<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 6 - K
[X] Pursuant to Rule 13a-16 or 15d-16 of the SECURITIES EXCHANGE ACT OF 1934
GOLDCORP INC.
-------------
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-12970
PROVINCE OF ONTARIO 98770100
- ------------------------------------- ----------------------------
(State of other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
SUITE 2700, 145 KING STREET WEST
TORONTO, ONTARIO, CANADA M5H 1J9
(416) 865-0326
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
<PAGE>
2
FORM 27
MATERIAL CHANGE REPORT UNDER SECTION 75(2) OF THE ACT
ONTARIO SECURITIES ACT OR EQUIVALENT IN OTHER PROVINCES
ITEM 1 REPORTING ISSUER:
GOLDCORP INC. ("GOLDCORP")
Suite 2700, 145 King Street West
TORONTO, Ontario
M5H 1J8
Canada
ITEM 2 DATE OF MATERIAL CHANGE:
February 20, 1998.
ITEM 3 PRESS RELEASE
February 20, 1998. A copy of the News Release is attached.
ITEM 4 SUMMARY OF MATERIAL CHANGE:
Goldcorp reported a loss of U.S. $94.1 million for the financial year
ended December 31, 1997.
ITEM 5 FULL DESCRIPTION OF MATERIAL CHANGE:
ALL MONETARY AMOUNTS ARE IN U.S. DOLLARS.
Goldcorp used a gold price of $300 per ounce to calculate its gold
reserves at December 31, 1997 compared to $380 per ounce at December
31, 1996/ The resultant writedown of certain mining assets by $88.2
million in the fourth quarter of 1997 was the main reason for the
$94.1 million loss recorded at year-end.
The recorded loss of $92.2 million and $94.1 million for the quarter
and the year ended December 31, 1997, respectively, were mainly due to
the $84.1 million writedown of the carrying value of the Wharf Mine.
In addition, a writedown of $4.1 million was recorded for 1997
relating to the value of the existing mill and other infrastructure at
the Red Lake Mine as a result of the Company's decision to build a new
mill and
<PAGE>
3
infrastructure to accommodate production of the new high grade ore
deposit.
Other factors contributing to the loss in 1997 were a lower realized
gold price, a provision of $7.6 million for the decline in market
value of the Company's investments in marketable securities and the
ongoing costs of maintaining the Red Lake Mine pending satisfactory
resolution of the labour strike which began in June 1996.
PERMITTED GOLD RESERVES
At the end of 1996, Goldcorp's permitted proven and probable reserves
were 1,488,000 ounces, and possible reserves were 1,104,000 ounces,
all of which were based on a gold price of $380 per ounce.
At the end of 1997, Goldcorp used a gold price assumption of $300 per
ounce in calculating its gold reserves in light of depressed gold
prices continuing near 18-year lows. Permitted proven and probable
reserves at year-end were 1,260,000 ounces and possible reserves were
1,233,000 ounces. A full year of mining at the Company's Wharf Mine
depleted reserves by 118,000 ounces.
At the Red Lake Mine the discovery of additional ore during 1997
increased the total high grade ore reserves by 338,000 ounces to
1,284,000 in all three reserve categories. Total reserves from
sulphide ore, however, were reduced in 1997 by 318,000 ounces to
581,000 ounces due to a lower gold price used in calculating reserves.
UNPERMITTED GOLD RESERVES
During 1997, the Wharf Mine adopted a revised mining plan for its
Clinton Project that significantly decreased the unpermitted reserves
by 446,000 to 647,000 at year-end. In consultations with local
government authorities in Lawrence County, South Dakota, relating to
the mining permit application for the Clinton project, Goldcorp has
agreed to a compromise to exclude from the permit application the
reserves located on certain areas of the deposit. Pincock, Allen &
Holt, Inc., an independent mining engineering firm, completed the
final feasibility study on the Clinton Project based on the revised
mining plan.
ITEM 6 RELIANCE ON SECTION 75(3) OF THE ACT:
This report is not filed on a confidential basis.
