Thursday, 26 September 2013

Gold Resource Corp dishes out September dividend

Gold Resource Corp (NYSE MKT:GORO) declared Thursday its monthly dividend of three cents per share for September, with the gold producer having now returned more than $90 million to shareholders in such payments since beginning production in July of 2010. 
The latest dividend is payable on October 23rd, to shareholders of record as of October 11. 
The U.S.-based gold producer, with operations in the southern state of Oaxaca, Mexico, also offers shareholders the option to convert their cash dividends into physical gold and silver. 
The company's stock was up 0.3 per cent at $6.73 on Thursday. Earlier this month, Gold Resource Corp said that its CEO, William Reid, will retire from the company at the end of the month, with current president Jason Reid to take the helm, effective October 1. 
In August, Gold Resource reported a 42% rise in production in the second quarter. It recorded a net loss of $1.37 million, or three cents per share, compared to a net profit of $4.13 million, or seven cents per share a year ago. The miner said mill expansion was the main reason for the loss and expects costs to drop once the mill runs at full capacity.
The gold miner, with cash and equivalents of $30.4 million at quarter end, realized $12.5 million in cash flow from mine site operations and distributed dividends of $6.4 million or 12 cents per share for the three month period, after cutting its monthly dividend in half earlier this year in response to the precipitous precious metals price drop. 
The company said it continues to target increased production levels in anticipation of increased milling capacity later this year, expecting a decrease in production costs with higher mill throughput.

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