    802
    
    
    
    11.2
    
    
    
    5122007
    
    
    
    31.0
    
    
    
    41,200
    
    
    
    39,400
    
    
    
    788
    
    
    
    3.6
    
    
    
    534San Dimas(2,3,4)
    
    
    2008
    
    
    
    24.8
    
    
    
    24,100
    
    
    
    23,800
    
    
    
    786
    
    
    
    13.1
    
    
    
    2522007
    
    
    
    28.6
    
    
    
    31,500
    
    
    
    29,000
    
    
    
    781
    
    
    
    (0.1
    )
    
    
    285Los Filos(3)
    
    
    2008
    
    
    
    47.0
    
    
    
    59,400
    
    
    
    58,700
    
    
    
    794
    
    
    
    9.3
    
    
    
    4692007
    
    
    
    4.4
    
    
    
    33,900
    
    
    
    5,600
    
    
    
    774
    
    
    
    0.9
    
    
    
    401El Sauzal
    
    
    2008
    
    
    
    59.9
    
    
    
    73,800
    
    
    
    74,900
    
    
    
    798
    
    
    
    22.4
    
    
    
    1442007
    
    
    
    66.9
    
    
    
    82,800
    
    
    
    83,400
    
    
    
    799
    
    
    
    31.3
    
    
    
    118Marlin(4)
    
    
    2008
    
    
    
    63.1
    
    
    
    68,800
    
    
    
    66,500
    
    
    
    807
    
    
    
    19.2
    
    
    
    2512007
    
    
    
    71.0
    
    
    
    68,000
    
    
    
    71,900
    
    
    
    799
    
    
    
    21.3
    
    
    
    121Peñasquito(7)
    
    
    2008
    
    
    
    
    
    
    
    11,200
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Alumbrera(4)
    
    
    2008
    
    
    
    105.3
    
    
    
    62,800
    
    
    
    69,900
    
    
    
    800
    
    
    
    2.0
    
    
    
    2122007
    
    
    
    188.2
    
    
    
    70,600
    
    
    
    86,700
    
    
    
    807
    
    
    
    77.8
    
    
    
    (420
    )Marigold
    
    
    2008
    
    
    
    19.2
    
    
    
    27,200
    
    
    
    24,400
    
    
    
    787
    
    
    
    4.9
    
    
    
    5272007
    
    
    
    33.0
    
    
    
    39,200
    
    
    
    41,400
    
    
    
    796
    
    
    
    8.3
    
    
    
    500Wharf
    
    
    2008
    
    
    
    16.1
    
    
    
    18,200
    
    
    
    18,900
    
    
    
    834
    
    
    
    4.8
    
    
    
    5112007
    
    
    
    14.4
    
    
    
    18,900
    
    
    
    16,900
    
    
    
    806
    
    
    
    5.0
    
    
    
    429San Martin(5)
    
    
    2008
    
    
    
    1.2
    
    
    
    1,300
    
    
    
    1,300
    
    
    
    807
    
    
    
    (11.5
    )
    
    
    2007
    
    
    
    7.2
    
    
    
    8,800
    
    
    
    8,900
    
    
    
    804
    
    
    
    (0.6
    )
    
    
    521Terrane
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2.1
    )
    
    
    2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    2008
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (51.4
    )
    
    
    2007
    
    
    
    44.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (19.4
    )
    
    
    Total  continuing operations
    
    
    2008
    
    
    $
    609.0
    
    
    
    691,800
    
    
    
    680,200
    
    
    $
    797
    
    
    $
    51.0
    
    
    $
    3232007
    
    
    $
    679.8
    
    
    
    622,600
    
    
    
    623,100
    
    
    $
    797
    
    
    $
    195.6
    
    
    $
    208La Coipa(6)
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2007
    
    
    $
    29.1
    
    
    
    16,300
    
    
    
    15,400
    
    
    $
    783
    
    
    $
    15.0
    
    
    $
    (328
    )Total  including discontinued
operations(6)
    
    
    2008
    
    
    $
    609.0
    
    
    
    691,800
    
    
    
    680,200
    
    
    $
    797
    
    
    $
    51.0
    
    
    $
    3232007
    
    
    $
    708.9
    
    
    
    638,900
    
    
    
    638,500
    
    
    $
    797
    
    
    $
    210.6
    
    
    $
    195
 
 (1)
    
    2007 figures reflect Goldcorps 68% interest in the Musselwhite mine and 51% interest in the
Porcupine mine to December 21, 2007 and 100% ownership subsequent to December 21, 2007.(2)
    
    Previously disclosed as Luismin. Prior period figures have been reclassified to exclude Los
Filos Underground (Nukay), which is now disclosed as part of the Los Filos operation.(3)
    
    The Los Filos project achieved commercial production on January 1, 2008. The Nukay underground
pit, formerly included with San
Dimas (formerly referred to as Luismin), has been included in the Los Filos segment, with
restatement of prior periods. For 2007, pre-commercial production ounces relating to the Los Filos
project are shown, and related sales revenues are excluded as they are credited against capitalized
project costs. 13




---



##### 



(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 Marlin at market
silver prices; and by-product silver revenue for San Dimas at $4.02 per silver ounce ($3.95 prior
to November 2008) sold to Silver Wheaton).(5)
    
    The San Martin mine ended its mining process in
October 2007 and commenced reclamation activities at that time. Total cash costs for
2008 have been presented excluding San Martin for information purposes only.(6)
    
    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.(7)
    
    Represents pre-commercial production ounces from Peñasquito. Related sales revenues are
excluded as they are credited against capitalized project costs. 14




---



##### 



OPERATIONAL REVIEW
 Red Lake gold mines, Canada
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008(1)
    
    
    2007Operating DataTonnes of ore milled
    
    
    170,300
    
    
    
    185,300
    
    
    
    198,800
    
    
    
    211,100
    
    
    
    765,500
    
    
    
    721,000Average mill head grade (grams/tonne)
    
    
    23
    
    
    
    26
    
    
    
    26
    
    
    
    29
    
    
    
    26
    
    
    
    31Average recovery rate (%)
    
    
    96
    %
    
    
    96
    %
    
    
    96
    %
    
    
    96
    %
    
    
    96
    %
    
    
    97
    %Gold (ounces) Produced
    
    
    128,500
    
    
    
    149,600
    
    
    
    160,100
    
    
    
    191,000
    
    
    
    629,200
    
    
    
    700,600 Sold
    
    
    129,400
    
    
    
    141,500
    
    
    
    159,000
    
    
    
    188,400
    
    
    
    618,300
    
    
    
