21st Oct 2020 10:36
(Alliance News) - Hochschild Mining PLC on Wednesday said production steadily increased in the third quarter of 2020, posting a "robust" recovery well from a challenging first half in which all of the company's operations were impacted by the coronavirus pandemic.
The Peru and Argentina-focused precious metals explorer said attributable gold production was 39,200 ounces in the three months to September 30, up from 19,650 ounces in the second quarter but down sharply from 67,800 ounces a year ago.
Attributable silver production for the quarter was 2.5 million ounces, up from 1.1 million in the previous quarter. A year ago, silver output was 4.3 million ounces.
Year-to-date, gold output fell to 118,300 ounces from 205,870 in the same 2019 period. Silver output plummeted to 6.6 million ounces from 13.0 million.
Hochschild remains on track to meet its revised production target for 2020 of 280,000 to 290,000 gold equivalent ounces and 24.0 million to 25.0 million silver equivalent ounces.
Chief Executive Officer Ignacio Bustamante said: "With prices continuing to be strong, we are aiming for a robust fourth quarter which will also include the bulk of our 2020 brownfield drilling programme."
Hochschild had total cash of USD196 million as at September 30, up from USD162 million as at June 30.
Shares in the 250-listed company were down 1.4% at 245.60 pence each in London on Wednesday morning.
By Tapan Panchal; [email protected]
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