Gold Resource (NYSE MKT:GORO) has declared its monthly dividend of 1 cent per share for June, payable on July 23 to shareholders of record as of July 11.
The gold and silver producer, with operations in the southern state of Oaxaca, Mexico, has returned more than $98 million to shareholders in monthly dividends since production began in July 2010.
Last month, the Mexico-focused gold miner, in the face of a weak precious metals price environment, still managed to post higher production and an 18% decrease in total cash costs over the year-ago period.
For the three months to March 31, the company produced 23,734 ounces of precious metal gold equivalent, up from 22,300 ounces in the first quarter of 2013. The latest figure was also up 15% on the previous quarter.
Total cash costs improved to $422 per gold equivalent ounce, including a 5% royalty, down from $515 a year earlier and 38% from the fourth quarter of 2013.
Net income, however, fell to $6.7 million, or 12 cents per share, from $7.39 million, or 13 cents per share, in the same period last year as the average realized gold price tumbled more than 21% from $1,648 an ounce to $1,296 an ounce in the latest quarter. Average realized silver prices fell to $20 from $31 an ounce in the first quarter of 2013.
Still, the company’s profit crushed Wall Street’s lone estimate for earnings of 5 cents a share.
Gold Resource Corp also managed to generate $17.4 million in cash flow from mine site operations, and return $1.6 million to shareholders in dividends during the period.
The company emphasized at the time of its first quarter earnings release in mid-May that its continued goal is to emerge a “leaner, stronger, more efficient and profitable company” when precious metals markets resume their longer term bull trend. It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production.
Just a few weeks ago, Gold Resource unveiled high grade intercepts from its Arista deposit at the El Aguila mine as part of the company’s efforts to continue to add ounces to the asset. Of the highlights, the company hit 2.68 metres of 11.72 grams per tonne (g/t) gold and 748 g/t silver, defining the extension of the recently discovered Santa Lucia vein, a parallel structure just 60 metres northeast of the Arista vein.