    714,900Average realized gold price (per 
ounce)
    
    $
    928
    
    
    $
    890
    
    
    $
    875
    
    
    $
    795
    
    
    $
    865
    
    
    $
    703Total cash costs (per ounce)
    
    $
    369
    
    
    $
    339
    
    
    $
    297
    
    
    $
    232
    
    
    $
    302
    
    
    $
    260Financial DataRevenues
    
    $
    120.3
    
    
    $
    126.2
    
    
    $
    139.3
    
    
    $
    150.0
    
    
    $
    535.8
    
    
    $
    503.4Depreciation and depletion
    
    $
    18.6
    
    
    $
    21.5
    
    
    $
    26.5
    
    
    $
    28.8
    
    
    $
    95.4
    
    
    $
    89.2Earnings from operations
    
    $
    48.5
    
    
    $
    51.3
    
    
    $
    60.4
    
    
    $
    71.3
    
    
    $
    231.5
    
    
    $
    213.1Expenditures for mining interests
    
    $
    30.8
    
    
    $
    22.0
    
    
    $
    22.9
    
    
    $
    23.9
    
    
    $
    99.6
    
    
    $
    101.2
 
 (1)
    
    The Gold Eagle Ltd. complex operations are included in Goldcorps operating results for the
period subsequent to the date of acquisition, September 25, 2008.    15




---



##### 



16




---



##### 



Porcupine mine, Canada (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007(1)Operating DataTonnes of ore milled
    
    
    964,800
    
    
    
    901,300
    
    
    
    921,700
    
    
    
    1,006,000
    
    
    
    3,793,800
    
    
    
    2,057,500Average mill head grade (grams/tonne)
    
    
    2.37
    
    
    
    2.61
    
    
    
    2.64
    
    
    
    2.81
    
    
    
    2.61
    
    
    
    2.47Average recovery rate (%)
    
    
    94
    %
    
    
    92
    %
    
    
    93
    %
    
    
    90
    %
    
    
    92
    %
    
    
    94
    %Gold (ounces) Produced
    
    
    66,800
    
    
    
    70,500
    
    
    
    69,000
    
    
    
    84,700
    
    
    
    291,000
    
    
    
    158,400 Sold
    
    
    69,900
    
    
    
    70,700
    
    
    
    69,000
    
    
    
    84,400
    
    
    
    294,000
    
    
    
    158,400Average realized gold price (per ounce)
    
    $
    935
    
    
    $
    894
    
    
    $
    865
    
    
    $
    795
    
    
    $
    869
    
    
    $
    702Total cash costs (per ounce)
    
    $
    634
    
    
    $
    652
    
    
    $
    583
    
    
    $
    500
    
    
    $
    588
    
    
    $
    489Financial DataRevenues
    
    $
    65.5
    
    
    $
    63.3
    
    
    $
    59.8
    
    
    $
    67.0
    
    
    $
    255.6
    
    
    $
    111.4Depreciation and depletion
    
    $
    10.8
    
    
    $
    19.4
    
    
    $
    15.6
    
    
    $
    18.1
    
    
    $
    63.9
    
    
    $
    28.7Earnings (loss) from operations
    
    $
    9.3
    
    
    $
    (2.6
    )
    
    $
    1.3
    
    
    $
    (42.2
    )
    
    $
    (34.2
    )
    
    $
    4.3Expenditures for mining interests
    
    $
    10.0
    
    
    $
    12.7
    
    
    $
    13.0
    
    
    $
    10.5
    
    
    $
    46.2
    
    
    $
    29.5
 
 (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)
    
    During the fourth quarter of 2008, the Company recognized a $30.9 million after tax ($47.1
million before tax) write-down of its mining interests at the Pamour open pit as a result of a
reduction of 1.4 million in its proven and probable ounces of gold reserves     17




---



##### 



18




---



##### 







Musselwhite mine, Canada (1)


Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007(1)Operating DataTonnes of ore milled
    
    
    270,200
    
    
    
    324,300
    
    
    
    316,600
    
    
    
    325,700
    
    
    
    1,236,800
    
    
    
    911,100Average mill head grade(grams/tonne)
    
    
    4.86
    
    
    
    5.00
    
    
    
    5.60
    
    
    
    6.65
    
    
    
    5.56
    
    
    
    5.41Average recovery rate (%)
    
    
    95
    %
    
    
    95
    %
    
    
    96
    %
    
    
    95
    %
    
    
    95
    %
    
    
    96
    %Gold (ounces) Produced
    
    
    38,800
    
    
    
    50,100
    
    
    
    52,300
    
    
    
    69,300
    
    
    
    210,500
    
    
    
    155,700 Sold
    
    
    43,000
    
    
    
    49,400
    
    
    
    52,600
    
    
    
    69,000
    
    
    
    214,000
    
    
    
    154,400Average realized gold price (per ounce)
    
    $
    926
    
    
    $
    897
    
    
    $
    857
    
    
    $
    802
    
    
    $
    862
    
    
    $
    695Total cash costs (per ounce)
    
    $
    746
    
    
    $
    644
    
    
    $
    597
    
    
    $
    512
    
    
    $
    611
    
    
    $
    491Financial DataRevenues
    
    $
    39.9
    
    
    $
    44.4
    
    
    $
    45.0
    
    
    $
    55.3
    
    
    $
    184.6
    
    
    $
    107.4Depreciation and depletion
    
    $
    5.9
    
    
    $
    6.1
    
    
    $
    6.6
    
    
    $
    7.2
    
    
    $
    25.8
    
    
    $
    18.6Earnings from operations
    
    $
    0.5
    
    
    $
    4.2
    
    
    $
    5.3
    
    
    $
    11.2
    
    
    $
    21.2
    
    
    $
    10.8Expenditures for mining interests
    
    $
    7.4
    
    
    $
    11.8
    
    
    $
    6.7
    
    
    $
    5.3
    
    
    $
    31.2
    
    
    $
    26.0





|    |  |                                                                                                                                                                                                                                                               
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.







