NEW YORK (TheStreet) -- Shares of Goldcorp Inc. (GG) are down by -3.18% to $25.88 on heavy trading volume on Thursday, after the company said its gold production for the year could fall to the lower end of its previous guidance, Reuters reports.
The mining company previously said it expects gold production to be between 2.95 million and 3.10 million ounces this year.
However, the company's CEO Chuck Jeannes said production will likely be at the lower end of its forecast if the company does not resume output at the El Sauzal mine in Mexico, Reuters added.
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Goldcorp announced on Tuesday that production at the mine was suspended due to a safety concern regarding the stability of the pit wall.
Jeannes said it could be weeks or months before the mine is operational again, it's possible the company won't be able to resume mining at El Sauzal, which is in the last year of active mine life, Reuters noted.
Separately, TheStreet Ratings team rates GOLDCORP INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."