Exhibit 99.2
  Managements Discussion and Analysis  of Financial Condition and Results of Operations  For the Year Ended December 31, 2009
 This Managements Discussion and Analysis should be read in conjunction with Goldcorps audited
consolidated financial statements for the year ended December 31, 2009 and related notes thereto
which have been prepared in accordance with Canadian generally accepted accounting principles
(GAAP). 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. References to C$ are to Canadian dollars. This Managements
Discussion and Analysis has been prepared as of March 11, 2010.
 2009 HIGHLIGHTS
 
    
    Gold production of 601,300 ounces for the fourth quarter and 2,421,300 ounces for the
year, compared to 691,800 ounces and 2,324,300 ounces, respectively, in 2008.
 
    
    Total cash costs (net of by-product copper and silver credits) of $289 per ounce for the
fourth quarter, compared to $323 per ounce in 2008, and $295 per ounce for the year,
compared to $305 per ounce in 2008. On a co-product basis, cash costs were $422 per ounce
of gold for the fourth quarter and $391 per ounce for the year, compared to $358 per ounce
and $391 per ounce, respectively, in 2008.(1)
 
    
    Net earnings of $66.7 million for the fourth quarter ($0.09 per share) and $240.2
million ($0.33 per share) for the year, compared to net earnings of $958.1 million ($1.31
per share) and $1,475.6 million ($2.07 per share), respectively, in 2008. Adjusted net
earnings amounted to $182.7 million ($0.25 per share) for the fourth quarter of 2009 and
$588.2 million ($0.80 per share) for the year, compared to $84.4 million ($0.12 per share)
and $397.0 million ($0.56 per share), respectively, in 2008.(2)
 
    
    Operating cash flows from continuing operations of $366.5 million for the fourth quarter
and $1,270.2 million for the year, compared to $247.9 million and $866.0 million,
respectively, in 2008. Operating cash flows before working capital changes of $307.6
million for the fourth quarter and $1,180.2 million for the year, compared to $230.5
million and $933.2 million, respectively, in 2008.(3)
 
    
    On June 5, 2009, the Company completed a 2% convertible senior note offering, due August
2014 for net proceeds of $839.8 million.
 
    
    On October 13, 2009, the Company announced that the first lead and zinc concentrates
were produced at its Peñasquito project in Mexico.
 
    
    On November 13, 2009, the proposed amendments to the Special Lease Agreement at the
Pueblo Viejo project in the Dominican Republic were approved.
 
    
    On November 16, 2009, the Company entered into an agreement with Canplats Resources
Corporation to acquire a 100% interest in the Camino Rojo gold/silver project in Mexico.
This transaction completed on February 4, 2010.
 (1)
    
    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. The Company
follows the recommendations of the Gold Institute Production Cost 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. Total cash costs on a by-product basis
are calculated by deducting by-product copper and silver revenues from operating cash
costs. Total cash costs on a co-product basis are calculated by allocating operating
cash costs separately to metals using a ratio of revenues from metals as a proportion
of total revenues. Total cash costs have been presented excluding San Martin, which
commenced reclamation activities in October 2007. Refer to page 42 for a reconciliation
of total cash costs to reported operating expenses.
 (2)
    
    Adjusted net earnings and adjusted net earnings per share are non-GAAP
performance measures. 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
43 for a reconciliation of adjusted net earnings to reported net earnings.
 (3)
    
    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.




---



##### 



OVERVIEW




---



##### 








---



##### 



CORPORATE DEVELOPMENTS
 Disposition of interest in the Morelos gold project
 .
 Acquisition of subsidiary of New Gold Inc.
    Acquisition of Canplats Resources Corporation
   Disposition of investment in New Gold Inc. (formerly Peak Gold Ltd.)




---



##### 



Acquisition of Gold Eagle Mines Ltd.
   Disposition of shares of Silver Wheaton Corp.
   Acquisition of full ownership of Porcupine and Musselwhite mines




---



##### 



Sale of Peñasquito silver stream




---



##### 



SUMMARIZED ANNUAL FINANCIAL RESULTS (1) (2) (3)
 2009
    
    
    2008(3)
    
    
    2007(2)Revenues
    
    $
    2,723.6
    
    
    $
    2,419.6
    
    
    $
    2,206.8Gold produced(ounces)
    
    
    2,421,300
    
    
    
    2,324,300
    
    
    
    2,246,500Gold sold(ounces)
    
    
    2,347,300
    
    
    
    2,304,700
    
    
    
    2,211,000Average realized gold price(per ounce)
    
    $
    978
    
    
    $
    868
    
    
    $
    703Average London spot gold price(per ounce)
    
    $
    972
    
    
    $
    872
    
    
    $
    695Earnings from operations
    
    $
    816.0
    
    
    $
    506.0
    
    
    $
    612.3Net earnings from continuing operations
    
    $
    240.2
    
    
    $
    1,475.6
    
    
    $
    375.4Net earnings from discontinued operation(1)
    
    $
    
    
    
    $
    
    
    
    $
    84.7Net earnings
    
    $
    240.2
    
    
    $
    1,475.6
    
    
    $
    460.1Net earnings per share from continuing operations Basic
    
    $
    0.33
    
    
    $
    2.07
    
    
    $
    0.53 Diluted
    
    $
    0.33
    
    
    $
    2.06
    
    
    $
    0.53Net earnings per share Basic
    
    $
    0.33
    
    
    $
    2.07
    
    
    $
    0.65 Diluted
    
    $
    0.33
    
    
    $
    2.06
    
    
    $
    0.65Cash flows from operating activities of continuing operations
    
    $
    1,270.2
    
    
    $
    866.0
    
    
    $
    650.7Total cash costs of continuing operations  by-product(per gold ounce)(4)(5)
    
    $
    295
    
    
    $
    305
    
    
    $
    188Total cash costs of continuing operations  co-product(per gold ounce) (4)(6)
    
    $
    391
    
    
    $
    391
    
    
    $
    305Dividends paid
    
    $
    131.7
    
    
    $
    128.7
    
    
    $
    126.9Cash and cash equivalents
    
    $
    874.6
    
    
    $
    262.3
    
    
    $
    510.8Total assets
    
    $
    20,948.7
    
    
    $
    19,008.8
    
    
    $
    18,952.2SUMMARIZED FINANCIAL RESULTS INCLUDING DISCONTINUED OPERATIONS(NON-GAAP (1))Revenues
    
    $
    2,723.6
    
    
    $
    2,419.6
    
    
    $
    2,335.6Gold Produced(ounces)
    
    
    2,421,300
    
    
    
    2,324,300
    
    
    
    2,292,600Gold Sold(ounces)
    
    
    2,347,300
    
    
    
    2,304,700
    
    
    
    2,253,400Total cash costs  by-product(per gold ounce) (4)(5)
    
    $
    295
    
    
    $
    305
    
    
    $
    163Total cash costs  co-product(per gold ounce) (4)(6)
    
    $
    391
    
    
    $
    391
    
    
    $
    305
 (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 a discontinued operation, in
accordance with GAAP. Where noted, certain results above have been presented
including La Coipa for informational purposes only.(2)
    
    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 Porcupine and Musselwhite after December 21, 2007, and 51% and 68%,
respectively, prior to December 21, 2007.(3)
    
    Includes the operating results of Silver Wheaton to February 14, 2008, the date
of disposition.(4)
    
    The San Martin mine ended its mining process in October 2007 and commenced
reclamation activities at that time. Total cash costs for 2008 and beyond have been
presented excluding San Martin for informational purposes only.(5)
    
    Total cash costs per gold ounce on a by-product basis is calculated net of
by-product sales revenue (by-product copper revenues for Peak and Alumbrera;
by-product silver revenues for La Coipa and Marlin at market silver prices; and
by-product silver revenues for San Dimas at $4.02 per silver ounce ($3.95 prior to
November 2008) sold to Silver Wheaton).(6)
    
    Total cash costs per gold ounce on a co-product basis is calculated by
allocating operating cash costs separately to metals using a ratio of revenues from
metals as a proportion of total revenues for Peak and Alumbrera (includes copper
revenues); and La Coipa, Marlin and San Dimas (includes silver revenues).




---



##### 



Review of Annual Financial Results
  
    
    Revenues increased by $304.0 million, or 13%, primarily due to a $298.3 million increase
in gold revenues resulting from a $110 per ounce increase in realized gold prices and a 2%
increase in gold sales volume and a $14.2 million increase in copper revenues resulting
from a 19% increase in realized copper prices, offset by a 12% decrease in copper sales
volume;
 
    
    Operating expenses increased by $23.1 million, or 2%, primarily as a result of the
higher gold and silver sales volumes, employee costs, consumption of consumables/reagents,
maintenance costs and export retention taxes ($51.7 million in 2009, compared to $42.9
million in 2008), offset by the positive impact of the weakening of the Canadian dollar by
7% and the Mexican peso by 21% ($44.8 million) and lower YMAD net proceeds payments ($39.1
million in 2009, compared to $47.3 million in 2008);
 
    
    Depreciation and depletion increased by $27.1 million, or 5%, primarily as a result of
the 4% increase in gold production and increase in reclamation expenditures expensed
directly in earnings relating to closed mines;
 
    
    Exploration costs decreased by $34.0 million, or 51%, due to the focus on key
development projects, in line with the Companys 2009 plan;
 
    
    A $17.3 million after tax ($24.0 million before tax) write-down of the Companys
investment in El Limón during the fourth quarter of 2009 as a result of the transaction
with Gleichen which completed on February 24, 2010, with sales proceeds below the carrying
amount of the investment prior to the write-down, compared to a $30.9 million after tax
($47.1 million before tax) write-down in the carrying amount of the Pamour open pit mining
property at Porcupine in 2008 due to the loss of reserve ounces as at December 31, 2008;
 
    
    Interest and other income (expenses) decreased by $47.4 million primarily due to the
accrual of $17.6 million relating to withholding taxes in 2009 and the higher interest
earned on the significant cash balances held throughout 2008, which arose from the sale of
the Peñasquito silver stream in the third quarter of 2007 and the disposition of the Silver
Wheaton shares in the first quarter of 2008, offset by interest earned during 2009 on cash
balances resulting from the proceeds on the $862.5 million convertible senior notes issued
by the Company on June 5, 2009;
 
