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Hochschild reports strong Q3 performance, on track for 2024 goals

Hochschild CEO Eduardo Landin

Hochschild CEO Eduardo Landin

23rd October 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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London-listed Hochschild Mining on Wednesday announced a significant jump in its third-quarter production, delivering attributable output of 96 327 gold equivalent ounces (GEO) and eight-million silver equivalent ounces (SEO).

This marks a 16% rise compared with the second quarter of 2024, driven by robust performance from the Inmaculada mine, in Peru, and escalating output from the new Mara Rosa operation, in Brazil.

Year-to-date, the company reported a total attributable production of 249 120 GEO and 20.7-million SEO. Hochschild reaffirmed its commitment to meet its overall production target for 2024, which is set between 343 000 and 360 000 GEO, or 28-million to 29.9-million SEO.

CEO Eduardo Landin said in a statement that the third quarter was the company’s strongest in nearly five years.

“In Brazil, our new Mara Rosa mine has been steadily ramping up to full production rates, and the Inmaculada flagship mine in Peru has continued to deliver the benefits from our continuous improvement programme.”

Despite earlier ramp-up challenges at Mara Rosa, Hochschild expects these impacts to be mitigated by increased production at Inmaculada, supported by ongoing improvement projects.

The company also maintained its all-in sustaining cost guidance for 2024, projecting costs to be between $1 510 and $1 550/GEO, or $18.2 and $18.7/SEO.

Financially, Hochschild demonstrated a strong balance sheet, repaying about $45-million of debt in the quarter. With favourable metal price momentum and anticipated robust production in the final quarter, the company said it was poised for further cash flow generation.

Edited by Creamer Media Reporter

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