TORONTO — — Goldcorp Inc. is on the prowl for more acquisitions to boost its bottom line and, with $1.3-billion in cash in the bank, it has the resources to achieve its expansion goals, chief executive officer Kevin McArthur told the company's annual meeting Tuesday.

“We're focused on building new mines ... (and) increasing our output by 50 per cent over the next five years,” he told shareholders of the Vancouver-based gold miner, which also digs out silver and copper.

“(With) $1.3-billion in cash in the bank, zero debt and $1-billion in cash flow ... as well as our operations being in low risk areas of the world ... we expect great growth throughout this year,” he told the event in Toronto attended by about 200 shareholders.

Already, he said, “we've grown our reserves by nine per cent this year.”

But not all was rosy at the annual meeting as Mr. McArthur faced a barrage of questions from protesters upset over the company's policies with its open-pit mines and the use of cyanide and arsenic to extract gold from rock in Guatemala and Honduras.

Carlos Amador, of the Siria Valley Environmental Defence Committee, told shareholders that communities surrounding the San Martin mine in Honduras have “received no response” from Goldcorp to alleged health problems stemming from the use of the chemicals at the mine.

Mr. McArthur countered that Goldcorp is “working extremely hard on health issues and with communities” in both countries to resolve these issues.

On the TSX, Goldcorp shares closed up $1.39, or more than three per cent, at $42.70.