19




---



##### 



20




---



##### 



San Dimas mine, Mexico (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007Operating DataTonnes of ore milled
    
    
    173,200
    
    
    
    150,200
    
    
    
    161,300
    
    
    
    172,800
    
    
    
    657,500
    
    
    
    704,100Average mill head grade (grams/tonne) Gold
    
    
    4.72
    
    
    
    4.15
    
    
    
    3.78
    
    
    
    4.45
    
    
    
    4.29
    
    
    
    6.37 Silver
    
    
    302
    
    
    
    264
    
    
    
    234
    
    
    
    243
    
    
    
    261
    
    
    
    344Average recovery rate (%) Gold
    
    
    97
    %
    
    
    98
    %
    
    
    97
    %
    
    
    98
    %
    
    
    97
    %
    
    
    95
    % Silver
    
    
    94
    %
    
    
    95
    %
    
    
    93
    %
    
    
    94
    %
    
    
    94
    %
    
    
    91
    %Produced (ounces) Gold
    
    
    24,100
    
    
    
    19,500
    
    
    
    19,000
    
    
    
    24,100
    
    
    
    86,700
    
    
    
    135,300 Silver
    
    
    1,494,800
    
    
    
    1,210,900
    
    
    
    1,132,600
    
    
    
    1,275,200
    
    
    
    5,113,500
    
    
    
    6,934,600Sold (ounces) Gold
    
    
    26,900
    
    
    
    19,000
    
    
    
    19,100
    
    
    
    23,800
    
    
    
    88,800
    
    
    
    132,300 Silver
    
    
    1,655,800
    
    
    
    1,189,300
    
    
    
    1,028,500
    
    
    
    1,363,600
    
    
    
    5,237,200
    
    
    
    6,913,000Average realized price (per ounce) Gold
    
    $
    921
    
    
    $
    904
    
    
    $
    868
    
    
    $
    786
    
    
    $
    870
    
    
    $
    691 Silver (2)
    
    $
    3.95
    
    
    $
    3.95
    
    
    $
    3.95
    
    
    $
    4.00
    
    
    $
    3.96
    
    
    $
    3.91Total cash costs (per gold ounce) (2)
    
    $
    383
    
    
    $
    597
    
    
    $
    436
    
    
    $
    252
    
    
    $
    405
    
    
    $
    238Financial DataRevenues
    
    $
    28.1
    
    
    $
    20.8
    
    
    $
    18.9
    
    
    $
    24.8
    
    
    $
    92.6
    
    
    $
    116.2Depreciation and depletion
    
    $
    2.5
    
    
    $
    0.8
    
    
    $
    1.6
    
    
    $
    0.9
    
    
    $
    5.8
    
    
    $
    36.9Earnings from operations
    
    $
    10.7
    
    
    $
    1.4
    
    
    $
    4.8
    
    
    $
    13.1
    
    
    $
    30.0
    
    
    $
    4.5Expenditures for mining interests
    
    $
    7.4
    
    
    $
    9.9
    
    
    $
    7.9
    
    
    $
    7.0
    
    
    $
    32.2
    
    
    $
    62.5
 
 (1)
    
    Previously disclosed as Luismin. Prior period figures have been reclassified to exclude Los
Filos Underground (Nukay), which is now disclosed as part of the Los Filos operation.(2)
    
    Silver was sold to Silver Wheaton at a price of $4.02 per ounce ($3.95 prior to November 2008).
The calculation of total cash costs per ounce of gold is net of by-product silver sales revenue.    21




---



##### 



22




---



##### 



Los Filos mine, Mexico (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007(1)Operating DataTonnes of ore mined
    
    
    5,145,700
    
    
    
    5,592,500
    
    
    
    5,361,300
    
    
    
    6,110,000
    
    
    
    22,209,500
    
    
    
    Tonnes of waste removed
    
    
    5,685,400
    
    
    
    4,569,000
    
    
    
    5,694,900
    
    
    
    6,606,700
    
    
    
    22,556,000
    
    
    
    Ratio of waste to ore
    
    
    1.1
    
    
    
    0.8
    
    
    
    1.1
    
    
    
    1.1
    
    
    
    1.0
    
    
    
    Tonnes of ore processed
    
    
    4,911,300
    
    
    
    5,725,700
    
    
    
    5,429,300
    
    
    
    6,113,800
    
    
    
    22,180,100
    
    
    
    141,500Average grade processed (grams/tonne)
    
    
    0.75
    
    
    
    0.60
    
    
    
    0.61
    
    
    
    0.56
    
    
    
    0.62
    
    
    
    Average recovery rate (%) (3)
    
    
    40
    %
    
    
    34
    %
    
    
    37
    %
    
    
    39
    %
    
    
    39
    %
    
    
    Gold (ounces) Produced
    
    
    48,300
    
    
    
    58,500
    
    
    
    47,400
    
    
    
    59,400
    
    
    
    213,600
    
    
    
    71,800 Sold
    
    
    50,400
    
    
    
    58,400
    
    
    
    47,600
    
    
    
    58,700
    
    
    
    215,100
    
    
    
    27,300Average realized gold price (per ounce)
    
    $
    932
    
    
    $
    899
    
    
    $
    869
    
    
    $
    794
    
    
    $
    871
    
    
    $
    693Total cash costs (per ounce) (2)
    
    $
    277
    
    
    $
    470
    
    
    $
    391
    
    
    $
    469
    
    
    $
    407
    
    
    $
    322Financial DataRevenues
    
    $
    47.0
    
    
    $
    53.1
    
    
    $
    42.1
    
    
    $
    47.0
    
    
    $
    189.2
    
    
    $
    19.1Depreciation and depletion
    
    $
    10.2
    
    
    $
    10.8
    
    
    $
    10.0
    
    
    $
    11.2
    
    
    $
    42.2
    
    
    $
    1.8Earnings from operations
    
    $
    21.4
    
    
    $
    14.9
    
    
    $
    12.7
    
    
    $
    9.3
    
    
    $
    58.3
    
    
    $
    7.8Expenditures for mining interests
    
    $
    12.3
    
    
    $
    10.0
    
    
    $
    12.9
    
    
    $
    14.3
    
    
    $
    49.5
    
    
    $
    83.4
 
 (1)
    
    The Los Filos open pit mine commenced commercial production on January 1, 2008. Prior period
figures include pre-commercial production ounces from the open pit and production from the small
underground operation (Nukay), which had previously been included in the Luismin operations.
Pre-commercial production sales revenues associated with the open pit mine was credited against
capitalized project costs prior to January 1, 2008.(2)
    
    Cash costs per ounce for the Los Filos open pit were $373 for 2008 and $451, $357, $435 and
$234 in the fourth, third, second and first quarters, respectively. When combined with Nukay, cash
costs for the fourth quarter of 2008 were $469 per ounce and $407 per ounce for the year.(3)
    
    Recovery is reported on a cumulative basis starting in the second quarter of 2008, to
reflect the cumulative recovery of ore on the leach pad, and does not reflect the true recovery
expected over time.   23




---



##### 



24




---



##### 



El Sauzal, Mexico
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007Operating DataTonnes of ore mined
    
    
    636,500
    
    
    
    614,500
    
    
    
