16th Oct 2013 07:17
LONDON (Alliance News) - Hochschild Mining PLC Wednesday said it has increased production across the board in its third quarter but sold less metal during the period.
The precious-metals exploration and development company, operating in South America, said its attributable total gold equivalent production increased to 89,670 ounces for the three months ended September 30 compared to 85,600 ounces the previous year, and its total silver equivalent production increased to 5.4 million ounces from 5.1 million ounces the previous year. Gold and silver equivalent production is a calculation that takes into account metal grades.
Hochschild said its grades considerably improved at the Arcata mine in Peru due to contributions from its Macarena Waste Dam Deposit and its San Jose mine in Argentina delivered further strong production results.
The company also said the amount of gold sold fell to 41,430 ounces from 47,950 ounces, while the amount of silver sold fell to 4.7 million ounces from 5.3 million ounces during the period.
Hochschild said it is on track to achieve its full-year production target of 20 million silver equivalent ounces and expects to demonstrate significant savings in its full year results early in 2014.
Hochschild Mining shares were up 0.06 pence per share at 159.16 pence at the open Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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