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Company Profile: Vancouver, Canada-based Goldcorp is engaged in the acquisition, exploration, development and operation of precious metal properties. It continues to investigate and negotiate the acquisition of additional precious metal mining properties or interests in such properties.
Goldcorp raised its annual dividend to 40.8 cents per share, an 11% increase.
That followed a doubling of Goldcorp's dividend in October 2010. A monthly dividend of 3.4 cents per share will be payable to shareholders of record as of March 17.
Goldcorp is the only gold producer to pay a monthly dividend. The increase was "driven by increasing cash flows due to growing gold production and a continued strong metals market," the company said.
Gold prices have spiked recently hitting new record highs.
When gold will hit $1,500 "is a good question," said Will Rhind, head of U.S. operations for
ETF Securities, in early April. "I think that right now with the market the way it is, who knows, it could be a matter of days."
Goldcorp will invest $850 million to put into production its Cerro Negro gold project in Argentina's Santa Cruz Province, Argentina's Planning Ministry said in April.
"This announcement consolidates Argentina as a destination for long-term investment as the Cerro Negro project has a useful life of 20 years," Planning Minister Julio De Vido said in a statement.
Goldcorp said it expects gold production at Cerro Negro to begin in the middle of 2013, producing an average of 550,000 ounces per year over the first five years. Capital expenditures are expected to reach $750 million by the production start date.
On April 19 analysts at JPMorgan Chase raised their price target on Goldcorp by $8 to $68.