Goldcorp Inc. produced 2.4 million ounces of gold in 2009, roughly 100,000 ounces more than it had initially forecast.

tp-gold-bars-cp-4640304

Canadian gold miner Goldcorp upped its 2009 and 2010 production estimates on Monday. ((Seth Wenig/Associated Press))

The Vancouver-based company, which is Canada's second-largest gold producer, says it produced 2,421,000 ounces of the precious metal last year.

The company will report its annual financial results on March 11, 2010, but said Monday its average cost per ounce of gold produced from its own mines will average $295 US per ounce for the year.

Gold was trading at $1,157.30 US an ounce on Monday morning, up $18.50.

"Our mines all performed at or ahead of expectations," CEO Chuck Jeannes said. "In a year that began amid economic uncertainty and ended with record-high gold prices, we delivered on our core mandate of sustainable prosperity for all Goldcorp stakeholders."

The company had $865 million in cash at the end of the year.

The company expects to produce approximately 2.6 million ounces of gold at a total cash cost of approximately $350 per ounce for this coming year. The company is assuming gold will trade at an average of $1,000 US an ounce in 2010.

Goldcorp said it expects to spend $1 billion US on capital projects, excluding the Pueblo project in the Dominican Republic, or nearly $1.5 billion if that's included.

The company now expects to be producing 3.8 million ounces of gold a year by 2014.