    
    Interest expense and financing fees increased by $51.8 million primarily as a result of
the $18.5 million of issue costs expensed and $25.5 million of interest expensed relating
to the convertible senior notes and $10.3 million of interest accrued relating to
withholding taxes;
 
    
    A $3.6 million gain on non-hedge derivatives, compared to a $2.6 million loss in 2008;
 
    
    A $49.7 million after tax gain on securities ($50.2 million before tax) due to the $42.8
million gain, net of selling costs, on the sale of the Companys 7% equity investment in
New Gold and the increase in fair values of the Companys investments in warrants, compared
to a $105.9 million loss on securities (before and after tax) in 2008 primarily due to the
recognition of unrealized impairment losses on two of the Companys investments in equity
securities;
 
    
    A $15.1 million after tax gain ($20.1 million before tax) on disposition of certain
mining interests, compared to a $0.5 million after tax gain ($2.6 million before tax) in
2008;
 
    
    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;
 
    
    A $324.3 million foreign exchange loss on the translation 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, due to the
15%




---



##### 



and 6% strengthening of the Canadian dollar and Mexican peso, respectively, during the
year ended December 31, 2009, compared to a $1,070.9 million non-cash foreign exchange gain
in 2008 due to the 24% and 27% weakening of the Canadian dollar and Mexican peso,
respectively, during the year ended December 31, 2008;




---



##### 



QUARTERLY FINANCIAL REVIEW
 2009Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    TotalRevenues
    
    $
    624.8
    
    
    $
    628.6
    
    
    $
    691.9
    
    
    $
    778.3
    
    
    $
    2,723.6Gold produced(ounces)
    
    
    616,500
    
    
    
    582,400
    
    
    
    621,100
    
    
    
    601,300
    
    
    
    2,421,300Gold sold(ounces)(1)
    
    
    607,900
    
    
    
    564,800
    
    
    
    601,500
    
    
    
    573,100
    
    
    
    2,347,300Average realized gold price(per ounce)
    
    $
    912
    
    
    $
    927
    
    
    $
    968
    
    
    $
    1,107
    
    
    $
    978Average London spot gold price(per ounce)
    
    $
    908
    
    
    $
    922
    
    
    $
    960
    
    
    $
    1,100
    
    
    $
    972Earnings from operations
    
    $
    201.8
    
    
    $
    155.3
    
    
    $
    217.9
    
    
    $
    241.0
    
    
    $
    816.0Net earnings (loss)
    
    $
    290.9
    
    
    $
    (231.6
    )
    
    $
    114.2
    
    
    $
    66.7
    
    
    $
    240.2Net earnings (loss) per share(2) Basic
    
    $
    0.40
    
    
    $
    (0.32
    )
    
    $
    0.16
    
    
    $
    0.09
    
    
    $
    0.33 Diluted
    
    $
    0.40
    
    
    $
    (0.32
    )
    
    $
    0.16
    
    
    $
    0.09
    
    
    $
    0.33Cash flows from operating activities
    
    $
    298.1
    
    
    $
    263.7
    
    
    $
    341.9
    
    
    $
    366.5
    
    
    $
    1,270.2Total cash costs  by-product(per gold ounce)(3)(4)
    
    $
    288
    
    
    $
    310
    
    
    $
    295
    
    
    $
    289
    
    
    $
    295Total cash costs co-product(per gold ounce) (3)(5)
    
    $
    353
    
    
    $
    402
    
    
    $
    384
    
    
    $
    422
    
    
    $
    391
 (1)
    
    Excludes commissioning sales ounces from Peñasquito as these are credited
against capitalized project costs.(2)
    
    Sum of quarterly earnings per share may not equal the total for the year 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. Total cash costs have been presented excluding
San Martin for information purposes only.(4)
    
    Total cash costs per gold ounce on a by-product basis is calculated net of
by-product sales revenues (by-product copper revenues for Alumbrera; by-product
silver revenues for Marlin at market silver prices; and by-product silver revenues
for San Dimas at $4.02 per silver ounce ($3.95 prior to November 2008) sold to
Silver Wheaton).(5)
    
    Total cash costs per gold ounce on a co-product basis is calculated by
allocating operating cash costs separately to metals using a ratio of revenues from
metals as a proportion of total revenues for Alumbrera (includes copper revenues);
and Marlin and San Dimas (includes silver revenues).




---



##### 



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) (2)
    
    
    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
    
    
    $
    1,475.6Net earnings (loss) per share (3) 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)(4)(5)
    
    $
    240
    
    
    $
    308
    
    
    $
    346
    
    
    $
    323
    
    
    $
    305Total cash costs co-product (per gold ounce)(4)(6)
    
    $
    397
    
    
    $
    432
    
    
    $
    398
    
    
    $
    358
    
    
    $
    391
 (1)
    
    Includes the operating results of Silver Wheaton to February 14, 2008, the date
of disposition.(2)
    
    Excludes commissioning sales ounces from Peñasquito as these are credited
against capitalized project costs.(3)
    
    Sum of quarterly earnings per share may not equal the total for the year as each
quarterly amount is calculated independently of each other.(4)
    
    The San Martin mine ended its mining process in October 2007 and commenced
reclamation activities at that time. Total cash costs have been presented excluding
San Martin for information purposes only.(5)
    
    Total cash costs per gold ounce on a by-product basis is calculated net of
by-product sales revenues (by-product copper revenues for Alumbrera; by-product
silver revenues for Marlin at market silver prices; and by-product silver revenues
for San Dimas at $4.02 per silver ounce ($3.95 prior to November 2008) sold to
Silver Wheaton).(6)
    
    Total cash costs per gold ounce on a co-product basis is calculated by
allocating operating cash costs separately to metals using a ratio of revenues from
metals as a proportion of total revenues for Alumbrera (includes copper revenues);
and Marlin and San Dimas (includes silver revenues).




---



##### 



Review of Quarterly Financial Results
  
    
    Revenues increased by $86.4 million, or 12%, primarily due to a $50.9 million increase
in gold revenues resulting from a $139 per ounce increase in realized gold prices, offset
by a 5% decrease in gold sales volume, a $26.0 million increase in copper revenues
resulting from a 2% increase in copper realized prices and 29% increase in copper sales
volume, and a $5.6 million increase in silver revenues resulting from a 17% increase in
silver realized prices and 6% increase in silver sales volumes;
 
    
    Operating expenses increased by $18.4 million, or 6%, primarily due to the increase in
copper and silver sales volumes, and $4.5 million higher YMAD net proceeds payments and
$2.5 million higher export retention taxes paid in Alumbrera;
 
    
    Depreciation and depletion increased by $10.7 million, or 8%, primarily as a result of
higher depletable costs and reclamation expenditures expensed directly in earnings relating
to closed mines;
 
    
    Corporate administration increased by $9.7 million primarily due to the timing of
expenditures;
 
    
    A $17.3 million after tax ($24.0 million before tax) write-down of the Companys
investment in El Limón during the fourth quarter of 2009 as a result of the transaction
with Gleichen which completed on February 24, 2010, with sales proceeds below the carrying
amount of the investment prior to the write-down;
 
    
    Interest and other income (expenses) decreased by $12.7 million primarily due to the
accrual of $17.6 million relating to withholding taxes, offset by $2.2 million received
during the fourth quarter of 2009 for a business interruption claim relating to a
crusher/conveyor system failure in Musselwhite and $2.9 million of severance and shut-down
costs incurred during the prior quarter relating to the mill shut-down at Los Filos
underground;
 
    
    Interest expense and finance fees increased by $9.5 million primarily due to $10.3
million of accrued interest relating to withholding taxes;
 
    
    A $5.7 million loss on non-hedge derivatives, compared to $0.4 million loss in the prior
quarter;
 
    
    A $42.8 million gain on securities (before and after tax), net of selling costs, on the
disposition of the Companys 7% equity investment in New Gold;
 
    
    A $15.1 million after tax gain ($20.1 million before tax) on disposition of certain
mining interests;
 
    
    A $122.6 million foreign exchange loss on the translation of future income tax
liabilities on mining interests arising primarily from the Placer Dome and Glamis
acquisitions in 2006 and Gold Eagle acquisition in the third quarter of 2008, compared to a
$17.5 million loss in the prior quarter, due to the increased volatility of the Canadian
dollar and Mexican peso in the fourth quarter of 2009;




---



##### 








---



##### 



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) (1)(3)Red Lake
    
    
    2009
    
    
    $
    624.8
    
    
    
    622,700
    
    
    
    635,300
    
    
    $
    982
    
    
    $
    329.2
    
    
    $
    2882008
    
    
    $
    535.8
    
    
    
    629,200
    
    
    
    618,300
    
    
    $
    865
    
    
    $
    231.5
    
    
    $
    302Porcupine
    
    
    2009
    
    
    
    310.2
    
    
    
    318,300
    
    
    
    318,600
    
    
    
    973
    
    
    
    88.7
    
    
    
    4472008
    
    
    
    255.6
    
    
    
    291,000
    
    
    
    294,000
    
    
    
    869
    
    
    
    (34.2
    )
    
    
    588Musselwhite
    
    
    2009
    
    
    
    225.5
    
    
    
    232,600
    
    
    
    231,200
    
    
    
    975
    
    
    
    52.1
    
    
    
    5852008
    
    
    
    184.6
    
    
    
    210,500
    
    
    
    214,000
    
    
    
    862
    
    
    
    21.2
    
    
    
    611Terrane
    
    
    2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5.0
    )
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6.5
    )
    
    
    San Dimas(1)
    
    
    2009
    
    
    
    128.6
    
    
    
    113,000
    
    
    
    113,000
    
    
    
    982
    
    
    
    61.0
    
    
    
    2872008
    
    
    
    92.6
    
    
    
    86,700
    
    
    
    88,800
    
    
    
    870
    
    
    
    30.0
    
    
    
    405Los Filos
    
    
    2009
    
    
    
    236.2
    
    
    
    239,300
    
    
    
