The Mara Rosa project will produce 100 000 oz/y in its first four years of operation.
Precious metals miner Hochschild is on track to deliver its revised full-year attributable production target of 289 000 to 303 000 gold-equivalent ounces (GEO), CEO Eduardo Landin said on Wednesday, reporting third-quarter production results.
The company had its strongest quarter yet in 2023, delivering attributable production of 81 619 GEO, or 6.7-million silver equivalent ounces (SEO), representing an 13% increase compared with the second quarter of 2023.
This was underpinned by a strong period at the Inmaculada mine, in Peru. The mine is set to produce between 192 000 oz and 200 000 oz this year.
Overall year-to-date attributable production is 218 498 GEO, or 18.1-million SEO.
Hochschild has reiterated its all-in sustaining cost (AISC) for 2023 guidance of between $1 490/GEO and $1 580/GEO.
The company, which trades on the London exchange, last month lowered its production guidance and increased its cost forecast, owing to environmental approval delays at Inmaculada and accelerated mine development costs at the San Jose project, in Argentina.
The miner’s initial guidance for the year was to produce between 301 000 and 314 000 GEOs.
Meanwhile, Landin reported strong progress at the $200-million Mara Rosa project, in Brazil. The project is now 98% complete.
“We continue to be on schedule and on budget and expecting first production in the first half of 2024,” he said.
Once in production, Mara Rosa will produce 100 000 oz/y of gold over the first four years at an AISC of $950/oz to $1 000/oz.