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Gold Resource Corp Message Board

  • bumperbooks bumperbooks Apr 29, 2013 8:24 AM Flag

    Dividend cut in half

    COLORADO SPRINGS, CO--(Marketwired - Apr 29, 2013) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") declares its monthly dividend for April 2013 payable on May 23, 2013 to shareholders of record as of May 13, 2013. The Company is modifying its monthly instituted dividend from $0.06 per share per month to $0.03 per share per month starting with the April dividend due to precious metal price market volatility and capital needed for current expansion activities. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $81 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

    The Board of Directors approved a modification of the Company's instituted monthly dividend from $0.06 per share per month to $0.03 per share per month for now. Considerations for the decrease in the instituted dividend included the recent and dramatic market pullback in the spot price of physical gold and silver, which may reduce the Company's future net revenues. The Company is also currently in a construction phase to expand its El Aguila Mill, which targets a throughput increase to a nominal 1,500 tonnes per day capacity. Construction includes the installation of a second ball mill, new thickener surge tanks, and additional flotation cells to the El Aguila Mill's flotation circuit. Construction is targeted to be complete by the end of 2013. The dividend reduction also brings the payout ratio more in line with the Company's long-term target of one-third annual dividend distribution from Cash Flow from Mine Site Operations ("CFMSO").

    "Multiple factors contributed to the decision to decrease monthly dividend distributions," Gold Resource Corporation's President, Mr. Jason Reid, stated. "Our long-term Company objective remains intact to distrib

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