    238,900
    
    
    
    975
    
    
    
    72.9
    
    
    
    4692008
    
    
    
    189.2
    
    
    
    213,600
    
    
    
    215,100
    
    
    
    871
    
    
    
    58.3
    
    
    
    407El Sauzal
    
    
    2009
    
    
    
    198.7
    
    
    
    203,800
    
    
    
    206,500
    
    
    
    958
    
    
    
    66.1
    
    
    
    2012008
    
    
    
    239.3
    
    
    
    274,200
    
    
    
    274,100
    
    
    
    868
    
    
    
    96.1
    
    
    
    149Peñasquito(2)
    
    
    2009
    
    
    
    
    
    
    
    90,300
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2008
    
    
    
    
    
    
    
    20,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Marlin(1)
    
    
    2009
    
    
    
    331.8
    
    
    
    274,900
    
    
    
    274,600
    
    
    
    982
    
    
    
    136.9
    
    
    
    1922008
    
    
    
    258.1
    
    
    
    241,400
    
    
    
    241,300
    
    
    
    870
    
    
    
    100.0
    
    
    
    191Alumbrera(1)
    
    
    2009
    
    
    
    495.5
    
    
    
    158,200
    
    
    
    157,800
    
    
    
    988
    
    
    
    158.9
    
    
    
    (722
    )2008
    
    
    
    490.7
    
    
    
    189,200
    
    
    
    192,200
    
    
    
    870
    
    
    
    135.3
    
    
    
    (449
    )Marigold
    
    
    2009
    
    
    
    99.0
    
    
    
    97,900
    
    
    
    99,500
    
    
    
    994
    
    
    
    22.0
    
    
    
    5962008
    
    
    
    81.4
    
    
    
    96,200
    
    
    
    93,300
    
    
    
    872
    
    
    
    12.1
    
    
    
    608Wharf
    
    
    2009
    
    
    
    70.9
    
    
    
    67,700
    
    
    
    69,300
    
    
    
    974
    
    
    
    12.2
    
    
    
    6862008
    
    
    
    57.2
    
    
    
    60,700
    
    
    
    62,200
    
    
    
    873
    
    
    
    19.7
    
    
    
    481El Limón(4)
    
    
    2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24.0
    )
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other(5)
    
    
    2009
    
    
    
    2.4
    
    
    
    2,600
    
    
    
    2,600
    
    
    
    911
    
    
    
    (155.0
    )
    
    
    2008
    
    
    
    35.1
    
    
    
    11,600
    
    
    
    11,400
    
    
    
    893
    
    
    
    (157.5
    )
    
    
    Total
    
    
    2009
    
    
    $
    2,723.6
    
    
    
    2,421,300
    
    
    
    2,347,300
    
    
    $
    978
    
    
    $
    816.0
    
    
    $
    2952008
    
    
    $
    2,419.6
    
    
    
    2,324,300
    
    
    
    2,304,700
    
    
    $
    868
    
    
    $
    506.0
    
    
    $
    305
 (1)
    
    Total cash costs per gold ounce is calculated net of by-product sales revenues
(by-product copper revenues for Alumbrera; by-product silver revenues for Marlin at
market silver prices; and by-product silver revenues for San Dimas at $4.02 per silver
ounce ($3.95 prior to November 2008) sold to Silver Wheaton).(2)
    
    Represents commissioning production ounces from Peñasquito. Sales ounces and
related sales revenues are excluded as sales revenues are credited against capitalized
project costs.(3)
    
    The San Martin mine ended its mining process in October 2007 and commenced
reclamation activities at that time. Total cash costs above have been presented
excluding San Martin for information purposes only.(4)
    
    As a result of the agreement entered into with Gleichen on February 10, 2010, the
Company recognized a $24.0 million before tax ($17.3 million after tax) write-down of
its investment in the El Limón during the fourth quarter of 2009.(5)
    
    Includes corporate activities, the operating results of Silver Wheaton to February
14, 2008, the date of disposition and San Martin.




---



##### 



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) (1)(3)Red Lake
    
    
    2009
    
    
    $
    181.5
    
    
    
    156,300
    
    
    
    163,100
    
    
    $
    1,111
    
    
    $
    99.7
    
    
    $
    3172008
    
    
    $
    150.0
    
    
    
    191,000
    
    
    
    188,400
    
    
    $
    795
    
    
    $
    71.3
    
    
    $
    232Porcupine
    
    
    2009
    
    
    
    79.1
    
    
    
    71,700
    
    
    
    71,600
    
    
    
    1,103
    
    
    
    20.0
    
    
    
    5092008
    
    
    
    67.0
    
    
    
    84,700
    
    
    
    84,400
    
    
    
    795
    
    
    
    (42.2
    )
    
    
    500Musselwhite
    
    
    2009
    
    
    
    61.4
    
    
    
    56,300
    
    
    
    55,500
    
    
    
    1,105
    
    
    
    17.2
    
    
    
    6052008
    
    
    
    55.3
    
    
    
    69,300
    
    
    
    69,000
    
    
    
    802
    
    
    
    11.2
    
    
    
    512Terrane
    
    
    2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1.9
    )
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2.1
    )
    
    
    San Dimas(1)
    
    
    2009
    
    
    
    37.9
    
    
    
    30,800
    
    
    
    30,500
    
    
    
    1,104
    
    
    
    16.8
    
    
    
    2722008
    
    
    
    24.8
    
    
    
    24,100
    
    
    
    23,800
    
    
    
    786
    
    
    
    13.1
    
    
    
    252Los Filos
    
    
    2009
    
    
    
    66.0
    
    
    
    60,100
    
    
    
    59,700
    
    
    
    1,092
    
    
    
    25.6
    
    
    
    4442008
    
    
    
    47.0
    
    
    
    59,400
    
    
    
    58,700
    
    
    
    794
    
    
    
    9.3
    
    
    
    469El Sauzal
    
    
    2009
    
    
    
    38.0
    
    
    
    34,200
    
    
    
    34,200
    
    
    
    1,103
    
    
    
    9.0
    
    
    
    3712008
    
    
    
    59.9
    
    
    
    73,800
    
    
    
    74,900
    
    
    
    798
    
    
    
    22.4
    
    
    
    144Peñasquito(2)
    
    
    2009
    
    
    
    
    
    
    
    30,400
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2008
    
    
    
    
    
    
    
    11,200
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Marlin(1)
    
    
    2009
    
    
    
    106.4
    
    
    
    78,600
    
    
    
    75,900
    
    
    
    1,108
    
    
    
    51.3
    
    
    
    1292008
    
    
    
    63.1
    
    
    
    68,800
    
    
    
    66,500
    
    
    
    807
    
    
    
    19.2
    
    
    
    251Alumbrera(1)
    
    
    2009
    
    
    
    152.5
    
    
    
    34,600
    
    
    
    32,700
    
    
    
    1,140
    
    
    
    58.4
    
    
    
    (1,333
    )2008
    
    
    
    105.3
    
    
    
    62,800
    
    
    
    69,900
    
    
    
    800
    
    
    
    2.0
    
    
    
    212Marigold
    
    
    2009
    
    
    
    35.0
    
    
    
    31,900
    
    
    
    31,400
    
    
    
    1,111
    
    
    
    13.5
    
    
    
    4822008
    
    
    
    19.2
    
    
    
    27,200
    
    
    
    24,400
    
    
    
    787
    
    
    
    4.9
    
    
    
    527Wharf
    
    
    2009
    
    
    
    20.8
    
    
    
    16,400
    
    
    
    18,500
    
    
    
    1,094
    
    
    
    3.1
    
    
    
    8052008
    
    
    
    16.1
    
    
    
    18,200
    
    
    
    18,900
    
    
    
    834
    
    
    
    4.8
    
    
    
    511El Limón(4)
    
    
    2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24.0
    )
    
    
    2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other(5)
    
    
    2009
    
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (47.7
    )
    
    
    2008
    
    
    
    1.3
    
    
    
    1,300
    
    
    
    1,300
    
    
    
    807
    
    
    
    (62.9
    )
    
    
    Total
    
    
    2009
    
    
    $
    778.3
    
    
    
    601,300
    
    
    
    573,100
    
    
    $
    1,107
    
    
    $
    241.0
    
    
    $
    2892008
    
    
    $
    609.0
    
    
    
    691,800
    
    
    
    680,200
    
    
    $
    797
    
    
    $
    51.0
    
    
    $
    323
 (1)
    
    Total cash costs per gold ounce is calculated net of by-product sales revenues
(by-product copper revenues for Alumbrera; by-product silver revenues for Marlin at
market silver prices; and by-product silver revenues for San Dimas at $4.02 per silver
ounce ($3.95 prior to November 2008) sold to Silver Wheaton).(2)
    
    Represents commissioning production ounces from Peñasquito. Sales ounces and
related sales revenues are excluded as sales revenues are credited against capitalized
project costs.(3)
    
    The San Martin mine ended its mining process in October 2007 and commenced
reclamation activities at that time. Total cash costs above have been presented
excluding San Martin for information purposes only.(4)
    
    As a result of the agreement entered into with Gleichen on February 10, 2010, the
Company recognized a $24.0 million before tax ($17.3 million after tax) write-down of
its investment in the El Limón during the fourth quarter of 2009.(5)
    
    Includes corporate activities, the operating results of Silver Wheaton to February
14, 2008, the date of disposition and San Martin.




