Bloomberg News

Gold Resource Plunges 24% After Cutting Putpout Forecast

July 20, 2012

Gold Resource Corp. (GORO:US), a miner of the metal with operations in Mexico, dropped the most in more than three years after cutting its full-year ouptut forecast.

The shares fell (GORO:US) 24 percent to $19.16 at 10:45 a.m. in New York, the biggest intraday decline since Nov. 20, 2008.

Gold Resource cut its 2012 production forecast to 100,000 ounces to 120,000 ounces of so-called gold equivalent, which includes silver, after lower-than-expected output in the second quarter from its Arista mine in Oaxaca state, the company said yesterday in a statement after the close of regular trading. It previously forecast 120,000 ounces to 140,000 ounces.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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Companies Mentioned

  • GORO
    (Gold Resource Corp)
    • $3.06 USD
    • 0.15
    • 4.9%
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