Vancouver's Goldcorp Inc. (TSX:G, NYSE:GG) is projecting another record year of gold production in 2010.
Total production is expected to rise 8.3% to 2.6 million ounces of gold, up from 2.4 million ounces produced in 2009.
Its Penasquito mine in Mexico is expected to double production to 180,000 ounces with its first sulphide processing line working at operational production levels and a second processing line expected to come online in the third quarter of 2010.
Other projects forecast to increase production this year include its Red Lake, Musselwhite, Los Filos, Marlin and Marigold mines.
With $865 million in cash on hand, Goldcorp plans to continue expanding its existing pool of projects, and grow through acquisition. It has already dedicated $463 million to fund New Gold's acquisition of Xstrata Copper Chile SA's 70% interest in the El Morro project in Chile. Before the new year, it also bid to buy Vancouver's Canplats Resources Corp. (TSX-V:CPQ) for $4.80 per share.
Goldcorp's share price range during the past week: between $42.49 and $43.80; 52-week high: $48.37; 52-week low: $29.08.