---



##### 



OPERATIONAL REVIEW
 Red Lake gold mines, Canada
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore milled
    
    
    189,500
    
    
    
    200,100
    
    
    
    194,400
    
    
    
    197,700
    
    
    
    781,700
    
    
    
    765,500Average mill head grade (grams/tonne)
    
    
    27
    
    
    
    21
    
    
    
    30
    
    
    
    27
    
    
    
    26
    
    
    
    26Average recovery rate (%)
    
    
    96
    %
    
    
    96
    %
    
    
    97
    %
    
    
    97
    %
    
    
    97
    %
    
    
    96
    %Gold (ounces) Produced
    
    
    161,900
    
    
    
    125,700
    
    
    
    178,800
    
    
    
    156,300
    
    
    
    622,700
    
    
    
    629,200 Sold
    
    
    164,200
    
    
    
    128,500
    
    
    
    179,500
    
    
    
    163,100
    
    
    
    635,300
    
    
    
    618,300Average realized gold price (per ounce)
    
    $
    911
    
    
    $
    927
    
    
    $
    969
    
    
    $
    1,111
    
    
    $
    982
    
    
    $
    865Total cash costs (per ounce)
    
    $
    265
    
    
    $
    326
    
    
    $
    255
    
    
    $
    317
    
    
    $
    288
    
    
    $
    302Financial DataRevenues
    
    $
    149.9
    
    
    $
    119.3
    
    
    $
    174.1
    
    
    $
    181.5
    
    
    $
    624.8
    
    
    $
    535.8Depreciation and depletion
    
    $
    21.5
    
    
    $
    22.6
    
    
    $
    28.1
    
    
    $
    28.9
    
    
    $
    101.1
    
    
    $
    95.4Earnings from operations
    
    $
    80.8
    
    
    $
    52.2
    
    
    $
    96.5
    
    
    $
    99.7
    
    
    $
    329.2
    
    
    $
    231.5Expenditures on mining interests
    
    $
    21.9
    
    
    $
    24.2
    
    
    $
    28.9
    
    
    $
    34.8
    
    
    $
    109.8
    
    
    $
    99.6




---



##### 








---



##### 



Porcupine mine, Canada
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore milled
    
    
    998,700
    
    
    
    1,007,700
    
    
    
    1,013,900
    
    
    
    1,005,100
    
    
    
    4,025,400
    
    
    
    3,793,800Average mill head grade (grams/tonne)
    
    
    2.82
    
    
    
    2.68
    
    
    
    2.90
    
    
    
    2.40
    
    
    
    2.70
    
    
    
    2.61Average recovery rate (%)
    
    
    90
    %
    
    
    90
    %
    
    
    93
    %
    
    
    93
    %
    
    
    92
    %
    
    
    92
    %Gold (ounces) Produced
    
    
    78,300
    
    
    
    77,700
    
    
    
    90,600
    
    
    
    71,700
    
    
    
    318,300
    
    
    
    291,000 Sold
    
    
    78,600
    
    
    
    77,600
    
    
    
    90,800
    
    
    
    71,600
    
    
    
    318,600
    
    
    
    294,000Average realized gold price (per ounce)
    
    $
    909
    
    
    $
    932
    
    
    $
    959
    
    
    $
    1,103
    
    
    $
    973
    
    
    $
    869Total cash costs (per ounce)
    
    $
    450
    
    
    $
    436
    
    
    $
    406
    
    
    $
    509
    
    
    $
    447
    
    
    $
    588Financial DataRevenues
    
    $
    71.5
    
    
    $
    72.5
    
    
    $
    87.1
    
    
    $
    79.1
    
    
    $
    310.2
    
    
    $
    255.6Depreciation and depletion
    
    $
    15.7
    
    
    $
    16.0
    
    
    $
    19.0
    
    
    $
    19.2
    
    
    $
    69.9
    
    
    $
    63.9Earnings (loss) from operations (1)
    
    $
    19.6
    
    
    $
    21.0
    
    
    $
    28.1
    
    
    $
    20.0
    
    
    $
    88.7
    
    
    $
    (34.2
    )Expenditures on mining interests
    
    $
    4.4
    
    
    $
    8.9
    
    
    $
    10.1
    
    
    $
    14.2
    
    
    $
    37.6
    
    
    $
    46.2
 (1)
    
    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.




---



##### 








---



##### 



Musselwhite mine, Canada
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore milled
    
    
    319,800
    
    
    
    340,900
    
    
    
    291,800
    
    
    
    337,000
    
    
    
    1,289,500
    
    
    
    1,236,800Average mill head grade (grams/tonne)
    
    
    5.72
    
    
    
    6.94
    
    
    
    5.51
    
    
    
    5.49
    
    
    
    5.93
    
    
    
    5.56Average recovery rate (%)
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %Gold (ounces) Produced
    
    
    54,600
    
    
    
    71,900
    
    
    
    49,800
    
    
    
    56,300
    
    
    
    232,600
    
    
    
    210,500 Sold
    
    
    55,200
    
    
    
    72,100
    
    
    
    48,400
    
    
    
    55,500
    
    
    
    231,200
    
    
    
    214,000Average realized gold price (per ounce)
    
    $
    920
    
    
    $
    927
    
    
    $
    958
    
    
    $
    1,105
    
    
    $
    975
    
    
    $
    862Total cash costs (per ounce)
    
    $
    532
    
    
    $
    508
    
    
    $
    737
    
    
    $
    605
    
    
    $
    585
    
    
    $
    611Financial DataRevenues
    
    $
    50.8
    
    
    $
    66.9
    
    
    $
    46.4
    
    
    $
    61.4
    
    
    $
    225.5
    
    
    $
    184.6Depreciation and depletion
    
    $
    6.6
    
    
    $
    7.5
    
    
    $
    8.0
    
    
    $
    8.3
    
    
    $
    30.4
    
    
    $
    25.8Earnings from operations
    
    $
    12.7
    
    
    $
    21.2
    
    
    $
    1.0
    
    
    $
    17.2
    
    
    $
    52.1
    
    
    $
    21.2Expenditures on mining interests
    
    $
    15.5
    
    
    $
    16.4
    
    
    $
    23.1
    
    
    $
    23.9
    
    
    $
    78.9
    
    
    $
    31.2




---



##### 



San Dimas mine, Mexico
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore milled
    
    
    164,100
    
    
    
    172,000
    
    
    
    170,800
    
    
    
    166,400
    
    
    
    673,300
    
    
    
    657,500Average mill head grade (grams/tonne) Gold
    
    
    5.40
    
    
    
    5.04
    
    
    
    5.13
    
    
    
    5.89
    
    
    
    5.36
    
    
    
    4.29 Silver
    
    
    266
    
    
    
    241
    
    
    
    237
    
    
    
    251
    
    
    
    249
    
    
    
    261Average recovery rate (%) Gold
    
    
    97
    %
    
    
    97
    %
    
    
    98
    %
    
    
    98
    %
    
    
    97
    %
    
    
    97
    % Silver
    
    
    94
    %
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %
    
    
    95
    %
    
    
    94
    %Produced (ounces) Gold
    
    
    27,600
    
    
    
    27,100
    
    
    
    27,500
    
    
    
    30,800
    
    
    
    113,000
    
    
    
    86,700 Silver
    
    
    1,323,000
    
    
    
    1,263,900
    
    
    
    1,231,800
    
    
    
    1,274,700
    
    
    
    5,093,400
    
    
    
    5,113,500Sold (ounces) Gold
    
    
    28,000
    
    
    
    27,100
    
    
    
    27,400
    
    
    
    30,500
    
    
    
    113,000
    
    
    
    88,800 Silver
    
    
    1,352,300
    
    
    
    1,253,600
    
    
    
    1,234,200
    
    
    
    1,263,500
    
    
    
    5,103,600
    
    
    
    5,237,200Average realized price (per ounce) Gold
    
    $
    913
    
    
    $
    929
    
    
    $
    969
    
    
    $
    1,104
    
    
    $
    982
    
    
    $
    870 Silver (1)
    
    $
    4.02
    
    
    $
    4.02
    
    
    $
    4.02
    
    
    $
    4.04
    
    
    $
    4.02
    
    
    $
    3.96Total cash costs (per gold ounce)(1)
    
    $
    257
    
    
    $
    309
    
    
    $
    313
    
    
    $
    272
    
    
    $
    287
    
    
    $
    405Financial DataRevenues
    
    $
    30.5
    
    
    $
    29.6
    
    
    $
    30.6
    
    
    $
    37.9
    
    
    $
    128.6
    
    
    $
    92.6Depreciation and depletion
    
    $
    2.6
    
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    3.3
    
    
    $
    6.1
    
    
    $
    5.8Earnings from operations
    
    $
    15.3
    
    
    $
    15.3
    
    
    $
    13.6
    
    
    $
    16.8
    
    
    $
    61.0
    
    
    $
    30.0Expenditures on mining interests
    
    $
    3.5
    
    
    $
    5.4
    
    
    $
    5.3
    
    
    $
    7.9
    
    
    $
    22.1
    
    
    $
    32.2
 (1)
    
    Silver was sold to Silver Wheaton at a price of $4.04 per ounce ($4.02
prior to November 2009). The calculation of total cash costs per ounce of gold is
net of by-product silver sales revenue.




---



##### 








---



##### 



Los Filos mine, Mexico
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore mined
    
    
    6,395,000
    
    
    
    5,911,300
    
    
    
    6,040,000
    
    
    
    6,747,300
    
    
    
    25,093,600
    
    
    
    22,209,500Tonnes of waste removed
    
    
    7,620,400
    
    
    
    6,788,100
    
    
    
    7,062,000
    
    
    
    7,184,800
    
    
    
    28,655,300
    
    
    
    22,556,000Ratio of waste to ore
    
    
    1.2
    
    
    
    1.2
    
    
    
    1.2
    
    
    
    1.1
    
    
    
    1.1
    
    
    
    1.0Tonnes of ore processed
    
    
    6,436,700
    
    
    
    6,013,400
    
    
    
    6,135,200
    
    
    
    6,839,100
    
    
    
    25,424,400
    
    
    
    22,180,100Average grade processed (grams/tonne)
    
    
    0.54
    
    
    
    0.61
    
    
    
    0.63
    
    
    
    0.69
    
    
    
    0.62
    
    
    
    0.62Average recovery rate (%) (2)
    
    
    43
    %
    
    
    44
    %
    
    
    45
    %
    
    
    42
    %
    
    
    42
    %
    
    
    39
    %Gold (ounces) Produced
    
    
    60,500
    
    
    
    58,500
    
    
    
    60,200
    
    
    
    60,100
    
    
    
    239,300
    
    
    
    213,600 Sold
    
    
    60,700
    
    
    
    58,400
    
    
    
    60,100
    
    
    
    59,700
    
    
    
    238,900
    
    
    
    215,100Average realized gold price (per ounce)
    
    $
    911
    
    
    $
    924
    
    
    $
    974
    
    
    $
    1,092
    
    
    $
    975
    
    
    $
    871Total cash costs (per ounce)(1)
    
    $
    467
    
    
    $
    510
    
    
    $
    455
    
    
    $
    444
    
    
    $
    469
    
    
    $
    407Financial DataRevenues
    
    $
    55.8
    
    
    $
    54.9
    
    
    $
    59.5
    
    
    $
    66.0
    
    
    $
    236.2
    
    
    $
    189.2Depreciation and depletion
    
    $
    11.2
    
    
    $
    11.1
    
    
    $
    9.9
    
    
    $
    13.5
    
    
    $
    45.7
    
    
    $
    42.2Earnings from operations
    
    $
    15.9
    
    
    $
    9.4
    
    
    $
    22.0
    
    
    $
    25.6
    
    
    $
    72.9
    
    
    $
    58.3Expenditures on mining interests
    
    $
    21.4
    
    
    $
    18.8
    
    
    $
    12.8
    
    
    $
    19.8
    
    
    $
    72.8
    
    
    $
    49.5
 (1)
    
    Cash costs per ounce for the Los Filos open pit were $446 for 2009 and
$444, $436, $471 and $442 for the fourth, third, second and first quarters,
respectively.  Total cash costs reported include the results of the underground
operation.(2)
    
    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.




