23rd Oct 2014 07:19
LONDON (Alliance News) - Hochschild Mining PLC Thursday reported a drop in third-quarter production, but said it remains on track to meet is full-year output expectations and will continue to cut costs.
Attributable production fell to 4.8 million silver equivalent ounces in the three months to September 30, from 6.3 million ounces a year earlier and from 5.9 million ounces in the second quarter. The precious metal miner's silver production fell to 3.5 million ounces and gold production fell to 21 million ounces.
The company said it remains on track to meet its target of 21 million attributable silver equivalent ounces and has identified USD50 million in cost savings in addition to the USD270 million already announced.
It also confirmed that all-in sustaining costs per silver equivalent ounce are on track to fall by 0-5% in 2014.
By Ian Edmondson; Copyright 2014 Alliance News Limited. All Rights Reserved.
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