    630,200
    
    
    
    643,600
    
    
    
    2,524,800
    
    
    
    2,693,500Tonnes of waste removed
    
    
    1,131,300
    
    
    
    896,900
    
    
    
    990,800
    
    
    
    978,600
    
    
    
    3,997,600
    
    
    
    4,595,200Ratio of waste to ore
    
    
    1.8
    
    
    
    1.5
    
    
    
    1.6
    
    
    
    1.5
    
    
    
    1.6
    
    
    
    1.7Tonnes of ore milled
    
    
    508,900
    
    
    
    516,500
    
    
    
    524,400
    
    
    
    556,800
    
    
    
    2,106,600
    
    
    
    2,165,400Average mill head grade (grams/tonne)
    
    
    3.69
    
    
    
    4.32
    
    
    
    4.75
    
    
    
    4.35
    
    
    
    4.28
    
    
    
    4.65Average recovery rate (%)
    
    
    94
    %
    
    
    94
    %
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %
    
    
    94
    %Gold (ounces) Produced
    
    
    56,500
    
    
    
    67,700
    
    
    
    76,200
    
    
    
    73,800
    
    
    
    274,200
    
    
    
    306,900 Sold
    
    
    58,000
    
    
    
    67,700
    
    
    
    73,500
    
    
    
    74,900
    
    
    
    274,100
    
    
    
    306,500Average realized gold price (per ounce)
    
    $
    930
    
    
    $
    900
    
    
    $
    861
    
    
    $
    798
    
    
    $
    868
    
    
    $
    704Total cash costs (per ounce)
    
    $
    159
    
    
    $
    149
    
    
    $
    147
    
    
    $
    144
    
    
    $
    149
    
    
    $
    120Financial DataRevenues
    
    $
    54.3
    
    
    $
    61.4
    
    
    $
    63.7
    
    
    $
    59.9
    
    
    $
    239.3
    
    
    $
    217.8Depreciation and depletion
    
    $
    21.4
    
    
    $
    24.5
    
    
    $
    28.3
    
    
    $
    26.2
    
    
    $
    100.4
    
    
    $
    102.2Earnings from operations
    
    $
    23.4
    
    
    $
    26.2
    
    
    $
    24.1
    
    
    $
    22.4
    
    
    $
    96.1
    
    
    $
    73.6Expenditures for mining interests
    
    $
    2.3
    
    
    $
    3.4
    
    
    $
    2.2
    
    
    $
    0.5
    
    
    $
    8.4
    
    
    $
    3.9
     25




---



##### 



Marlin mine, Guatemala
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007Operating DataTonnes of ore milled
    
    
    552,500
    
    
    
    373,400
    
    
    
    387,700
    
    
    
    531,400
    
    
    
    1,845,000
    
    
    
    1,772,600Average mill head grade (grams/tonne) Gold
    
    
    4.37
    
    
    
    4.41
    
    
    
    4.86
    
    
    
    4.56
    
    
    
    4.54
    
    
    
    4.55 Silver
    
    
    88
    
    
    
    87
    
    
    
    98
    
    
    
    87
    
    
    
    90
    
    
    
    84Average recovery rate (%) Gold
    
    
    91
    %
    
    
    90
    %
    
    
    91
    %
    
    
    90
    %
    
    
    90
    %
    
    
    88
    % Silver
    
    
    59
    %
    
    
    60
    %
    
    
    61
    %
    
    
    64
    %
    
    
    61
    %
    
    
    59
    %Produced (ounces) Gold
    
    
    70,300
    
    
    
    51,300
    
    
    
    51,000
    
    
    
    68,800
    
    
    
    241,400
    
    
    
    227,200 Silver
    
    
    906,700
    
    
    
    673,700
    
    
    
    699,600
    
    
    
    932,600
    
    
    
    3,212,600
    
    
    
    2,837,300Sold (ounces) Gold
    
    
    67,400
    
    
    
    56,400
    
    
    
    51,000
    
    
    
    66,500
    
    
    
    241,300
    
    
    
    232,700 Silver
    
    
    949,700
    
    
    
    743,000
    
    
    
    693,500
    
    
    
    901,300
    
    
    
    3,287,500
    
    
    
    2,897,300Average realized price (per ounce) Gold
    
    $
    934
    
    
    $
    901
    
    
    $
    833
    
    
    $
    807
    
    
    $
    870
    
    
    $
    707 Silver
    
    $
    17.60
    
    
    $
    17.40
    
    
    $
    13.12
    
    
    $
    10.43
    
    
    $
    14.64
    
    
    $
    14.23Total cash costs (per ounce) (1)
    
    $
    55
    
    
    $
    176
    
    
    $
    304
    
    
    $
    251
    
    
    $
    191
    
    
    $
    144Financial DataRevenues
    
    $
    79.6
    
    
    $
    63.7
    
    
    $
    51.7
    
    
    $
    63.1
    
    
    $
    258.1
    
    
    $
    203.7Depreciation and depletion
    
    $
    16.6
    
    
    $
    14.2
    
    
    $
    13.5
    
    
    $
    17.3
    
    
    $
    61.6
    
    
    $
    56.4Earnings from operations
    
    $
    41.3
    
    
    $
    26.1
    
    
    $
    13.4
    
    
    $
    19.2
    
    
    $
    100.0
    
    
    $
    72.8Expenditures for mining interests
    
    $
    3.6
    
    
    $
    8.1
    
    
    $
    9.8
    
    
    $
    13.8
    
    
    $
    35.3
    
    
    $
    26.7
 
 (1)
    
    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 2008, would be $321 per ounce of gold and $5.05 per ounce of silver
(2007  $253 and $4.76, respectively).     26




---



##### 



Alumbrera mine, Argentina
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007Operating DataTonnes of ore mined
    
    
    1,261,100
    
    
    
    1,910,400
    
    
    
    3,960,500
    
    
    
    3,394,500
    
    
    
    10,526,500
    
    
    
    9,606,400Tonnes of waste removed
    
    
    7,394,700
    
    
    
    7,084,300
    
    
    
    6,562,100
    
    
    
    5,706,400
    
    
    
    26,747,500
    
    
    
    31,615,800Ratio of waste to ore
    
    
    5.9
    
    
    
    3.7
    
    
    
    1.7
    
    
    
    1.7
    
    
    
    2.5
    
    
    
    3.3Tonnes of ore milled
    
    
    3,442,400
    
    
    
    3,508,000
    
    
    
    3,361,900
    
    
    
    3,751,000
    
    
    
    14,063,300
    
    
    
    14,477,600Average mill head grade Gold (grams/tonne)
    