---



##### 








---



##### 



El Sauzal, Mexico
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore mined
    
    
    670,500
    
    
    
    630,700
    
    
    
    586,400
    
    
    
    592,600
    
    
    
    2,480,200
    
    
    
    2,524,800Tonnes of waste removed
    
    
    817,900
    
    
    
    925,700
    
    
    
    1,110,100
    
    
    
    1,766,700
    
    
    
    4,620,400
    
    
    
    3,997,600Ratio of waste to ore
    
    
    1.2
    
    
    
    1.5
    
    
    
    1.9
    
    
    
    3.0
    
    
    
    1.9
    
    
    
    1.6Tonnes of ore milled
    
    
    524,600
    
    
    
    544,000
    
    
    
    530,600
    
    
    
    507,000
    
    
    
    2,106,200
    
    
    
    2,106,600Average mill head grade (grams/tonne)
    
    
    4.47
    
    
    
    3.22
    
    
    
    2.86
    
    
    
    2.25
    
    
    
    3.17
    
    
    
    4.28Average recovery rate (%)
    
    
    94
    %
    
    
    94
    %
    
    
    93
    %
    
    
    93
    %
    
    
    94
    %
    
    
    95
    %Gold (ounces) Produced
    
    
    71,000
    
    
    
    53,100
    
    
    
    45,500
    
    
    
    34,200
    
    
    
    203,800
    
    
    
    274,200 Sold
    
    
    72,800
    
    
    
    53,500
    
    
    
    46,000
    
    
    
    34,200
    
    
    
    206,500
    
    
    
    274,100Average realized gold price (per ounce)
    
    $
    913
    
    
    $
    915
    
    
    $
    964
    
    
    $
    1,103
    
    
    $
    958
    
    
    $
    868Total cash costs (per ounce)
    
    $
    120
    
    
    $
    185
    
    
    $
    220
    
    
    $
    371
    
    
    $
    201
    
    
    $
    149Financial DataRevenues
    
    $
    67.1
    
    
    $
    49.0
    
    
    $
    44.6
    
    
    $
    38.0
    
    
    $
    198.7
    
    
    $
    239.3Depreciation and depletion
    
    $
    26.1
    
    
    $
    26.7
    
    
    $
    20.3
    
    
    $
    15.4
    
    
    $
    88.5
    
    
    $
    100.4Earnings from operations
    
    $
    31.6
    
    
    $
    12.1
    
    
    $
    13.4
    
    
    $
    9.0
    
    
    $
    66.1
    
    
    $
    96.1Expenditures on mining interests
    
    $
    1.3
    
    
    $
    3.0
    
    
    $
    1.0
    
    
    $
    1.0
    
    
    $
    6.3
    
    
    $
    8.4




---



##### 



Marlin mine, Guatemala
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore milled
    
    
    531,500
    
    
    
    540,800
    
    
    
    536,300
    
    
    
    552,400
    
    
    
    2,161,000
    
    
    
    1,845,000Average mill head grade (grams/tonne) Gold
    
    
    3.87
    
    
    
    4.04
    
    
    
    4.29
    
    
    
    4.83
    
    
    
    4.26
    
    
    
    4.54 Silver
    
    
    77
    
    
    
    81
    
    
    
    92
    
    
    
    99
    
    
    
    87
    
    
    
    90Average recovery rate (%) Gold
    
    
    93
    %
    
    
    91
    %
    
    
    93
    %
    
    
    93
    %
    
    
    93
    %
    
    
    90
    % Silver
    
    
    62
    %
    
    
    64
    %
    
    
    70
    %
    
    
    77
    %
    
    
    69
    %
    
    
    61
    %Produced (ounces) Gold
    
    
    64,500
    
    
    
    63,000
    
    
    
    68,800
    
    
    
    78,600
    
    
    
    274,900
    
    
    
    241,400 Silver
    
    
    857,200
    
    
    
    884,900
    
    
    
    1,083,200
    
    
    
    1,331,200
    
    
    
    4,156,500
    
    
    
    3,212,600Sold (ounces) Gold
    
    
    67,700
    
    
    
    62,000
    
    
    
    69,000
    
    
    
    75,900
    
    
    
    274,600
    
    
    
    241,300 Silver
    
    
    904,300
    
    
    
    799,800
    
    
    
    1,152,700
    
    
    
    1,272,000
    
    
    
    4,128,800
    
    
    
    3,287,500Average realized price (per ounce) Gold
    
    $
    907
    
    
    $
    927
    
    
    $
    965
    
    
    $
    1,108
    
    
    $
    982
    
    
    $
    870 Silver
    
    $
    12.80
    
    
    $
    13.76
    
    
    $
    14.96
    
    
    $
    17.59
    
    
    $
    15.07
    
    
    $
    14.64Total cash costs (per ounce) (1)
    
    $
    217
    
    
    $
    250
    
    
    $
    185
    
    
    $
    129
    
    
    $
    192
    
    
    $
    191Financial DataRevenues
    
    $
    73.0
    
    
    $
    68.5
    
    
    $
    83.9
    
    
    $
    106.4
    
    
    $
    331.8
    
    
    $
    258.1Depreciation and depletion
    
    $
    17.8
    
    
    $
    18.3
    
    
    $
    20.8
    
    
    $
    22.6
    
    
    $
    79.5
    
    
    $
    61.6Earnings from operations
    
    $
    28.9
    
    
    $
    23.5
    
    
    $
    33.2
    
    
    $
    51.3
    
    
    $
    136.9
    
    
    $
    100.0Expenditures on mining interests
    
    $
    7.4
    
    
    $
    13.4
    
    
    $
    8.0
    
    
    $
    12.5
    
    
    $
    41.3
    
    
    $
    35.3
 (1)
    
    The calculation of total cash costs per ounce of gold sold is net of
by-product silver sales revenue. If silver was treated as a co-product, total
cash costs at Marlin for 2009 would be $341 per ounce of gold and $4.98 per
ounce of silver (2008  $321 and $5.05, respectively).




---



##### 








---



##### 



Alumbrera mine, Argentina
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore mined
    
    
    2,179,000
    
    
    
    2,950,800
    
    
    
    2,301,800
    
    
    
    3,557,400
    
    
    
    10,989,000
    
    
    
    10,526,500Tonnes of waste removed
    
    
    5,838,700
    
    
    
    5,555,600
    
    
    
    5,491,700
    
    
    
    5,199,900
    
    
    
    22,085,900
    
    
    
    26,747,500Ratio of waste to ore
    
    
    2.7
    
    
    
    1.9
    
    
    
    2.4
    
    
    
    1.5
    
    
    
    2.0
    
    
    
    2.5Tonnes of ore milled
    
    
    3,341,600
    
    
    
    3,753,000
    
    
    
    3,424,100
    
    
    
    3,556,600
    
    
    
    14,075,300
    
    
    
    14,063,300Average mill head grade Gold (grams/tonne)
    
    
    0.60
    
    
    
    0.53
    
    
    
    0.39
    
    
    
    0.43
    
    
    
    0.49
    
    
    
    0.55 Copper (%)
    
    
    0.51
    %
    
    
    0.47
    %
    
    
    0.38
    %
    
    
    0.48
    %
    
    
    0.46
    %
    
    
    0.50
    %Average recovery rate (%) Gold
    
    
    73
    %
    
    
    73
    %
    
    
    68
    %
    
    
    67
    %
    
    
    71
    %
    
    
    76
    % Copper
    
    
    82
    %
    
    
    84
    %
    
    
    79
    %
    
    
    87
    %
    
    
    83
    %
    
    
    83
    %Produced Gold (ounces)
    
    
    47,200
    
    
    
    46,900
    
    
    
    29,500
    
    
    
    34,600
    
    
    
    158,200
    
    
    
    189,200 Copper (thousands of pounds)
    
    
    30,600
    
    
    
    32,600
    
    
    
    22,700
    
    
    
    32,400
    
    
    
    118,300
    
    
    
    129,700Sold Gold (ounces)
    
    
    44,400
    
    
    
    47,100
    
    
    
    33,600
    
    
    
    32,700
    
    
    
    157,800
    
    
    
    192,200 Copper (thousands of pounds)
    
    
    26,100
    
    
    
    32,900
    
    
    
    24,300
    
    
    
    31,300
    
    
    
    114,600
    
    
    
    130,800Average realized price Gold (per ounce)
    
    $
    925
    
    
    $
    930
    
    
    $
    1,006
    
    
    $
    1,140
    
    
    $
    988
    
    
    $
    870 Copper (per pound)
    
    $
    2.29
    
    
    $
    2.73
    
    
    $
    3.63
    
    
    $
    3.69
    
    
    $
    3.08
    
    
    $
    2.59Total cash costs (per gold ounce)(1)
    
    $
    (368
    )
    
    $
    (559
    )
    
    $
    (823
    )
    
    $
    (1,333
    )
    
    $
    (722
    )
    
    $
    (449
    )Financial DataRevenues
    
    $
    94.7
    
    
    $
    128.7
    
    
    $
    119.6
    
    
    $
    152.5
    
    
    $
    495.5
    
    
    $
    490.7Depreciation and depletion
    
    $
    18.3
    
    
    $
    18.3
    
    
    $
    15.9
    
    
    $
    17.6
    
    
    $
    70.1
    
    
    $
    75.3Earnings from operations
    
    $
    30.1
    
    
    $
    32.9
    
    
    $
    37.5
    
    
    $
    58.4
    
    
    $
    158.9
    
    
    $
    135.3Expenditures for mining interests
    
    $
    3.5
    
    
    $
    3.8
    
    
    $
    1.9
    
    
    $
    3.4
    
    
    $
    12.6
    
    
    $
    22.6
 (1)
    
    The calculation of total cash costs per ounce of gold is net of
by-product copper sales revenue. If copper was treated as a co-product, cash
costs at Alumbrera for 2009 would be $434 per ounce of gold and $1.54 per pound
of copper (2008  $408 and $1.37, respectively).




