Mexico-focused Gold Resource Corp. (NYSE:GORO) said Tuesday it has declared its seventeenth dividend in as many months of commercial production, of 5 cents per share.
Gold Resource said the monthly dividend is payable on December 23 to shareholders on record as of December 12, and is the eleventh dividend handed-out this year.
The company, which began commercial production in July 2010 from its El Agula mine, is a low-cost gold producer with operations in southern Mexico.
This latest dividend increases the total dividends declared since production to 63 cents per share, with the company returning over $33 million to its shareholders.
Gold Resource has a 100 percent stake in six potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca.
Earlier this month, the company posted record third-quarter earnings on the back of soaring commodity prices in the period. Revenue in the period soared to $37.8 million from $10 million a year earlier. Gross profit from its El Aguila mine came in at $31.17 million, way up from $7.08 million in the third quarter of 2010.
During the third quarter, the company produced a record 25,289 gold equivakent (AUEq) ounces, up 88 percent from the prior quarter, at a cash cost of $154 an ounce. Average realized prices was $1,702 per ounce of gold in the quarter and $38 per ounce of silver.
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