Goldcorp Inc., the world’s second- largest producer of the metal by market value, sold its stake in Osisko Mining Corp. for about C$530 million ($533 million) to help pay for its expansion plans.

It sold 38.6 million shares at C$13.75 each, the Vancouver- based company said in a statement sent to PR Newswire. That was the closing price of Osisko yesterday.

Goldcorp is targeting annual gold production of 4 million ounces a year by 2015, up from about 2.5 million ounces last year, according to a presentation on the company’s website. The price of gold for immediate delivery has gained 26 percent in the past year.

“The sale of our investment in Osisko highlights Goldcorp’s continued success in redeploying internal capital from non-core assets to fund our leading growth profile,” said President Chuck Jeannes. “The transaction reinforces our disciplined approach to maintaining an investment grade balance sheet.”