---



##### 








---



##### 



Marigold Mine, United States 
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore mined
    
    
    1,280,600
    
    
    
    2,044,500
    
    
    
    2,624,200
    
    
    
    2,051,800
    
    
    
    8,001,100
    
    
    
    6,466,300Tonnes of waste removed
    
    
    5,825,600
    
    
    
    5,105,100
    
    
    
    4,261,400
    
    
    
    5,077,300
    
    
    
    20,269,400
    
    
    
    18,495,200Ratio of waste to ore
    
    
    4.5
    
    
    
    2.5
    
    
    
    1.6
    
    
    
    2.5
    
    
    
    2.5
    
    
    
    2.9Tonnes of ore processed
    
    
    1,280,600
    
    
    
    2,044,500
    
    
    
    2,624,200
    
    
    
    2,051,800
    
    
    
    8,001,100
    
    
    
    6,419,300Average grade processed (grams/tonne)
    
    
    0.50
    
    
    
    0.50
    
    
    
    0.64
    
    
    
    0.84
    
    
    
    0.63
    
    
    
    0.52Average recovery rate (%)
    
    
    73
    %
    
    
    73
    %
    
    
    73
    %
    
    
    73
    %
    
    
    73
    %
    
    
    70
    %Gold (ounces) Produced
    
    
    16,600
    
    
    
    19,500
    
    
    
    29,900
    
    
    
    31,900
    
    
    
    97,900
    
    
    
    96,200 Sold
    
    
    19,500
    
    
    
    19,600
    
    
    
    29,000
    
    
    
    31,400
    
    
    
    99,500
    
    
    
    93,300Average realized gold price (per ounce)
    
    $
    912
    
    
    $
    931
    
    
    $
    964
    
    
    $
    1,111
    
    
    $
    994
    
    
    $
    872Total cash costs (per ounce)
    
    $
    728
    
    
    $
    725
    
    
    $
    542
    
    
    $
    482
    
    
    $
    596
    
    
    $
    608Financial DataRevenues
    
    $
    17.8
    
    
    $
    18.2
    
    
    $
    28.0
    
    
    $
    35.0
    
    
    $
    99.0
    
    
    $
    81.4Depreciation and depletion
    
    $
    3.0
    
    
    $
    3.0
    
    
    $
    4.3
    
    
    $
    4.5
    
    
    $
    14.8
    
    
    $
    10.4Earnings from operations
    
    $
    0.5
    
    
    $
    0.6
    
    
    $
    7.4
    
    
    $
    13.5
    
    
    $
    22.0
    
    
    $
    12.1Expenditures for mining interests
    
    $
    1.8
    
    
    $
    15.4
    
    
    $
    9.3
    
    
    $
    2.8
    
    
    $
    29.3
    
    
    $
    14.6




---



##### 



Wharf Mine, United States
 Total
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2009
    
    
    2008Tonnes of ore mined
    
    
    696,600
    
    
    
    582,200
    
    
    
    681,900
    
    
    
    815,900
    
    
    
    2,776,600
    
    
    
    3,103,100Tonnes of ore processed
    
    
    633,100
    
    
    
    680,000
    
    
    
    804,500
    
    
    
    756,900
    
    
    
    2,874,500
    
    
    
    2,945,800Average grade processed (grams/tonne)
    
    
    0.75
    
    
    
    0.85
    
    
    
    0.87
    
    
    
    0.82
    
    
    
    0.82
    
    
    
    0.86Average recovery rate (%)
    
    
    69
    %
    
    
    71
    %
    
    
    70
    %
    
    
    71
    %
    
    
    70
    %
    
    
    69
    %Gold (ounces) Produced
    
    
    15,300
    
    
    
    18,700
    
    
    
    17,300
    
    
    
    16,400
    
    
    
    67,700
    
    
    
    60,700 Sold
    
    
    14,200
    
    
    
    18,900
    
    
    
    17,700
    
    
    
    18,500
    
    
    
    69,300
    
    
    
    62,200Average realized gold price (per ounce)
    
    $
    910
    
    
    $
    924
    
    
    $
    955
    
    
    $
    1,094
    
    
    $
    974
    
    
    $
    873Total cash costs (per ounce)
    
    $
    674
    
    
    $
    596
    
    
    $
    665
    
    
    $
    805
    
    
    $
    686
    
    
    $
    481Financial DataRevenues
    
    $
    13.7
    
    
    $
    18.5
    
    
    $
    17.9
    
    
    $
    20.8
    
    
    $
    70.9
    
    
    $
    57.2Depreciation and depletion
    
    $
    1.4
    
    
    $
    2.1
    
    
    $
    1.8
    
    
    $
    2.3
    
    
    $
    7.6
    
    
    $
    3.6Earnings from operations
    
    $
    1.9
    
    
    $
    3.9
    
    
    $
    3.3
    
    
    $
    3.1
    
    
    $
    12.2
    
    
    $
    19.7Expenditures for mining interests
    
    $
    0.3
    
    
    $
    0.5
    
    
    $
    0.3
    
    
    $
    0.5
    
    
    $
    1.6
    
    
    $
    10.3




---



##### 



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 currently producing oxide and sulphide ore from the Peñasco pit. The oxide
ore, which is ancillary to the primary operation, is directly hauled to a leach facility which
commenced pre-commissioning production in the second quarter of 2008. The sulphide ore is hauled to
both the line 1 mill (Line 1), which commenced pre-commissioning production in the fourth quarter
of 2009, and to stockpiles. Upon completion of the construction of the line 2 mill (Line 2) and
high pressure grinding rolls (HPGR), Peñasquitos processing facility will ramp up to a rate of
130,000 tonnes per day. Following ramp-up, annual production over the life of mine (estimated at 22
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 2009, new reserves were calculated using the latest
exploration data and the deposit now contains 17.8 million ounces of proven and probable gold
reserves, 4.5 million ounces of measured and indicated gold resources and 1.2 million ounces of
inferred gold resources. Peñasquito also contains 1,070.1 million ounces of proven and probable
silver reserves, 391.0 million ounces of measured and indicated silver resources and 81.6 million
ounces of inferred silver resources. In addition, Peñasquito contains 7.2 million and 15.9 million
pounds of proven and probable lead and zinc reserves, respectively, 2.7 million and 9.1 million
pounds of measured and indicated lead and zinc resources, respectively, and 0.8 million and 1.6
million pounds of lead and zinc inferred resources, respectively.
 Project status
     Related to mining activities
 
    
    Fifty-seven (300-tonne) haul trucks and four electric shovels are operating at an average
mining rate of approximately 500,000 tonnes per day. All mining equipment and permanent
maintenance facilities are now in use.
    
    Oxide ore continues to be hauled to the heap leach facility and sulphide ore is being
hauled to the primary crusher or to stockpiles. The heap leach operation produced
pre-commissioning production of 83,200 ounces of gold and 2.6 million ounces of silver, with
total costs of $18.3 million ($25.1 million project to date). These costs are capitalized and
proceeds from sales during the pre-commissioning production phase are offset against
capitalized mining costs. At December 31, 2009, 9.2 million tonnes of sulphide ore were
stockpiled and an additional 2.0 million tonnes were exposed in the pit and available for
mining. The in-house RC drilling program continues to identify the ore type and quality ahead
of mining.




---



##### 



Related to the processing facilities
 
    
    Commissioning of the primary crusher commenced early in the second quarter of 2009 with the
first material crushed and conveyed on April 10, 2009.
 
    
    The Line 1 grinding, flotation and filtration circuits, including the reagents warehouse,
were commissioned during the third quarter of 2009 and are now fully operational. The first
concentrates were produced in October 2009 and as of February 28, 2010, 11,486 Dry Metric
Tonnes (DMT) of lead concentrates and 16,116 DMT of zinc concentrates had been produced and
accepted by customers, with qualities that meet commercial specifications.
 
    
    Construction efforts are now focused on Line 2 with the mills set in place, installation of
mill motors in progress and erection of flotation cells on-going. Remaining parts for the
mills are on site. Steel erection continues in the grinding and lead flotation areas, while
concrete work continues in the lead and zinc re-grind areas.
 
    
    The permit for water requirements to support full production throughout the life of mine
was received. The Torres and El Vergel well-fields are now fully operational and capable of
being controlled remotely. At December 31, 2009, sufficient water was stored for on-going mill
operation.
 Related to the exploration activities
 
    
    During 2009, activities at the site were focused on defining the south sediments of the
Chile Colorado pit as well as condemnation drilling and geotechnical drilling around the
Peñasco pit. Further drilling for the deeper manto targets was initiated.
 
    
    Regional exploration was focused on several targets, with the majority of effort focused on
Noche Buena, and drilling in the Mazapil Valley and El Quemado.
 
