22nd Apr 2026 10:34
(Alliance News) - Hochschild Mining PLC on Wednesday said 2026 has started in line with expectations, as it maintained its guidance for full-year production and costs.
London-based Hochschild is a gold and silver miner in Argentina, Brazil and Peru. Its shares were up 1.1% to 664.50 pence on Wednesday in London. The wider FTSE 250 index was up just 0.2%.
Attributable production was 1.6 million ounces of silver and 55,252 ounces of gold in the first quarter. This was down from 1.8 million ounces of silver and 57,410 ounces of gold in the fourth quarter of 2024 and from 1.8 million ounces of silver and 58,020 ounces of gold a year before.
Hochschild said an "in-line" performance from its flagship Inmaculada mine in Peru and a rising contribution from the Mara Rosa mine in Brazil was offset by a lower-than-expected contribution from the San Jose joint-venture mine in Argentina.
Gold equivalent production in the first quarter was 75,599, down from 81,330 in the fourth quarter of 2025, but the company said it still expects to produce between 300,000 and 328,000 gold equivalent ounces in all of 2026.
Hochschild said average realisable prices in the first quarter were USD4,471 per ounce of gold, up from USD2,708 a year before, and USD89.08 per ounce of silver, up from USD33.2. The company maintained its guidance for all-in sustaining cost in 2026 of USD2,157 to USD2,320 per gold equivalent ounce.
The company had USD95 million in net cash as of March 31, swung from net debt of USD23 million at the end of 2025.
"We have made a solid start to the year, with a strong operational performance at our flagship Inmaculada mine in Peru whilst the turnaround programme at Mara Rosa in Brazil is progressing well, with continued improvements in the plant and filtering operations," said Chief Executive Officer Eduardo Landin.
"Overall, we have delivered another quarter of strong cash generation and we are on track to meet our full-year production and cost guidance."
Landin said Hochschild is targeting the third quarter for project approval and the start of construction of its Monte Do Carmo gold project in Brazil.
By Tom Waite, Alliance News editor
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