<PAGE>
4
ITEM 7 OMITTED INFORMATION
None
ITEM 8 SENIOR OFFICER:
Rolando C. Francisco
President
Goldcorp Inc.
Suite 2700, 145 King Street West
TORONTO, Ontario M5H 1J8
Telephone: (416) 865-0326
Facsimile: (416) 361-5741
ITEM 9 STATEMENT OF SENIOR OFFICER:
The foregoing accurately discloses the material change referred to
herein.
Toronto, Ontario
February 26, 1998 /s/Abraham N. Rubinfeld
----------------------------------
Abraham N. Rubinfeld
Vice President, Legal and Secretary
<PAGE>
5
GOLDCORP 1997 RESULTS
RESERVES CALCULATED AT $300 PER OUNCE GOLD
(ALL AMOUNTS IN THIS NEWS RELEASE ARE EXPRESSED IN
UNITED STATES DOLLARS, UNLESS OTHERWISE INDICATED.)
WRITEDOWN OF MINING ASSETS
Goldcorp used a gold price of $300 per ounce to calculate its gold reserves at
December 31, 1997 compared to $380 per ounce at December 31, 1996. The
resultant writedown of certain mining assets by $88.2 million in the fourth
quarter of 1997 was the main reason for the $94.1 million loss recorded at year
end.
FINANCIAL AND OPERATING RESULTS
<TABLE>
<CAPTION>
Three months ended Twelve months ended
December 31, December 31,
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
(IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AND PER OUNCE AMOUNTS)
Revenues $ 15.3 $ 17.0 $ 62.1 $ 79.4
Earnings (loss) (92.2) 0.6 (94.1) 8.6
Earnings (loss) per share
Basic (1.35) 0.01 (1.38) 0.14
Fully diluted (1.35) 0.01 (1.38) 0.13
Cash flow from operations 0.9 4.9 4.6 20.3
Gold produced (ounces) 26,353 25,730 103,145 143,431
Gold sold (ounces) 29,200 26,045 105,100 143,426
Average realized price per
ounce of gold sold $ 304 $ 378 $ 326 $ 379
Average operating cost per
ounce of gold sold
Cash production cost $ 201 $ 225 $ 226 $ 275
Royalties and severance taxes 19 25 18 21
Non-cash cost 76 52 85 60
-------- -------- -------- --------
Total operating cost $ 296 $ 302 $ 329 $ 356
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
The recorded loss of $92.2 million and $94.1 million for the quarter and the
year ended December 31, 1997, respectively, were mainly due to the $84.1
million writedown of the carrying value of the Wharf Mine.
In addition, a writedown of $4.1 million was recorded for 1997 relating to
the value of the existing mill and other infrastructure at the Red Lake Mine
as a result of the Company's decision to build a new mill and infrastructure
in order to accommodate production of the new high grade ore deposit.
<PAGE>
6
Other factors contributing to the loss in 1997 were a lower realized gold
price, a provision of $7.6 million for the decline in market value of the
Company's investments in marketable securities, and the ongoing costs of
maintaining the Red Lake Mine pending satisfactory resolution of the labour
strike which began in June 1996.
In 1996, Goldcorp recorded earnings mainly due to the realized pre-tax gains
of $16.4 million ($9.1 million after-tax) on the sale of marketable
securities.
GOLDCORP GOLD RESERVES
Goldcorp used a gold price assumption of $300 PER OUNCE in determining its
writedown and gold reserves at December 31, 1997. The table below shows
Goldcorp gold reserves at different prices for gold, which have been audited
by an independent geological consultant. A detailed breakdown of year-end
1997 reserves is given in the table on page 6 and 7.