    
    The Noche Buena project is a mid-stage exploration project located in north-eastern
Zacatecas state, four kilometers north of the Peñasquito project. The Noche Buena property
comprises some twenty-four square kilometers and is contiguous with the northern border of the
Peñasquito land position. Historic mining has occurred on the property with the last
production being around 1990. In-fill drilling of oxide ore and continued testing of sulphide
systems remain a key focus of exploration efforts. Measured and indicated resources at
December 31, 2009 totaled 0.5 million ounces of gold and 18.4 million ounces of silver.
Inferred resources totaled 0.2 million ounces of gold and 2.0 million ounces of silver.
Current resources support the potential for a low-cost satellite heap leach operation in the
Peñasquito district.




---



##### 



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 9uébec, located in the core of what Goldcorp believes to be a
promising new gold district in North America. As of December 31, 2009, the deposit contained 3.2
million ounces of indicated gold resources at an average grade of 11.92 grams per tonne and 6.3
million ounces of inferred gold resources at an average grade of 12.93 grams per tonne.




---



##### 



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, 2009, 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.
    Escobal Project,
Guatemala




---



##### 



Pueblo Viejo, Dominican Republic (Goldcorps interest  40%)
 Pueblo Viejo is a 23.7 million ounce proven and probable gold reserve, where Goldcorps interest
represents 9.5 million ounces. The project is a partnership with Barrick Gold Corporation, the
project operator.




---



##### 



EXPENSES
 2009
    
    
    2008
    
    
    2007Corporate administration
    
    $
    137.6
    
    
    $
    136.7
    
    
    $
    132.9Exploration
    
    
    32.5
    
    
    
    66.5
    
    
    
    42.7Write-down of mining interests
    
    
    24.0
    
    
    
    47.1
    
    
    
    
    OTHER INCOME (EXPENSES)
 2009
    
    
    2008
    
    
    2007Interest and other income (expenses)
    
    $
    (19.1
    )
    
    $
    28.3
    
    
    $
    20.5Interest expense and finance fees
    
    
    (59.0
    )
    
    
    (7.2
    )
    
    
    (44.7
    )Share of earnings of equity investee
    
    
    
    
    
    
    3.9
    
    
    
    0.1Gain (loss) on non-hedge derivatives, net
    
    
    3.6
    
    
    
    (2.6
    )
    
    
    (23.5
    )Gain (loss) on securities, net
    
    
    50.2
    
    
    
    (105.9
    )
    
    
    5.5Gain on disposition of mining interests
    
    
    20.1
    
    
    
    2.6
    
    
    
    51.0Gain on disposition of Silver Wheaton shares
    
    
    
    
    
    
    292.5
    
    
    
    Dilution gains (loss)
    
    
    (0.3
    )
    
    
    2.2
    
    
    
    10.0Gain (loss) on foreign exchange
    
    
    (366.6
    )
    
    
    1,058.9
    
    
    
    (49.4
    )$
    (371.1
    )
    
    $
    1,272.7
    
    
    $
    (30.5
    )




---



##### 








---



##### 



INCOME AND MINING TAXES




---



##### 



NON-CONTROLLING INTERESTS
  Silver Wheaton
  Terrane:




---



##### 



DISCONTINUED OPERATION  LA COIPA MINE, CHILE
  Operating Data
    
    2007(1)Tonnes of ore milled
    
    
    1,704,100Average mill head grade (grams/tonne) Gold
    
    
    1.11 Silver
    
    
    183Average recovery rate Gold
    
    
    76
    % Silver
    
    
    72
    %Produced (ounces) Gold
    
    
    46,100 Silver
    
    
    7,235,300Sold (ounces) Gold
    
    
    42,400 Silver
    
    
    7,402,600Average realized price (per ounce) Gold
    
    $
    711 Silver
    
    $
    13.36Total cash costs per gold ounce(2)
    
    $
    (1,152
    )Financial DataRevenues
    
    $
    128.8Earnings from operations
    
    $
    56.6
 (1)
    
    The results of La Coipa are included in Goldcorps financial results for
the period to December 21, 2007, the date of disposition.(2)
    
    The calculation of total cash costs per gold ounce 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.




---



##### 



NON-GAAP MEASURE  TOTAL CASH COSTS (BY-PRODUCT) PER GOLD OUNCE CALCULATION
  2009
    
    
    2008
    
    
    2007Cash costs, continuing operationsOperating expenses per consolidated financial statements (2)
    
    $
    1,187.3
    
    
    $
    1,164.2
    
    
    $
    953.8Treatment and refining charges on concentrate sales
    
    
    24.1
    
    
    
    25.5
    
    
    
    48.4By-product silver and copper sales
    
    
    (454.3
    )
    
    
    (426.0
    )
    
    
    (576.5
    )Alumbrera export retention
    
    
    (51.7
    )
    
    
    (42.9
    )
    
    
    (4.6
    )San Martin operating expenses, in reclamation (3)
    
    
    (0.1
    )
    
    
    (19.6
    )
    
    
    Realized gains on currency, heating oil and copper contracts
    
    
    (6.9
    )
    
    
    
    
    
    
    Non-cash and other adjustments
    
    
    (6.2
    )
    
    
    (0.1
    )
    
    
    (5.3
    )Total cash costs (by-product)
    
    $
    692.2
    
    
    $
    701.1
    
    
    $
    415.8Divided by ounces of gold sold (3)
    
    
    2,344,700
    
    
    
    2,293,200
    
    
    
    2,211,000Total cash costs (by-product) per ounce of gold(1)
    
    $
    295
    
    
    $
    305
    
    
    $
    188Cash costs, including discontinued operationsOperating expenses per consolidated financial statements (2)
    
    $
    1,187.3
    
    
    $
    1,164.2
    
    
    $
    1,005.4Treatment and refining charges on concentrate sales
    
    
    24.1
    
    
    
    25.5
    
    
    
    48.9By-product silver and copper sales
    
    
    (454.3
    )
    
    
    (426.0
    )
    
    
    (677.4
    )Alumbrera export retention
    
    
    (51.7
    )
    
    
    (42.9
    )
    
    
    (4.6
    )San Martin operating expenses, in reclamation (3)
    
    
    (0.1
    )
    
    
    (19.6
    )
    
    
    Realized gains on currency, heating oil and copper contracts
    
    
    (6.9
    )
    
    
    
    
    
    
    Non-cash and other adjustments
    
    
    (6.2
    )
    
    
    (0.1
    )
    
    
    (5.3
    )Total cash costs (by-product)
    
    $
    692.2
    
    
    $
    701.1
    
    
    $
    367.0Divided by ounces of gold sold (3)
    
    
    2,344,700
    
    
    
    2,293,200
    
    
    
    2,253,400Total cash costs (by-product)per ounce of gold
    
    $
    295
    
    
    $
    305
    
    
    $
    163
 (1)
    
    If silver and copper were treated as co-products, total cash costs of
continuing operations would be $391 per ounce of gold (2008  $391 per ounce,
2007  $305 per ounce).(2)
    
    $69.4 million in royalties are included in operating expenses per the
consolidated financial statements (2008  $67.2 million, 2007  $135.0 million).(3)
    
    San Martin mine ended its mining process in October 2007, and is therefore
excluded from the figures above commencing 2008.




---



##### 



NON-GAAP MEASURE  ADJUSTED NET EARNINGS
  Year ended December 31
    
    2009
    
    
    2008
    
    
    2007Net earnings per consolidated financial statements
    
    $
    240.2
    
    
    $
    1,475.6
    
    
    $
    460.1Unrealized foreign exchange loss (gain) on translation of future income tax liabilities
    
    
    324.3
    
    
    
    (1,070.9
    )
    
    
    54.6Unrealized foreign exchange loss on translation of current taxes payable on
disposition of Silver Wheaton shares
    
    
    21.8
    
    
    
    
    
    
    
    Unrealized loss (gain) on currency, heating oil and copper contracts , net of tax
    
    
    2.3
    
    
    
    (5.3
    )
    
    
    2.4Loss (gain) on securities, net of tax
    
    
    (49.7
    )
    
    
    105.9
    
    
    
    (4.7
    )Dilution loss (gains)
    
    
    0.3
    
    
    
    (2.2
    )
    
    
    (10.0
    )Gain on disposition of mining interests, net of tax
    
    
    (15.1
    )
    
    
    (0.5
    )
    
    
    (15.6
    )Gain on disposition of mining interests included in discontinued operation, net of tax
    
    
    
    
    
    
    
    
    
    
    (46.4
    )Gain on disposition of Silver Wheaton shares, net of tax
    
    
    
    
    
    
    (136.5
    )
    
    
    Write-down of mining interests, net of tax
    
    
    17.3
    
    
    
    30.9
    
    
    
    Non-recurring withholding taxes accrual
    
    
    27.9
    
    
    
    
    
    
    
    Transaction costs expensed relating to issuance of convertible senior notes, net of tax
    
    
    12.6
    
    
    
    
    
    
    
    Write-off of Alumbrera export retention tax overpayment receivable, net of tax
    
    
    6.3
    
    
    
    
    
    
    
    Total adjusted net earnings
    
    $
    588.2
    
    
    $
    397.0
    
    
    $
    440.4Weighted average shares outstanding (000s)
    
    
    731,306
    
    
    
    711,862
    
    
    
    704,868Adjusted net earnings per share
    
    $
    0.80
    
    
    $
    0.56
    
    
    $
    0.62
 December 31
    
    
    September 30
    
    
    December 31Three months ended
    
    2009
    
    
    2009
    
    
    2008Net earnings per consolidated financial statements
    
    $
    66.7
    
    
    $
    114.2
    
    
    $
    958.1Unrealized foreign exchange loss (gain) on translation of future income tax liabilities
    
    
    122.6
    
    
    
    17.5
    
    
    
    (985.7
    )Unrealized foreign exchange loss on translation of current taxes payable on
disposition of Silver Wheaton shares
    
    
    3.6
    
    
    
    11.4
    
    
    
    Unrealized loss on currency, heating oil and copper contracts , net of tax
    
    
    4.2
    
    
    
    2.7
    
    
    
    0.7Loss (gain) on securities, net of tax
    
    
    (44.1
    )
    
    
    (5.2
    )
    
    
    81.2Dilution gains
    
    
    (0.4
    )
    