    
    0.63
    
    
    
    0.47
    
    
    
    0.44
    
    
    
    0.66
    
    
    
    0.55
    
    
    
    0.67 Copper (%)
    
    
    0.50
    %
    
    
    0.41
    %
    
    
    0.46
    %
    
    
    0.63
    %
    
    
    0.50
    %
    
    
    0.56
    %Average recovery rate (%) Gold
    
    
    74
    %
    
    
    77
    %
    
    
    72
    %
    
    
    79
    %
    
    
    76
    %
    
    
    74
    % Copper
    
    
    79
    %
    
    
    77
    %
    
    
    84
    %
    
    
    89
    %
    
    
    83
    %
    
    
    84
    %Produced Gold (ounces)
    
    
    51,100
    
    
    
    40,900
    
    
    
    34,400
    
    
    
    62,800
    
    
    
    189,200
    
    
    
    230,600 Copper (thousands of pounds)
    
    
    29,700
    
    
    
    24,600
    
    
    
    28,600
    
    
    
    46,800
    
    
    
    129,700
    
    
    
    149,000Sold Gold (ounces)
    
    
    36,000
    
    
    
    48,200
    
    
    
    38,100
    
    
    
    69,900
    
    
    
    192,200
    
    
    
    227,300 Copper (thousands of pounds)
    
    
    19,900
    
    
    
    29,800
    
    
    
    26,400
    
    
    
    54,700
    
    
    
    130,800
    
    
    
    148,200Average realized price Gold (per ounce)
    
    $
    960
    
    
    $
    902
    
    
    $
    871
    
    
    $
    800
    
    
    $
    870
    
    
    $
    724 Copper (per pound)
    
    $
    5.18
    
    
    $
    3.93
    
    
    $
    2.48
    
    
    $
    0.98
    
    
    $
    2.59
    
    
    $
    3.22Total cash costs (per gold ounce) (1)
    
    $
    (1,610
    )
    
    $
    (808
    )
    
    $
    (112
    )
    
    $
    212
    
    
    $
    (449
    )
    
    $
    (684
    )Financial DataRevenues
    
    $
    133.0
    
    
    $
    157.1
    
    
    $
    95.3
    
    
    $
    105.3
    
    
    $
    490.7
    
    
    $
    598.3Depreciation and depletion
    
    $
    14.5
    
    
    $
    18.1
    
    
    $
    16.5
    
    
    $
    26.2
    
    
    $
    75.3
    
    
    $
    76.6Earnings from operations
    
    $
    68.2
    
    
    $
    52.6
    
    
    $
    12.5
    
    
    $
    2.0
    
    
    $
    135.3
    
    
    $
    238.7Expenditures for mining interests
    
    $
    4.5
    
    
    $
    4.2
    
    
    $
    4.8
    
    
    $
    9.1
    
    
    $
    22.6
    
    
    $
    12.8
 
 (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, cash costs at Alumbrera for 2008
would be $408 per ounce of gold and $1.37 per pound of copper (2007  $325 per ounce of gold and
$1.72 per pound of copper).    27




---



##### 



28




---



##### 



Marigold mine, United States 
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007Operating DataTonnes of ore mined
    
    
    1,100,300
    
    
    
    1,861,500
    
    
    
    1,514,500
    
    
    
    1,990,000
    
    
    
    6,466,300
    
    
    
    6,186,000Tonnes of waste removed
    
    
    5,891,600
    
    
    
    4,158,600
    
    
    
    3,435,400
    
    
    
    5,009,600
    
    
    
    18,495,200
    
    
    
    19,527,500Ratio of waste to ore
    
    
    5.4
    
    
    
    2.2
    
    
    
    2.3
    
    
    
    2.5
    
    
    
    2.9
    
    
    
    3.2Tonnes of ore processed
    
    
    1,100,300
    
    
    
    1,861,500
    
    
    
    1,514,500
    
    
    
    1,943,000
    
    
    
    6,419,300
    
    
    
    6,186,000Average grade processed (grams/tonne)
    
    
    0.52
    
    
    
    0.56
    
    
    
    0.57
    
    
    
    0.45
    
    
    
    0.52
    
    
    
    0.71Average recovery rate (%)
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %Gold (ounces) Produced
    
    
    22,000
    
    
    
    25,200
    
    
    
    21,800
    
    
    
    27,200
    
    
    
    96,200
    
    
    
    93,900 Sold
    
    
    21,700
    
    
    
    25,300
    
    
    
    21,800
    
    
    
    24,400
    
    
    
    93,200
    
    
    
    95,100Average realized gold price (per ounce)
    
    $
    930
    
    
    $
    899
    
    
    $
    879
    
    
    $
    787
    
    
    $
    872
    
    
    $
    723Total cash costs (per ounce)
    
    $
    561
    
    
    $
    654
    
    
    $
    693
    
    
    $
    527
    
    
    $
    608
    
    
    $
    575Financial DataRevenues
    
    $
    20.2
    
    
    $
    22.8
    
    
    $
    19.2
    
    
    $
    19.2
    
    
    $
    81.4
    
    
    $
    68.8Depreciation and depletion
    
    $
    2.4
    
    
    $
    2.6
    
    
    $
    2.5
    
    
    $
    2.9
    
    
    $
    10.4
    
    
    $
    9.0Earnings from operations
    
    $
    5.3
    
    
    $
    1.9
    
    
    $
    
    
    
    $
    4.9
    
    
    $
    12.1
    
    
    $
    1.2Expenditures for mining interests
    
    $
    0.7
    
    
    $
    2.6
    
    
    $
    1.4
    
    
    $
    9.9
    
    
    $
    14.6
    
    
    $
    10.5
      29




---



##### 



Wharf mine, United States
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2008
    
    
    2007Operating DataTonnes of ore mined
    
    
    764,600
    
    
    
    838,000
    
    
    
    824,800
    
    
    
    675,700
    
    
    
    3,103,100
    
    
    
    2,906,100Tonnes of ore processed
    
    
    661,200
    
    
    
    677,900
    
    
    
    906,500
    
    
    
    700,200
    
    
    
    2,945,800
    
    
    
    2,974,600Average grade processed (grams/tonne)
    
    
    0.99
    
    
    
    1.24
    
    
    
    0.72
    
    
    
    0.56
    
    
    
    0.86
    
    
    
    1.01Average recovery rate (%)
    
    
    70
    %
    
    
    68
    %
    
    
    70
    %
    
    
    70
    %
    
    
    69
    %
    
    
    67
    %Gold (ounces) Produced
    
    
    11,600
    
    
    
