Wednesday, 28 November 2012

Gold Resource Corp declares November monthly dividend

Gold Resource Corp (NYSE MKT:GORO) declared its monthly dividend for November of 6 cents per share, payable on December 24 to shareholders on record as of December 10. 
Earlier this month, the Mexico-focused gold producer announced third quarter results, reporting a 54 per cent increase in gold equivalent production over the prior quarter, when the company saw some production challenges. 
“Our 54% increase in third quarter production was the result of overcoming many challenges including increasing water, increasing CO2 gas and mine development hurdles,” said Gold Resource president, Jason Reid, at the time. 
“We continued to upgrade our management team which I believe was in large part the reason behind the increase in production."
Indeed, in early November, the company hired Barry Devlin as its new VP of exploration, who has 31 years of professional experience in managerial phases of exploration and mine geology, with responsibilities including reserve calculations, mine development planning and grade control.
It also appointed Jesus Rivera as general manager of its Mexican Oaxaca mining unit, which is responsible for its El Aguila project, in October.  
The Mexico-focused gold producer said that for the third quarter that ended September 30 it produced 22,336 ounces of precious metal gold equivalent, up from 14,488 ounces in the previous quarter. 
Production was down year-over-year, however, from 25,289 ounces a year ago. The company realized higher average gold prices at $1,769 an ounce, compared to $1,702 an ounce in the same period last year, offsetting the decline in year-over-year production. 
As of mid-November, Gold Resource Corp returned more than $63 million to shareholders in monthly dividends since starting commercial production at its El Aguila mine in July 2010, and is the first company to offer stakeholders the option to convert their cash dividends into physical gold or silver. 

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