Goldcorp, one of the world’s top gold miners, raised its annual dividend to 54 cents a share, its third increase in 13 months.
Owners of Goldcorp shares, as of December 16, will get 4.5 cents per share as their monthly dividend.
“We will continue to review dividend levels at regular intervals in the future,” Chief Executive Chuck Jeannes said in a statement.
In a separate statement, the Vancouver-based company said it was on track to produce an average of 550,000 ounces of gold in the first five years of production at Cerro Negro.
Goldcorp, which owns Cerro Negro, a project that includes several high-grade veins located in Argentina’s Santa Cruz province, had said in April it expects operations to begin in mid-2013.
The project was well-positioned to become its next cornerstone mine, Goldcorp added.
Shares of the company closed at C$52.33 on Friday on the Toronto Stock Exchange.
Reporting by Gowri Jayakumar in Bangalore; Editing by Sreejiraj Eluvangal