    15,000
    
    
    
    15,900
    
    
    
    18,200
    
    
    
    60,700
    
    
    
    57,700 Sold
    
    
    12,100
    
    
    
    16,600
    
    
    
    14,600
    
    
    
    18,900
    
    
    
    62,200
    
    
    
    57,400Average realized gold price (per ounce)
    
    $
    913
    
    
    $
    900
    
    
    $
    859
    
    
    $
    834
    
    
    $
    873
    
    
    $
    709Total cash costs (per ounce)
    
    $
    568
    
    
    $
    448
    
    
    $
    408
    
    
    $
    511
    
    
    $
    481
    
    
    $
    369Financial DataRevenues
    
    $
    11.4
    
    
    $
    15.9
    
    
    $
    13.8
    
    
    $
    16.1
    
    
    $
    57.2
    
    
    $
    42.7Depreciation and depletion
    
    $
    0.9
    
    
    $
    0.9
    
    
    $
    0.8
    
    
    $
    1.0
    
    
    $
    3.6
    
    
    $
    4.5Earnings from operations
    
    $
    3.0
    
    
    $
    6.3
    
    
    $
    5.6
    
    
    $
    4.8
    
    
    $
    19.7
    
    
    $
    14.2Expenditures for mining interests
    
    $
    0.6
    
    
    $
    2.4
    
    
    $
    6.8
    
    
    $
    0.5
    
    
    $
    10.3
    
    
    $
    6.0
      30




---



##### 



PROJECT DEVELOPMENT REVIEW
 Peñasquito Project, Mexico
 Peñasquito is a 100% owned development project consisting of two open pits, Peñasco and Chile
Colorado. The mine is in development, with the current feasibility study envisaging an ancilliary
heap leach operation which started in the second quarter of 2008, followed by a 50,000 tonne per
day milling operations starting in 2009, ramping up to 130,000 tonnes per day in 2011. Annual
production over the life of mine (estimated at 19 years) is expected to average approximately
500,000 ounces of gold, 31 million ounces of silver and over 400 million pounds of zinc. In
December 2008, new reserves were calculated using the latest exploration data and the deposit now
contains 17.4 million ounces of proven and probable gold reserves, 4.6 million ounces of measured
and indicated gold resources and 5.3 million ounces of inferred gold resources. In addition,
Peñasquito contains 1,045.7 million ounces of proven and probable silver reserves, 369.7 million
ounces of measured and indicated silver resources and 395.1 million ounces of inferred silver
resources. Significant quantities of zinc and lead will also add to the reserve base. The deposit
remains open to the north, east, and at depth. Exploration drilling remains in progress.
   Related to infrastructure:
 
    
    The 400kV power line bringing grid power to the site and associated substations, including the
69 kV Mine Loop and the Merrill Crowe plant were completed and energized. A concentrate
transportation study evaluating rail, trucking, a combination of rail and trucking or pumping
concentrates, was completed. The study confirmed that the truck transportation scenario as
modeled in the feasibility study is the most economic mode of concentrate transportation.
    
    Ten water wells in the Torres well field were completed along with the fresh water pond and the
tailings water reservoir. Pumping from the well field to the tailings reservoir started in the
fourth quarter. The fresh water system main substation was energized and power was supplied to
the ten wells in the Torres Well Field. At El Vergel Well Field, 14 wells are drilled and
ready for the installation of deep well pumps, the power line is still being installed, and
overland piping from each well is in progress. Drilling for two new dewatering wells started in
the pit area during the fourth quarter of 2008.
 Related to mine development and exploration
 
    
    Four 70 cubic yard electric mining shovels are assembled and operating. There are currently 41
haul trucks operating with three more expected to be commissioned in February, 2009.
    
    Drilling during the year continued to target the in-fill confirmation, deep zone targets, and
metallurgical testing.
 Related to the processing facilities:
 
    
    The four synchronous motors for both Ball Mills were installed and SAG Line 1 wrap around motor
stator installation was completed. All flotation cells for Lead and Zinc circuits were set and
mechanisms were installed for the first processing line.
    
    Concrete for the concentrate building was completed and steel erection for the filter building
began while assembly of both lead and zinc thickeners was started.
 31




---



##### 




    
    Ongoing test work indicates that metals recoveries and concentrate grades will be better than
predicted in the feasibility report.
    
    Installation of the primary crusher is nearing completion. The main motor of the crusher was
run empty, hydraulic and lube systems were flushed; conveyor tables, chutes and feeder for the
first conveyor belt was complete. The Hilfiker wall was completed and the main substation was
energized.
    
    Leaching of the ancillary oxide ore at the first pad cell commenced in April, the Merrill Crowe
plant was commissioned and the first gold, which is ancillary to the primary operations, was
poured on May 10, 2008. Total non-commercial production of 20,000 ounces of gold and 1,356,000
ounces of silver was achieved in the year. Pre-operational costs incurred prior to commercial
production are capitalized, and the proceeds of any sales during this pre-commercial production
phase are offset against the capitalized mining costs. The oxide crushing plant was also
completed and produced over-liner product for the leach pad. Liner installation on the leach
pad was completed.
    
    The first phase of the sulphide process plant remains on track for commissioning during mid
2009 and concentrate production in the fourth quarter of 2009.
  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. As of December 31, 2008, the deposit contains 2.3
million ounces of indicated gold resources at an average grade of 10.05 grams per tonne and 3.0
million ounces of inferred gold resources at an average grade of 12.75 grams per tonne.
      32




---



##### 



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. As of December 31, 2008, the
deposit contains 1.3 million ounces of indicated gold resources at an average grade of 15.64 grams
per tonne and 0.7 million ounces of inferred gold resources at an average grade of 15.31 grams per
tonne.
    Pueblo Viejo, Dominican Republic (Goldcorps interest  40%)
 Pueblo Viejo is a 22.4 million ounce proven and probable gold reserve, where Goldcorps interest
represents 9.0 million ounces. The project is a partnership with Barrick Gold Corporation, the
project operator.
 (1)
   
 (1)
    
    Pre-production followed by $0.3 billion to complete phased expansion to 24,000 tonnes per
day.
 33




---



##### 



EXPENSES
 2008
    
    
    2007
    
    
    2006Corporate administration
    
    $
    136.7
    
    
    $
    132.9
    
    
    $
    83.0Exploration
    
    
    66.5
    
    
    
    42.7
    
    
    
    27.6Write-down of mining interests
    
    
    47.1
    
    
    
    
    
    
    