SENSITIVITY OF RESERVES TO THE PRICE OF GOLD
<TABLE>
<CAPTION>
As at December 31,
------------------------------------
1997 1996
-------------------------- ------
Gold price per ounce assumption $ 260 $ 300 $ 350 $ 380
------ ------ ------ ------
<S> <C> <C> <C> <C>
Mine Properties (IN THOUSANDS OF OUNCES)
- ---------------
Red Lake Mine
Proven 132 176 225 286
Probable 478 543 629 519
Possible 1,100 1,146 1,204 1,040
------ ------ ------ ------
1,710 1,865 2,058 1,845
------ ------ ------ ------
Wharf Mine
Proven 407 529 590 654
Probable 8 12 15 29
Possible 75 87 106 64
------ ------ ------ ------
490 628 711 747
------ ------ ------ ------
Clinton Project (Unpermitted)
Proven 483 575 676 803
Probable 22 29 72 93
Possible 33 43 48 197
------ ------ ------ ------
538 647 796 1,093
------ ------ ------ ------
Total Reserves 2,738 3,140 3,565 3,685
------ ------ ------ ------
------ ------ ------ ------
</TABLE>
<PAGE>
7
PERMITTED GOLD RESERVES
At the end of 1996, Goldcorp's permitted proven and probable reserves were
1,488,000 ounces, and possible reserves were 1,104,000 ounces, all of which were
based on a gold price of $380 per ounce.
At the end of 1997, Goldcorp used a gold price assumption of $300 per ounce in
calculating its gold reserves in light of depressed gold prices continuing near
18-year lows. Permitted proven and probable reserves at year-end were 1,260,000
ounces and possible reserves were 1,233,000 ounces. A full year of mining at
the Company's Wharf Mine depleted reserves by 118,000 ounces.
At the Red Lake Mine the discovery of additional ore during 1997 increased the
total high grade ore reserves by 338,000 ounces to 1,284,000 in all three
reserve categories. Total reserves from sulphide ore, however, were reduced in
1997 by 318,000 ounces to 581,000 ounces due to a lower gold price used in
calculating reserves.
UNPERMITTED GOLD RESERVES
During 1997, the Wharf Mine adopted a revised mining plan for its Clinton
Project that significantly decreased the unpermitted reserves by 446,000 to
647,000 at year-end. In consultations with local government authorities in
Lawrence County, South Dakota, relating to the mining permit application for the
Clinton project, Goldcorp has agreed to a compromise to exclude from the permit
application the reserves located on certain areas of the deposit. Pincock,
Allen & Holt, Inc. an independent mining engineering firm, completed the final
feasibility study on the Clinton Project based on the revised mining plan.
INDUSTRIAL MINERAL OPERATIONS - SASKATCHEWAN MINERALS AND HAVELOCK LIME
Goldcorp's sodium sulphate operations at Saskatchewan Minerals and lime
operations at Havelock Lime recorded an operating profit of $7.4 million on net
revenues of $27.5 million in 1997. Operating cash flow for 1997 was $8.8
million. In 1996, the operating profit was $8.9 million on net revenues of
$26.6 million, and the operating cash flow was $10.3 million.
The operating profit and cash flow were lower in 1997 due to certain costs that
were incurred arising from a record flood that occurred in Saskatchewan during
the spring. In addition, non-recurring maintenance and other expenses were
incurred during the year at both Saskatchewan Minerals and Havelock Lime.
Saskatchewan Minerals is one of the world's leading producers of natural
high-quality sodium sulphate from its two operations in Saskatchewan.
Saskatchewan Minerals' recoverable sodium sulphate reserves total 9.6 million
tons which are sufficient to accommodate the current production rate for over 30
years. A Cdn$5.4 million capital
<PAGE>
8
expenditure program is planned for 1998 to 2000 in order to increase the
efficiency of Saskatchewan Minerals' plants.
Havelock Lime is the leading producer of processed lime and limestone products
serving the pulp and paper, steel, mining, smelting, agricultural and
environmental industries in Canada's Atlantic provinces and in the State of
Maine. The proven and probable reserves from Havelock's own properties and from
properties under a lease agreement are 12.8 million tons of limestone. These
reserves are sufficient to accommodate the current production rate of both
processed calcined and hydrated lime and limestone products for over 35 years.
A Cdn$2.6 million capital expenditure program is planned for 1998 to 2000 in
order to upgrade the efficiency of the production facilities.
