Gold Resource Corporation (NYSE MKT:GORO), a gold and silver producer with operations in Mexico, has declared its monthly instituted dividend of $0.01 per common share for March.
The dividend is payable on April 23 to shareholders of record as of April 13, the Colorado Springs, Colorado-based company said in a statement late yesterday.
Gold Resource said it has returned over $103 million to shareholders in monthly dividends since commercial production commenced on July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.
Despite a tough year for precious metals markets, Gold Resource Corp managed to post earlier this month an increased profit in 2014, while recording its highest annual production ever for both gold and silver and 28 percent lower cash costs.
For the year ending December 31, the Mexico-focused miner said it produced record gold and silver ounces, for a total of 83,903 ounces of gold equivalent. Gold output increased 4.7 percent over 2013, while silver production rose 8.7 percent.
Looking ahead, the company is targeting a similar production range to 2014 for this year, of 80,000 to 90,000 ounces of precious metal gold equivalent. In light of the continued bear market and declining gold and silver prices, Gold Resource Corp is planning to focus this year on mining tonnes, based on the net smelter return values per tonne of all the metals, to maximize cash flow, paying more attention to margins and less on ounces.
The company will also continue to look for cost savings opportunities and efficiencies, it said, with the aim of remaining profitable while positioning Gold Resource Corp to generate larger margins when higher precious metal prices return.