    174.7
    OTHER INCOME (EXPENSE)
 2008
    
    
    2007
    
    
    2006Interest and other income/expense
    
    $
    28.3
    
    
    $
    20.5
    
    
    $
    17.8Interest expense and financing fees
    
    
    (7.2
    )
    
    
    (44.7
    )
    
    
    (44.8
    )Share of income of equity investees
    
    
    3.9
    
    
    
    0.1
    
    
    
    Gain (loss) on foreign exchange
    
    
    1,058.9
    
    
    
    (49.4
    )
    
    
    5.3Loss on non-hedge derivatives
    
    
    (2.6
    )
    
    
    (23.5
    )
    
    
    (4.0
    )Gain (loss) on securities, net
    
    
    (105.9
    )
    
    
    5.5
    
    
    
    (5.0
    )Gain on disposition of mining interests
    
    
    2.6
    
    
    
    51.0
    
    
    
    Gain on disposition of Silver Wheaton shares
    
    
    292.5
    
    
    
    
    
    
    
    109.8Dilution gain
    
    
    2.2
    
    
    
    10.0
    
    
    
    63.8$
    1,272.7
    
    
    $
    (30.5
    )
    
    $
    142.9
   34




---



##### 



35




---



##### 



INCOME AND MINING TAXES
    NON-CONTROLLING INTERESTS
  Silver Wheaton
   36




---



##### 



Terrane
  37




---



##### 



DISCONTINUED OPERATIONS  LA COIPA MINE, CHILE
  2007
    
    
    2006(1)Operating DataTonnes of ore milled
    
    
    1,704,100
    
    
    
    2,562,300Average mill head grade (grams/tonne) Gold
    
    
    1.11
    
    
    
    0.95 Silver
    
    
    183
    
    
    
    94Average recovery rate Gold
    
    
    76
    %
    
    
    78
    % Silver
    
    
    72
    %
    
    
    64
    %Produced (ounces) Gold
    
    
    46,100
    
    
    
    62,400 Silver
    
    
    7,235,300
    
    
    
    4,777,500Sold (ounces) Gold
    
    
    42,400
    
    
    
    70,100 Silver
    
    
    7,402,600
    
    
    
    4,345,700Average realized price (per ounce) Gold
    
    $
    711
    
    
    $
    597 Silver
    
    $
    13.36
    
    
    $
    11.99Total cash costs per gold ounce (2)
    
    $
    (1,152
    )
    
    $
    (57
    )Financial DataRevenues
    
    $
    128.8
    
    
    $
    93.8Earnings (loss) from operations
    
    $
    56.6
    
    
    $
    21.6
 
 (1)
    
    The results of the La Coipa mine are included in Goldcorps financial results for the period
from May 12, 2006, the date of acquisition. For information 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
comparative 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 silver production was treated as a co-product, average total cash costs for the year
ended December 31, 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).  38




---



##### 



NON-GAAP MEASURE  TOTAL CASH COSTS (BY-PRODUCT) PER GOLD OUNCE CALCULATION
   2008
    
    
    2007
    
    
    2006Cash costs, continuing operationsOperating expenses per consolidated financial statements (2)
    
    $
    1,164.2
    
    
    $
    953.8
    
    
    $
    613.1Treatment and refining charges on concentrate sales
    
    
    25.5
    
    
    
    48.4
    
    
    
    73.6By-product silver and copper sales, and other
    
    
    (426.0
    )
    
    
    (576.5
    )
    
    
    (603.4
    )Alumbrera export retention
    
    
    (42.9
    )
    
    
    (4.6
    )
    
    
    San Martin operating expenses, in reclamation (3)
    
    
    (19.6
    )
    
    
    
    
    
    
    Non-cash adjustments
    
    
    (0.1
    )
    
    
    (5.3
    )
    
    
    (17.9
    )Total cash costs (by-product)
    
    $
    701.1
    
    
    $
    415.8
    
    
    $
    65.4Divided by ounces of gold sold (3)
    
    
    2,293,200
    
    
    
    2,211,000
    
    
    
    1,674,000Total cash costs (by-product) per ounce of gold(1)
    
    $
    305
    
    
    $
    188
    
    
    $
    39Cash costs, including discontinued operationsOperating expenses per consolidated financial statements (2)
    
    $
    1,164.2
    
    
    $
    1,005.4
    
    
    $
    643.8Treatment and refining charges on concentrate sales
    
    
    25.5
    
    
    
    48.9
    
    
    
    73.9By-product silver and copper sales, and other
    
    
    (426.0
    )
    
    
    (677.4
    )
    
    
    (643.2
    )Alumbrera export retention
    
    
    (42.9
    )
    
    
    (4.6
    )
    
    
    San Martin operating expenses, in reclamation (3)
    
    
    (19.6
    )
    
    
    
    
    
    
    Non-cash adjustments
    
    
    (0.1
    )
    
    
    (5.3
    )
    
    
    (17.5
    )Total cash costs (by-product)
    
    $
    701.1
    
    
    $
    367.0
    
    
    $
    57.0Divided by ounces of gold sold (3)
    
    
    2,293,200
    
    
    
    2,253,400
    
    
    
    1,708,000Total cash costs (by-product)per ounce of gold
    
    $
    305
    
    
    $
    163
    
    
    $
    33
 (1)
    
    If silver and copper production were treated as co-products, total cash costs of continuing
operations would be $382 per ounce of gold for 2008 (2007  $305
per ounce, 2006  $245 per ounce).(2)
    
    $67.2 million in royalties for 2008 are included in operating expenses per the consolidated
financial statements (2007  $135.0 million, 2006  $62.6 million).(3)
    
    San Martin mine ended its
mining process in October 2007, and is therefore excluded from the 2008 figures above. 39




---



##### 



NON-GAAP MEASURE  ADJUSTED NET EARNINGS
 
 2008
    
    
    2007
    
    
    2006Net earnings per consolidated financial statements
    
    $
    1,475.6
    
    
    $
    460.1
    
    
    $
    408.3Foreign exchange loss (gain) on revaluation of future income tax liabilities
    
    
    (1,070.9
    )
    
    
    54.6
    
    
    
    (4.8
    )Unrealized loss (gain) non-hedge derivative , net of tax
    
    
    (5.3
    )
    
    
    2.4
    
    
    
    2.6Loss (gain) on marketable securities, net of tax
    
    
    105.9
    
    
    
    (4.7
    )
    
    
    5.0Dilution gain
    
    
    (2.2
    )
    
    
    (10.0
    )
    
    
    (63.8
    )Gain on disposition of mining interests, net of tax
    
    
    (0.5
    )
    
    
    (15.6
    )
    
