Gold Resource Corp (AMEX:GORO) said Monday that it was added to the Russell 3000 and Russell Global indexes at the end of June.
Russell Investments' indexes are used by investment managers and institutional investors for investment strategies. Russell reconstituted its set of US and global equity indexes on June 24, adding Gold Resource Corp, a low-cost gold producer with operations in southern Mexico.
The relatively new gold producer has returned more than $20 million to shareholders in special dividends, since declaring commercial production at its El Aguila project in July of 2010.
The company will hold its membership in the Russell indexes until the firm announces a new set in June of next year.
"Gold Resource Corporation’s inclusion on the Russell 3000 and Global indexes this year marks another milestone in the Company’s evolution," said president Jason Reid.
"Having successfully positioned the company among the elite class of low cost gold producers with an aggressive growth curve and a history of 12 consecutive monthly dividends, we are proud to be included in such a well-known and recognized index.
"We believe this inclusion may increase Gold Resource Corporation’s visibility and recognition with the institutional investment community."
Indeed, in early May, the company posted its first ever profit and record revenue, as it continues to ramp up operations at its El Aguila project in Oaxaca, Mexico.
During the first three months of the year, the property produced 7,479 ounces of gold equivalent at a cash cost of just $87 per ounce. This marked a significant improvement from the first six months of production, when the company generated 10,493 ounces of gold at a cash cost of $217 per ounce.
In March, Gold Resource Corp also announced that it had begun the transition from processing lower grade, open pit ore, to processing underground ore from the high grade Arista deposit at El Aguila - well ahead of the original mid-year target.