18th Jul 2019 10:47
(Alliance News) - Hochschild Mining PLC on Thursday said its "strong" operational performance has continued, with 2019 production guidance reaffirmed.
Hochschild, a gold miner, reported second-quarter to June output of 84,180 ounces of gold, which is 8.0% higher than the first quarter and 4.4% up year-on-year.
For the first half, Hochschild's gold production rose 1.1% year-on-year to 161,160 ounces.
Second quarter silver production was 5.2 million ounces, up 2.0% from the first quarter but down 10% year-on-year. First half silver output fell 8.1% to 10.2 million ounces.
"Hochschild has continued its strong operational performance in the second quarter of 2019, with year-on-year increases at all three of our mines, resulting in our second strongest half of production on record. Consequently we remain firmly on track to meet our annual production and cost targets," said Chief Executive Ignacio Bustamante.
Hochschild sees annual gold production of 457,000 gold equivalent ounces, compared to 526,650 ounces in 2018.
"Our 2019 brownfield exploration season has continued this quarter with campaigns ongoing at our existing mines as well as a new programme starting at the Palca zone to the south of Pallancata where early results have already found mineralisation," continued Bustamante.
"At Inmaculada, we have discovered several new veins from a new zone to the west of the Angela vein and infill drilling is also ongoing with the aim of complementing the results from 2018. In the third quarter, we can look forward to drilling at the nearby Cochaloma and Pablo Sur zones along with a new campaign at the recently permitted Corina area to the north of Selene."
Hochschild currently mines from Pallancata, Arcata, and Inmaculada in Peru, as well as San Jose in Argentina. These are alongside exploration project in both countries as well as Chile.
Shares were 2.0% higher on Thursday morning at 206.80 pence each.
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