    
    Gain on disposition of mining interests included in discontinued operations, net of tax
    
    
    
    
    
    
    (46.4
    )
    
    
    Gain on disposition of Silver Wheaton, net of tax
    
    
    (136.5
    )
    
    
    
    
    
    
    (87.8
    )Write-down of mining interests, net of tax
    
    
    30.9
    
    
    
    
    
    
    
    174.7Total adjusted net earnings
    
    $
    397.0
    
    
    $
    440.4
    
    
    $
    434.2Weighted average shares outstanding (000s)
    
    
    711,862
    
    
    
    704,868
    
    
    
    435,189Adjusted net earnings per share
    
    $
    0.56
    
    
    $
    0.62
    
    
    $
    1.00
 FINANCIAL INSTRUMENTS AND RELATED RISKS
   Liquidity Risk
   40




---



##### 



18-month
 $ 230.7 million).
 Contractual obligations and Guarantees
  2008
    
    
    
    
    
    
    
    
    
    
    2007Within 1
    
    
    2 to 3
    
    
    4 to 5
    
    
    Over 5year
    
    
    years
    
    
    years
    
    
    years
    
    
    Total
    
    
    TotalAccounts payable and accrued liabilities
    
    $
    294.0
    
    
    
    
    
    
    
    
    
    
    $
    
    
    
    $
    294.0
    
    
    $
    277.3Derivative instruments, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7.6Long-term
debt re-payments (principal portion)
    
    
    
    
    
    
    5.3
    
    
    
    
    
    
    
    
    
    
    
    5.3
    
    
    
    1,064.9Capital expenditure commitments
    
    
    245.3
    
    
    
    16.9
    
    
    
    31.9
    
    
    
    
    
    
    
    294.1
    
    
    
    530.8Minimum rental and lease payments
    
    
    1.6
    
    
    
    2.9
    
    
    
    2.8
    
    
    
    4.1
    
    
    
    11.4
    
    
    
    19.5$
    540.9
    
    
    $
    25.1
    
    
    $
    34.7
    
    
    $
    4.1
    
    
    $
    604.8
    
    
    $
    1,900.1
 Capital Resources
   41




---



##### 



Credit Risk
    2008
    
    
    2007Cash and cash equivalents
    
    $
    262.3
    
    
    $
    510.8Accounts receivable
    
    
    178.6
    
    
    
    154.5$
    440.9
    
    
    $
    665.3
 Market Risk
 (i) Currency risk
  42




---



##### 



2008
    
    Cash and
    
    
    Accounts
    
    
    Income
    
    
    Accounts
    
    
    Long term
    
    
    Futurecash
    
    
    receivable
    
    
    and
    
    
    payable
    
    
    debt
    
    
    income taxequivalents
    
    
    and other
    
    
    mining
    
    
    and
    
    
    
    
    
    liabilitiescurrent
    
    
    taxes
    
    
    accruedand long-
    
    
    receivable
    
    
    liabilitiesterm
    
    
    (payable)assetsCanadian dollar
    
    $
    4.7
    
    
    $
    13.9
    
    
    $
    (6.8
    )
    
    $
    (115.4
    )
    
    $
    (5.3
    )
    
    $
    (1,059.5
    )Mexican peso
    
    
    19.5
    
    
    
    87.8
    
    
    
    17.8
    
    
    
    (104.1
    )
    
    
    
    
    
    
    (2,174.3
    )Argentinean peso
    
    
    1.3
    
    
    
    34.4
    
    
    
    13.3
    
    
    
    (35.0
    )
    
    
    
    
    
    
    (139.3
    )Guatemalan quetzal
    
    
    1.2
    
    
    
    11.2
    
    
    
    
    
    
    
    (13.3
    )
    
    
    
    
    
    
    (4.6
    )$
    26.7
    
    
    $
    147.3
    
    
    $
    24.3
    
    
    $
    (267.8
    )
    
    $
    (5.3
    )
    
    $
    (3,377.7
    )2007
    
    Cash and
    
    Accounts
    
    Income and
    
    Accounts
    
    Long term
    
    Futurecash
    
    receivable
    
    mining taxes
    
    payable
    
    debt
    
    income taxequivalents
    
    
    
    
    
    receivable
    
    and
    
    
    
    
    
    liabilities(payable)
    
    accruedliabilitiesCanadian dollar
    
    $
    18.9
    
    
    $
    23.7
    
    
    $
    71.4
    
    
    $
    (113.9
    )
    
    $
    
    
    
    $
    (627.1
    )Mexican peso
    
    
    4.8
    
    
    
    9.9
    
    
    
    (15.3
    )
    
    
    (41.1
    )
    
    
    
    
    
    
    (2,595.7
    )Argentinean peso
    
    
    10.7
    
    
    
    17.6
    
    
    
    (12.8
    )
    
    
    (66.8
    )
    
    
    
    
    
    
    (163.5
    )Guatemalan quetzal
    
    
    0.4
    
    
    
    
    
    
    
    
    
    
    
    (12.5
    )
    
    
    
    
    
    
    (0.4
    )$
    34.8
    
    
    $
    51.2
    
    
    $
    43.3
    
    
    $
    (234.3
    )
    
    $
    
    
    
    $
    (3,386.7
    )
    43




---



##### 



(ii) Interest rate risk
  (iii) Price risk
    44




---



##### 



OTHER RISKS AND UNCERTAINTIES
 Foreign Operations
     Government Regulation
  Environmental Regulation
   45




---



##### 



Other
 Description of the Business  Risk Factors
 CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Inventories
   Mining Interests
    46




---



##### 



Goodwill and Impairment Testing
   Reclamation Obligations
   47




---



##### 



Future Tax Assets and Liabilities
  Foreign Currency Translation
  RECENT CANADIAN ACCOUNTING PRONOUNCEMENTS
 Accounting Policies Implemented Effective January 1, 2007
  48




---



##### 



Accounting Policies Implemented Effective January 1, 2008
    Accounting Policies to be Implemented Effective January 1, 2009
  Accounting Policies to be Implemented Effective January 1, 2011
  49




---



##### 



International Financial Reporting Standards
   OUTLOOK
   50




---



##### 



CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
  Internal Control 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 that the Companys receipts
and expenditures are made only in accordance with authorization of management and the
Companys directors; 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 or interim financial statements.
   Limitations of Controls and Procedures
  51




---



##### 



52




---



##### 



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, labour 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,
2008, 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,
2008, dated March 10, 2009, and other continuous disclosure documents filed by Goldcorp available
at www.sedar.com, for further information on mineral reserves and resources, which is subject to
the qualifications and notes set forth therein.
 53