UPDATE 1-Goldcorp reports bigger 3rd-qtr loss on writedown, weaker prices

(Adds production, costs, forecast, free cash flow)
TORONTO, Oct 29 (Reuters) - Goldcorp Inc G.TO, the
world's biggest gold miner by market value, reported a bigger
third-quarter loss and missed estimates, as an inventory
writedown and declining bullion prices offset lower costs and a
42 percent jump in production.
The Vancouver-based miner on Thursday also confirmed its
2015 forecast for production at the high end of a range between
3.3 million and 3.6 million ounces of gold, all-in sustaining
costs of $850 to $900 an ounce and capital spending of $1.2
billion to $1.4 billion.
Its net loss widened to $192 million, or 23 cents a share,
from $44 million, or 5 cents a share, in the same period last
year.
The adjusted loss was $37 million, or 4 cents a share,
compared with an adjusted profit of $70 million, or 9 cents a
share. The adjusted loss included a reduction in the carrying
values of inventory stockpiles of $40 million, or 5 cents a
share, and noncash, stock-based compensation costs of about $14
million, or 2 cents a share.
Analysts, on average, expected Goldcorp to earn an adjusted
profit of 4 cents a share, according to Thomson Reuters I/B/E/S.
Free cash flow was $243 million, compared with a negative
$355 million in the prior-year period.
All-in sustaining costs to produce an ounce of gold, which
includes sustaining capital, exploration and general expenses,
fell to $848 in the quarter from $1,066 last year.
In the quarter, gold production increased to a record
922,200 ounces from 651,700 as the average realized price fell
to $1,114 per ounce from $1,266 ounce.
In September, the company trimmed its full-year production
estimate for its Eleonore mine in Canada. Due to lower gold
grades from unexpected folds and faults in the ore body,
Goldcorp clipped the forecast to 250,000-270,000 ounces of gold
from 290,000-330,000 ounces.
Goldcorp decided to cut its dividend by 60 percent, it said
in July, to fortify its financial position in a volatile gold
market.