18th Apr 2018 09:31
LONDON (Alliance News) - Shares in Hochschild Mining PLC rose Wednesday after the company reported "record" first-quarter production figures as two mines delivered above expectations.
Hochschild shares were trading at 212.30 pence each Wednesday morning, up 6.2%.
Hochschild produced 9.8 million equivalent silver ounces in the three months to March, compared to 8.6 million the year before. Silver production was 4.7 million ounces compared to 4.1 million in 2017.
Gold equivalent production for the period was 132,036 ounces compared to 116,200 in 2017, while gold production was 69,030 ounces, up form 60,600 ounces the prior year.
All-in sustaining costs are on track for 2018 to be between USD960.00 and USD990.00 per gold equivalent ounce.
Hochschild said performance was strong despite a scheduled stoppage at its San Jose mine in Argentina. Inmaculada and Pallancata in Peru both performed above expectations and other mines performed as planned, it added.
Inmaculada produced 49,781 ounces in the first quarter leading to record gold equivalent output of 72,351 ounces driven by higher grades. This compares to 58,530 gold equivalent ounces in the first three months of 2017.
At Pallancata, first quarter gold equivalent production was 24,370 compared to 16,920 in 2017.
Total cash at March's end was USD109.0 million compared to USD257.0 million at the end of 2017.
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