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Gold Resource Corporation

Gold Resource Corp reiterates full year production guidance for Mexican mines as it reports 2Q numbers

Production guidance for this year at the group's Nevada unit is expected to be announced soon when the Isabella Pearl project has reached commercial production levels

Mining machine
In the second quarter, its Oaxaca Mexican mining business generated 7,881 ounces of the yellow metal generated, plus 466,512 ounces of silver

Gold Resource Corporation (NYSEMKT:GORO) has reiterated the full production guidance for its Mexican mines of 27,000 ounces of gold and 1.7 million ounces of silver, plus or minus 10%, as it posted second quarter numbers.

In the three months to end June 2019, its Oaxaca Mexican mining business saw 7,881 ounces of the yellow metal generated, plus 466,512 ounces of silver, 482 tonnes of copper, 2,304 tonnes of lead, and 6,054 tonnes of zinc. 

READ: Gold Resource Corp shares rise as Roth initiates coverage with a Buy rating

For the first half, the unit posted 14,419 ounces of gold, 831,165 ounces of silver, 915 tonnes of copper, 4,457 tonnes of lead, and 11,892 tonnes of zinc, the miner said in a regulatory statement on Thursday.

At its Nevada, USA mining unit, GORO reported output at 1,678 ounces of gold and 972 ounces of silver. 

Significantly, on April 29 this year, the firm's Isabella Pearl mine in Nevada produced its first dore bar, a semi-pure alloy of gold and silver, and since then the mine has produced gold consistently.

The mine continues to ramp up production and the firm expects the project to reach commercial production during the second half of 2019, it said in the statement.

Production guidance for this year at the Nevada unit is expected to be announced soon when the Isabella Pearl project has reached commercial production levels, it added.

Monthly dividends

The miner has returned US$112 million to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver.

Last month, Roth Capital Partners started coverage of the firm with a Buy rating and a US$6.50 price target.

Analysts said the firm has positioned itself to "continue to generate positive cash flow at its Mexico unit while executing on growth initiatives in Nevada".

Shares gained 1.7% in New York Thursday to stand at US$3.61 each.

Contact the author at [email protected]

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Price: $3.16

Market: NYSEMKT
Market Cap: $207.25 m
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Gold Resource reports Q2 production numbers at Mexican and Nevada mines

Gold Resource Corporation (NYSEMKT:GORO) CEO Jason Reid offered Proactive Investors a glimpse into the gold miner's 2Q production numbers at its Oaxaca Mexican mining project and its Isabella Pearl project in Nevada. Reid says Isabella Pearl is ramping up production, and looking forward...

3 weeks, 4 days ago

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