    
    
    
    
    
    (0.3
    )Gain on disposition of mining interests, net of tax
    
    
    (15.1
    )
    
    
    
    
    
    
    (0.5
    )Write-down of mining interests, net of tax
    
    
    17.3
    
    
    
    
    
    
    
    30.9Non-recurring withholding taxes accrual
    
    
    27.9
    
    
    
    
    
    
    
    Total adjusted net earnings
    
    $
    182.7
    
    
    $
    140.6
    
    
    $
    84.4Weighted average shares outstanding (000s)
    
    
    733,079
    
    
    
    731,815
    
    
    
    729,106Adjusted net earnings per share
    
    $
    0.25
    
    
    $
    0.19
    
    
    $
    0.12




---



##### 



FINANCIAL INSTRUMENTS AND RELATED RISKS
   Credit risk
    2009
    
    
    2008Cash and cash equivalents
    
    $
    874.6
    
    
    $
    262.3Accounts receivable
    
    
    232.6
    
    
    
    178.6Current derivative assets
    
    
    8.1
    
    
    
    $
    1,115.3
    
    
    $
    440.9
 Liquidity risk




---



##### 



2009
    
    
    2008Within 1
    
    
    2 to 3
    
    
    4 to 5
    
    
    Over 5year
    
    
    years
    
    
    years
    
    
    years
    
    
    Total
    
    
    TotalAccounts payable and accrued liabilities
    
    $
    382.0
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    382.0
    
    
    $
    282.6Current derivative liabilities
    
    
    11.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11.4
    
    
    
    Debt re-payments (principal portion)
    
    
    16.7
    
    
    
    
    
    
    
    862.5
    
    
    
    
    
    
    
    879.2
    
    
    
    5.3Interest payments on convertible senior
notes
    
    
    19.9
    
    
    
    34.5
    
    
    
    34.5
    
    
    
    
    
    
    
    88.9
    
    
    
    Capital expenditure commitments
    
    
    132.6
    
    
    
    39.7
    
    
    
    
    
    
    
    
    
    
    
    172.3
    
    
    
    294.1Minimum rental and lease payments
    
    
    2.0
    
    
    
    3.3
    
    
    
    3.2
    
    
    
    3.0
    
    
    
    11.5
    
    
    
    11.4Reclamation and closure cost obligations
    
    
    24.5
    
    
    
    23.6
    
    
    
    17.8
    
    
    
    457.6
    
    
    
    523.5
    
    
    
    482.9$
    589.1
    
    
    $
    101.1
    
    
    $
    918.0
    
    
    $
    460.6
    
    
    $
    2,068.8
    
    
    $
    1,076.3
  .
  Market Risk
 (i) Currency risk




---



##### 



Accountsreceivableand other
    
    
    Income and
    
    
    Accountscurrent and
    
    
    mining taxes
    
    
    payable and
    
    
    
    
    
    
    FutureCash and cash
    
    
    long-term
    
    
    receivable
    
    
    accrued
    
    
    Current
    
    
    income tax2009
    
    equivalents
    
    
    assets
    
    
    (payable)
    
    
    liabilities
    
    
    debt
    
    
    liabilitiesCanadian dollar
    
    $
    4.0
    
    
    $
    10.8
    
    
    $
    (167.5
    )
    
    $
    (152.0
    )
    
    $
    (16.7
    )
    
    $
    (1,216.9
    )Mexican peso
    
    
    9.5
    
    
    
    86.1
    
    
    
    3.2
    
    
    
    (128.9
    )
    
    
    
    
    
    
    (2,371.7
    )Argentinean peso
    
    
    1.0
    
    
    
    17.8
    
    
    
    (49.8
    )
    
    
    (55.5
    )
    
    
    
    
    
    
    (107.5
    )Guatemalan quetzal
    
    
    3.5
    
    
    
    12.1
    
    
    
    
    
    
    
    (23.3
    )
    
    
    
    
    
    
    (12.3
    )$
    18.0
    
    
    $
    126.8
    
    
    $
    (214.1
    )
    
    $
    (359.7
    )
    
    $
    (16.7
    )
    
    $
    (3,708.4
    )
 Accountsreceivable and
    
    
    Income and
    
    
    Accountsother current
    
    
    mining taxes
    
    
    payable and
    
    
    
    
    
    
    FutureCash and cash
    
    
    and long-term
    
    
    receivable
    
    
    accrued
    
    
    Long term
    
    
    income tax2008
    
    equivalents
    
    
    assets
    
    
    (payable)
    
    
    liabilities
    
    
    Debt
    
    
    liabilitiesCanadian 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
    )
   (ii) Interest rate risk




---



##### 



(iii) Price risk
   CAPITAL RESOURCES
  At December 31
    
    2009
    
    
    2008Equity
    
    $
    15,493.2
    
    
    $
    14,959.1Current and long-term debt
    
    
    735.7
    
    
    
    5.316,228.9
    
    
    
    14,964.4Less: cash and cash equivalents
    
    
    (874.6
    )
    
    
    (262.3
    )$
    15,354.3
    
    
    $
    14,702.1




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##### 



OTHER RISKS AND UNCERTAINTIES
 Foreign Operations
     Government Regulation
  Environmental Regulation




---



##### 



Other
 Description of the Business  Risk Factors
 CRITICAL ACCOUNTING POLICIES
  Inventories
   Mining Interests




---



##### 



Goodwill and Impairment Testing
   Reclamation and Closure Cost Obligations




---



##### 



Future Tax Assets and Liabilities
    Foreign Currency Translation




---



##### 



RECENT CANADIAN ACCOUNTING PRONOUNCEMENTS
 Accounting policies implemented effective January 1, 2007
 Comprehensive Income Equity Financial
Instruments  Recognition and Measurement Financial Instruments  Disclosure and
Presentation Hedges
 Accounting policies implemented effective January 1, 2008
 Financial Instruments  Disclosures Financial Instruments  Presentation Financial Instruments 
Disclosure and Presentation Capital
Disclosures
 Inventories Inventories
 Income Statement
Presentation Of A Tax Loss Carryforward Recognized Following An Unrealized Gain Recorded In
Other Comprehensive Income




---



##### 



Accounting policies implemented during 2009
 Goodwill and Intangible
Assets Goodwill and Other
Intangible Assets Research and Development Costs
 Credit Risk and the Fair Value
of Financial Assets and Financial Liabilities
 Mining Exploration Costs Accounting by Mining Enterprises for
Exploration Costs
 Financial Instruments  Disclosures
 Financial Instruments  Recognition and Measurement
 Accounting policies to be implemented effective January 1, 2010
 Business Combinations Consolidated Financial Statements Non-controlling
Interests Business Combinations Consolidated Financial Statements.




---



##### 



Accounting policies to be implemented effective January 1, 2011
  Multiple Deliverable Revenue
Arrangements
 International Financial Reporting Standards




---



##### 



Impairment of mining interests and goodwill
    Deferred taxes




---



##### 



Classification and measurement of financial liabilities
   Measurement of reclamation and closure cost obligations




---



##### 



Plant and equipment
  Accounting for joint ventures
 - Interests in Joint Ventures Joint Arrangements
 IFRS 1  First-time adoption of International Financial Reporting Standards (IFRS 1)
  (a)
    
    Not accounting for business combinations that occurred prior to January 1, 2010 using
the principles of IFRS 3  Business combinations, which are equivalent to the principles of
Section 1582 under Canadian GAAP which the Company adopted effective January 1, 2010 on a
prospective basis;
 (b)
    
    Measuring certain mining properties and plant and equipment at deemed cost on January
1, 2010, being the related assets fair values on that date;




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##### 



(c)
    
    Not applying the recognition and measurement principles of IFRIC 1  Changes in
Existing Decommissioning, Restoration and Similar Liabilitiesfor changes in such
liabilities that occurred prior to January 1, 2010; and instead measuring the Companys
reclamation and closure cost obligations at fair value on January 1, 2010, estimating the
amounts that would have been included in the cost of the related mining properties when the
obligations first arose using the applicable historical country-specific risk free rates
and recalculating the accumulated depreciation and depletion for such assets at January 1,
2010;
 (d)
    
    Not re-measuring stock-based compensation expense relating to stock options and
restricted share units granted prior to November 7, 2002 and those granted after November
7, 2002 but have vested as at January 1, 2010;
 (e)
    
    Recognizing the cumulative effect of actuarial gains and losses on defined benefit
pension plans in retained earnings at January 1, 2010; and
 (f)
    
    Recognizing the cumulative translation differences from translating foreign operations
previously recorded in AOCI in retained earnings at January 1, 2010.
 OUTLOOK




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##### 



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




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##### 



Limitation on Scope of Design
  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
Companys plans or future financial or operating performance, the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, conclusions of economic assessments of
projects, the timing and amount of estimated future production, costs of future production, future
capital expenditures, costs and timing of the development of new deposits, success of exploration
activities, permitting time lines, requirements for additional capital, sources and timing of
additional financing, realization of unused tax benefits and future outcome of legal and tax
matters. 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,
will continue 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. The material factors or assumptions used to develop material forward-looking statements
are disclosed throughout this document. Forward-looking statements, while based on managements
best estimates and assumptions, 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 successful integration of
acquisitions; risks related to international operations; risks related to joint venture operations;
risks related to general economic conditions and credit availability, actual results of current
exploration activities, unanticipated reclamation expenses; changes in project parameters as plans
continue to be refined; fluctuations in prices of metals including gold, silver and copper;
fluctuations in foreign currency exchange rates, increases in market prices of mining consumables,
possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of development or construction activities,
changes in national and local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries in which the Company operates,
actual resolutions of legal and tax matters, 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, 2009, 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. Information reflected in forward-looking statements are reviewed periodically by the
Companys management. The Company has and continues to disclose in its Managements Discussion and
Analysis and other publicly filed documents, changes to material factors or assumptions underlying
the forward-looking statements and to the validity of the statements themselves, in the period the
changes occur.
 CAUTIONARY NOTE REGARDING RESERVES AND RESOURCES
 Readers should refer to the annual information form of Goldcorp for the year ended December 31,
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.