FINANCING OF RED LAKE MINE DEVELOPMENT
In December 1997, Canadian Industrial Minerals Income Trust, a new income trust
formed by Goldcorp, filed a preliminary prospectus for an initial public
offering of units of the Trust with the securities regulatory authorities in
each of the provinces of Canada. Proceeds of the Trust's offering, if and when
completed, will be used to acquire the industrial mineral operations, consisting
of Saskatchewan Minerals and Havelock Lime, from Goldcorp.
The proceeds that Goldcorp would receive from the sale of its industrial mineral
assets to the Trust would be used to finance a significant portion of the
estimated development costs of the Red Lake Mine. Several financing
alternatives are being considered to raise the balance of the development costs
with particular preference for minimum shareholder dilution.
FORWARD-LOOKING STATEMENTS
This press release includes certain "Forward-Looking Statements" within the
meaning of section 21E of the United States Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact, included
herein, including without limitation, statements regarding potential
mineralization and reserves, exploration results and future plans and objectives
of Goldcorp Inc. ("Goldcorp"), are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from Goldcorp expectations are
disclosed under the heading "Risk Factors" and elsewhere in Goldcorp documents
filed from time to time with the Toronto Stock Exchange, the United States
Securities and Exchange Commission and other regulatory authorities.
Attached are the Goldcorp's gold reserves tables and the consolidated financial
statements as at and for the year ended December 31, 1997.
<PAGE>
9
RED LAKE MINE - GOLD RESERVES
<TABLE>
<CAPTION>
As at December 31, 1997 As at December 31, 1996
------------------------------------ ------------------------------------
Contained Contained
Tons Grade Ounces Tons Grade Ounces
of Ore per Ton of Gold of Ore per Ton of Gold
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
(THOUSANDS) (OUNCES) (THOUSANDS) (THOUSANDS) (OUNCES) (THOUSANDS)
GOLD PRICE ASSUMPTION (AT US$300 PER OUNCE) (AT US$380 PER OUNCE)
HIGH GRADE ORE
BELOW 30 LEVEL
Proven 9 0.81 8 5 0.99 5
Probable 238 1.40 333 108 1.35 146
-------- -------- -------- -------- -------- --------
Sub-total 247 1.38 341 113 1.34 151
Possible 733 1.29 943 548 1.45 795
-------- -------- -------- -------- -------- --------
Total 980 1.31 1,284 661 1.43 946
-------- -------- -------- -------- -------- --------
SULPHIDE ORE
BELOW 30 LEVEL
Proven 6 0.49 3 33 0.30 10
Probable 84 0.33 28 203 0.30 61
-------- -------- -------- -------- -------- --------
Sub-total 90 0.34 31 236 0.30 71
Possible 122 0.38 46 206 0.32 66
-------- -------- -------- -------- -------- --------
Total 212 0.36 77 442 0.31 137
-------- -------- -------- -------- -------- --------
SURFACE DOWN TO 30 LEVEL
Proven 425 0.39 165 766 0.35 271
Probable 505 0.36 182 964 0.32 312
-------- -------- -------- -------- -------- --------
Sub-total 930 0.37 347 1,730 0.34 583
Possible 408 0.38 157 559 0.32 179
-------- -------- -------- -------- -------- --------
Total 1,338 0.38 504 2,289 0.33 762
-------- -------- -------- -------- -------- --------
TOTAL RESERVES
PROVEN 176 286
PROBABLE 543 519
-------- --------
SUB-TOTAL 719 805
POSSIBLE 1,146 1,040
-------- --------
TOTAL - RED LAKE 1,865 1,845
-------- --------
-------- --------
</TABLE>
<PAGE>
10
WHARF MINE - GOLD RESERVES
<TABLE>
<CAPTION>
As at December 31, 1997 As at December 31, 1996
------------------------------------ ------------------------------------
Contained Contained
Tons Grade Ounces Tons Grade Ounces
of Ore per Ton of Gold of Ore per Ton of Gold
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
(THOUSANDS) (OUNCES) (THOUSANDS) (THOUSANDS) (OUNCES) (THOUSANDS)
