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 firstname.lastname@example.org
To contact the editor responsible for this story: Simon Casey at email@example.com