Hochschild Mining maintains outlook as third-quarter output rises

(Alliance News) - Lima, Peru-based Hochschild Mining PLC on Tuesday reported strong performance ...

Alliance News 26 October, 2021 | 10:26AM
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(Alliance News) - Lima, Peru-based Hochschild Mining PLC on Tuesday reported strong performance in the third quarter of 2021 as both gold and silver production increased.

The silver and gold miner, operating in north, central & south America, said it delivered attributable production of 93,630 gold equivalent ounces or 8.1 million silver equivalent ounces, representing an increase versus the prior year's 68,420 and 5.9 million ounces, respectively, featuring a particularly strong period at the Inmaculada mine in Peru.

Overall year-to-date attributable production was 268,749 gold equivalent ounces and 23.1 million silver equivalent ounces, also higher than 195,260 and 16.8 million ounces, respectively, reported a year ago.

The FTSE 250-listed company said it remains on track to meet its production target for 2021 of between 360,000 and 372,000 gold equivalent ounces and between 31.0 million and 32.0 million silver equivalent ounces.

Hochschild Mining reported average realisable precious metal prices in the three months to September 30 were USD1,768 per ounce for gold and USD22.0 per ounce for silver, down from USD1,958 per ounce for gold and USD27.2 per ounce for silver a year earlier.

For the first nine months of 2021, average realisable precious metal prices were USD1,771 per ounce for gold and USD24.8 per ounce for silver versus USD1,788 per ounce for gold and USD20.5 per ounce for the same period in 2020.

"Operationally, the third quarter was our strongest so far of 2021 and we remain firmly on track to meet both our full year production and our cost targets," said Chief Executive Ignacio Bustamante.

"Furthermore, we retain a strong balance sheet to assess further opportunities to add to our long-term project pipeline throughout the Americas," added Bustamante.

FTSE 250-listed Hochschild Mining shares were trading 2.0% higher in London on Tuesday morning at 157.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Hochschild Mining PLC 127.00 -

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