GOLD PRICE ASSUMPTION (AT US$300 PER OUNCE) (AT US$380 PER OUNCE)
WHARF MINE
Proven 18,900 0.028 529 23,370 0.028 654
Probable 400 0.029 12 1,236 0.023 28
-------- -------- -------- -------- -------- --------
Sub-total 19,300 0.028 541 24,606 0.028 682
Possible 3,100 0.028 87 2,775 0.023 64
-------- -------- -------- -------- -------- --------
Total 22,400 0.028 628 27,381 0.027 746
-------- -------- -------- -------- -------- --------
CLINTON PROJECT (UNPERMITTED)
Proven 17,029 0.034 575 26,582 0.030 803
Probable 1,523 0.019 29 4,733 0.020 93
-------- -------- -------- -------- -------- --------
Sub-total 18,552 0.033 604 31,315 0.029 896
Possible 920 0.046 43 7,345 0.027 197
-------- -------- -------- -------- -------- --------
Total 19,472 0.032 647 38,660 0.028 1,093
-------- -------- -------- -------- -------- --------
TOTAL RESERVES
PROVEN 1,104 1,457
PROBABLE 41 121
-------- --------
SUB-TOTAL 1,145 1,578
POSSIBLE 130 261
-------- --------
TOTAL - WHARF 1,275 1,839
-------- --------
-------- --------
</TABLE>
<PAGE>
11
GOLDCORP INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS OF UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
As at December 31,
----------------------
1997 1996
--------- ---------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and short-term investments $ 12,473 $ 30,007
Gold bullion inventory 100 714
Accounts receivable 7,285 9,960
Marketable securities 15,445 26,607
Inventories 8,102 8,079
Deferred income taxes 3,382
Prepaid expenses 1,507 1,012
--------- ---------
48,294 76,379
MINING INTERESTS, NET 68,378 146,926
DEPOSITS FOR RECLAMATION COSTS 3,135 3,520
OTHER ASSETS 2,941 2,459
--------- ---------
$ 122,748 $ 229,284
--------- ---------
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 14,602 $ 14,357
Taxes payable 3,785 11,203
Current portion of long-term debt 7,128
--------- ---------
18,387 32,688
--------- ---------
LONG-TERM DEBT 60
--------- ---------
PROVISION FOR RECLAMATION COSTS AND OTHER LIABILITIES 6,466 4,080
--------- ---------
DEFERRED INCOME TAXES 10,890 7,179
--------- ---------
SHAREHOLDERS' EQUITY
Capital stock 81,734 81,299
Contributed surplus 5,472 76,223
Cumulative translation adjustment (201) 4,212
Retained earnings 23,543
--------- ---------
87,005 185,277
--------- ---------
$ 122,748 $ 229,284
--------- ---------
--------- ---------
</TABLE>
<PAGE>
12
GOLDCORP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS OF UNITED STATES DOLLARS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Years ended December 31,
-----------------------------------
1997 1996 1995
--------- --------- ---------
<S> <C> <C> <C>
Revenues
Gold bullion $ 34,547 $ 52,818 $ 69,106
Industrial minerals 27,518 26,628 22,550
--------- --------- ---------
62,065 79,446 91,656
--------- --------- ---------
Expenses
Operating 51,944 63,560 68,118
Corporate administration 3,925 3,878 4,019
Depreciation and depletion 10,585 10,262 13,450
Exploration 721 304 913
Writedown of mining interests 88,217 3,107 11,485
--------- --------- ---------
155,392 81,111 97,985
--------- --------- ---------
Loss from operations (93,327) (1,665) (6,329)
--------- --------- ---------
Other income (expense)
Interest and other income 3,269 3,600 3,439
Gain on marketable securities 1,031 16,404 2,943
Provision for decline in value of
marketable securities (7,631)
Interest expense
Long-term debt (160) (1,006) (1,157)
Other (15) (28) (88)
--------- --------- ---------
(3,506) 18,970 5,137
--------- --------- ---------
Earnings (loss) before taxes
and minority interest (96,833) 17,305 (1,192)
Income and mining taxes (recovery) (2,717) 8,798 3,447
--------- --------- ---------
Earnings (loss) before minority interest (94,116) 8,507 (4,639)
Minority interest 109 1,893
--------- --------- ---------
Earnings (loss) for the year $ (94,116) $ 8,616 $ (2,746)
--------- --------- ---------
--------- --------- ---------
