Hochschild shares rise on higher Q1 output
VANCOUVER (miningweekly.com) – LSE-listed Hochschild Mining has reported higher-than-expected first-quarter production, as record output at the Inmaculada mine, as well as a strong result from the Pallancata mine – both located in Peru – buoyed output.
During the three months ended March 31, Hochschild reported attributable production of 9.8-million ounces of silver equivalent, or 132 036 oz of gold equivalent ounces. This compared with attributable output of 8.6-million ounces of silver equivalent, or 116 000 oz of gold equivalent in the comparable year-earlier period.
"Hochschild has delivered a strong start to the year with better-than-expected contributions from Inmaculada and Pallancata and our other mines performing as planned. We are, therefore, firmly on track to meet our stated production and cost targets for 2018,” CEO Ignacio Bustamante said in a statement.
Hochschild, which also operates the San Jose mine, in Argentina, in joint venture with McEwen Mining, reiterated its 2018 guidance of 38-million ounces of silver equivalent, or 514 000 oz of gold equivalent. The company expects all-in sustaining costs to come in between $960/oz to $990/oz of gold equivalent, or $13/oz to $13.40/oz silver equivalent.
The company has also embarked on an ambitious brownfield exploration plan with campaigns already started at Inmaculada, as well as at Arcata, in Peru, and San Jose, which it expects could deliver resource additions to the mineral base during this year.
The miner’s LSE-quoted stock gained an early 10% on Wednesday to 219.7 pence apiece.
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