Vancouver-based Goldcorp Inc. said Monday it expects its 2012 gold production to be 2.6 million ounces, up from last year's 2.51 million ounces.

Goldcorp also said it expects its 2016 gold production to climb to 4.6 million ounces.

Our forecast gold production of 2.6 million ounces in 2012 will be driven by another strong year throughout the portfolio, while significantly increased production at Peñasquito will be offset by lower production at Marlin as the mine transitions to 100 percent underground mining, CEO Chuck Jeannes said in a statement.

Year over year growth in our overall production target comes from new gold production from the Pueblo Viejo joint venture in the Dominican Republic but at a significantly reduced level due to previously reported project delays. Consistent production levels at other mines throughout the portfolio will create a stable foundation for the years ahead.

Assumptions used to forecast total cash costs for 2012 include $1,600 per ounce for gold by-product metals prices of $34.00per ounce silver and the Canadian dollar and Mexican peso at $1.00 and $13.00 respectively to the US dollar.

Shares of Goldcorp rose 25 cents to $44.24 in morning trading.

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