Earnings (loss) per share
Basic $ (1.38) $ 0.14 $ (0.04)
--------- --------- ---------
--------- --------- ---------
Fully diluted $ (1.38) $ 0.13 $ (0.04)
--------- --------- ---------
--------- --------- ---------
Weighted average number of
shares outstanding (000's)
Basic 68,353 63,952 62,652
--------- --------- ---------
--------- --------- ---------
Fully diluted 73,261 68,030 66,854
--------- --------- ---------
--------- --------- ---------
</TABLE>
<PAGE>
13
GOLDCORP INC.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(IN THOUSANDS OF UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
Years ended December 31,
-----------------------------------
1997 1996 1995
--------- --------- ---------
<S> <C> <C> <C>
Retained earnings at beginning of year $ 23,543 $ 14,927 $ 18,817
Earnings (loss) for the year (94,116) 8,616 (2,746)
Elimination of deficit on reduction of
contributed surplus 70,573
Dividends on common shares
(1995 - Cdn2.5 cents per share) (1,144)
--------- --------- ---------
Retained earnings at end of year $ --- $ 23,543 $ 14,927
--------- --------- ---------
--------- --------- ---------
</TABLE>
<PAGE>
14
GOLDCORP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
Years ended December 31,
-----------------------------------
1997 1996 1995
--------- --------- ---------
<S> <C> <C> <C>
Cash provided by (used in)
Operating activities
Earnings (loss) for the year $ (94,116) $ 8,616 $ (2,746)
Items not affecting cash
Depreciation, depletion and amortization 10,846 11,770 14,480
Writedown of mining interests 88,217 3,107 11,485
Gain on marketable securities,
net of tax provision (571) (9,085) (1,710)
Provision for decline in value of
marketable securities 7,631
Deferred income taxes (recovery) 648 1,683 (141)
Minority interest (109) (1,893)
Other (1,617) 544 1,795
--------- --------- ---------
11,038 16,526 21,270
Change in non-cash operating
working capital (6,484) 3,772 (686)
--------- --------- ---------
Net cash provided by operating activities 4,554 20,298 20,584
--------- --------- ---------
Investing activities
Mining interests (18,376) (12,116) (13,736)
Purchases of marketable securities (21,106) (24,603) (24,699)
Proceeds from sale of marketable securities 26,190 42,487 9,143
Purchases of other assets (2,208)
Acquisition of Wharf minority interest (64,049)
Taxes paid on sale of
marketable securities, prior year (2,130) (6,202)
Notes receivable 1,377
Other 356 (1,102) (130)
--------- --------- ---------
Net cash used in investing activities (15,066) (61,591) (34,247)
--------- --------- ---------
Financing activities
Repayment of long-term debt (7,181) (8,922) (8,997)
Redemption of exchangeable preferred shares (2,835)
Conversion and repayment of
8.5% subordinated debentures (1,829)
Shares issued pursuant to acquisition of
Wharf minority interest 7,602
Issue of capital stock, net 257 36,316 1,749
Dividends paid to common shareholders (1,144)
Dividends paid to minority shareholders (477) (945)
Other (885)
--------- --------- ---------
Net cash provided by (used in)
financing activities (6,924) 30,799 (11,166)
--------- --------- ---------
Effect of exchange rate changes on cash (98) 103 (589)
--------- --------- ---------
Decrease in cash and
short-term investments (17,534) (10,391) (25,418)
Cash and short-term investments
at beginning of year 30,007 40,398 65,816
--------- --------- ---------
Cash and short-term investments
at end of year $ 12,473 $ 30,007 $ 40,398
--------- --------- ---------
--------- --------- ---------
</TABLE>
<PAGE>
15
SIGNATURE
Pursuant to the requirements of the SECURITIES EXCHANGE ACT OF 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GOLDCORP INC.
By: /s/Rolando C. Francisco
-------------------------------
Rolando C. Francisco
President
(Principal Financial and
Duly Authorized Officer)
Date: February 26, 1998.
