Goldcorp cuts production estimate

Goldcorp Inc.cut its 2012 gold production guidance Tuesday to between 2.35 and 2.45 million ounces from 2.6 million ounces.

The company blamed operating delays at its Red Lake mine in Ontario and inadequate water supply at its Penasquito mine in Mexico for the reduced production.

The announcement was made after markets closed. In after hours trading, Goldcorp shares were down 3.7 per cent at $35.39 US.