Goldcorp CEO expects $1,000 gold in near future

Goldcorp CEO Kevin McArthur says he expects to soon see gold prices in the thousand-dollar range - a price that will allow the company to achieve its goal of 50 per cent growth over the next five years.

"We continue to believe gold's status as a safe haven in times of global uncertainty is real," McArthur said in a Friday conference call with analysts.

"This attribute has been obscured by indiscriminate selling pressure in recent weeks ... (but) our medium-and long-term view on gold price remains unchanged. I continue to believe we will be seeing a four-digit gold price in the not-too-distant future."

McArthur's prediction comes a day after Barrick Gold Corp. president and interim CEO Peter Munk said he too believes gold prices will rise in tandem with a weakening U.S. dollar.

McArthur said his company remains an industry leader. "Today, we enjoy a top-quality balance sheet, low-cost production and the flexibility to pursue growth in a quickly moving market environment,".

Continued production strength at the company's El Sauzal mine in Mexico, as well as improvements at its Canadian mining operations - which include the Porcupine, Red Lake and Musselwhite mines in northern Ontario - helped to boost the company's bottom line. The company is now focused on completing its Penasquito project, also in Mexico.

"This will be our largest mine and a key driver of shareholder value for decades," McArthur said.

"We're pleased to note steady improvement at nearly all phases of mining operations from the second quarter to the third," McArthur said.

"I look forward to continued improvements moving forward."