Thursday, 27 September 2012

Gold Resource Corp declares September dividend for shareholders

Gold Resource Corporation (NYSE MKT: GORO) announced late Wednesday its monthly dividend for September of six cents per share. 
The dividend is payable on October 23, to shareholders of record as of October 10. 
The low-cost gold producer with operations in southern Mexico offers shareholders the option to convert their monthly cash dividends into physical gold or silver, and take delivery of the precious metals. 
The mining company is focused on its six high grade gold and silver properties in Mexico's southern state of Oaxaca. 
In August, the company said that second quarter gold equivalent production grew year-over-year despite lower than targeted mill output and slowed development at its high grade La Arista deposit in Mexico. 
The gold producer, which yields gold from its El Aguila operations in the southern state of Oaxaca, Mexico, said gold equivalent production rose 8 per cent over the prior year quarter, to 14,488 ounces. 
This number is still less than half of what Gold Resource Corp targeted for the quarter, which prompted the company in July to reduce its full year outlook for production in the range of 100,000 to 120,000 ounces. 
This compares to its prior guidance for between 120,000 to 140,000 ounces of gold equivalent. 
CEO Bill Reid noted on a conference call in August that achieving 100,000 ounces of output for the year would still represent a 50 per cent increase over last year's production. 
For the three months that ended June 30, the company sold 17,211 ounces of gold equivalent, versus 13,097 ounces a year earlier. Average prices realized on sales during the latest period were higher for gold and lower for silver, at $1,631 per ounce gold and $27 per ounce silver, respectively. 
Sales rose to $30 million, up from $20.7 million last year. 
Gold Resource Corp, which initiated its physical gold and silver dividend program in April, paid $9.5 million to shareholders in dividends in the most recent period and converted $1.3 million of its treasury into gold and silver. 
It also increased its cash position by $0.8 million from the first quarter, to $44.8 million. 

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