Gold Resource Corp (NYSE MKT:GORO) has declared its November dividend of 1 cent per share, to be paid ot on December 23 to shareholders of record as of December 11.

Earlier this month, the US-based precious metals producer announced what it called a challenging third quarter with operational results coming in weaker than anticipated, but the company responded by hiring new management to support a fourth quarter rebound, which would put it on track to meet the lower end of its 2014 production guidance. 

The Mexico-focused gold and silver producer, which produces from its El Aguila mine in Oaxaca, posted 17,262 ounces of gold equivalent production in the third quarter, down from 21,244 ounces in the same period last year. Production levels were approximately 24 percent lower in the most recent period than the quarterly average for the first half of 2014.

It also only sold 11,923 ounces in the latest quarter, with the discrepancy between ounces produced and sold explained by smelter concentrate processing deductions and an increase in gold equivalent ounces contained in inventory, the company said.

Gold Resource Corp had 5,878 gold equivalent ounces of concentrate produced and stockpiled in ending inventory as it prepares to process these ounces in its new Dore facility, which it began commissioning at the end of the quarter.

But aside from the unsold inventory, the company was hit with underground mining challenges in the latest quarter, including an unexpected increase in water inflows, compounded by shortfalls in mine development.

Chief executive Jason Reid has since implemented new mine management in response to these "unsatisfactory results", saying he believes that fourth quarter production can rebound.

The CEO said that by expanding the company's production methods through the Dore facility, it expects to lower its treatment and royalty costs for the Dore ounces sold. Reid said he expects all-in sustaining costs to decrease once the company no longer has unsold inventory

In October, the company also appointed Oscar Zelaya as the new general manager of the El Aguila project, succeeding Jesus Rivera. Zelaya, a metallurgical engineer, has more than 29 years of industry experience, and was most recently general manager at Endeavour Silver Corp. 

Gold Resource is expecting the new “seasoned GM” will push to get back to the production levels of the first two quarters as soon as possible, with mine development expected to improve.

The gold and silver miner is optimistic it can bounce back and meet its annual production guidance for between 85,000 to 100,000 gold equivalent ounces.

In September, it returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico, with $1.6 million distributed in the third quarter.