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Gold Resource Corp announces seventh consecutive year of profitability

Looking ahead to 2018, the firm said it was targeting 27,000 ounces of gold and 1,700,000 ounces of silver
Gold Resource Corp announces seventh consecutive year of profitability
A gold pour

Gold Resource Corporation (NYSE:GORO)  shares nudged up nearly 3% in New York as the metals producer posted 2017 results, which showed a  seventh consecutive year of profitability.

Looking ahead for 2018, the firm said it was targeting 27,000 ounces gold and 1,700,000 ounces silver plus or minus 10%.

Chief executive and president Jason Reid told investors: “During 2017, our company posted annual net income of $4.2mln or $0.07 per share. 

"That number factors in the $7.3mln in non-cash new tax law adjustments that lowered our earnings by $0.13 per share.  We also returned $1.1mln back to our shareholders through dividends and added $8.2mln to our bank accounts, all while continuing to invest in the Company’s future growth in both Mexico and Nevada.

"We once again accomplished all of these highlights without diluting shareholders through equity sales and without going into long-term debt.”

The group achieved annual targets, producing 28,117 gold ounces and 1,773,263 silver ounces.

For the year ended December 31, 2017,  GORO sold 47,224 precious metal gold equivalent ounces at a total cash cost of US$75 per gold equivalent ounce.

Realised 2017 average sales prices were US$1,267 per ounce gold and US$17.10 per ounce silver.

The company recorded revenues of US$110.2mln, mine gross profit of US$42.1mln, and net income of US$4.2mln, or US$0.07 per share. Base metal production generated US$57.6mln in revenue for 2017.

 

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