21st Jan 2014 12:04
LONDON (Alliance News) - Hochschild Mining PLC Tuesday said its full-year attributable silver equivalent production has exceeded its target following improved production at its San Jose mine.
The precious metals producer said it achieved attributable silver equivalent production of 20.5 million ounces for the full year 2013, exceeding the company's target of 20.0 million ounces.
The company said that it delivered full-year production of 13.6 million ounces of silver and 116,000 ounces of gold, with particular increases in production and grades from the company's San Jose operation in Argentina where the total silver equivalent production was up 11% on the previous year to 12.3 million ounces.
Hochschild Mining said that in the fourth quarter the company produced 5.4 million attributable silver equivalent ounces, including 3.7 million ounces of silver and 28,000 ounces of gold.
The company set its full-year 2014 attributable silver equivalent production guidance at 21.0 million ounces and reiterated its target of almost 35 million ounces in 2017.
Hochschild noted that its all-in sustaining costs are expected to have fallen between 12% and 16% in 2013 and that its average realised precious metals prices for the full-year were down significantly due to the fall in market prices during the year. Its realised average gold price was USD1,338 per ounce for gold from USD1,684 per ounce the previous year and its realised price for silver was USD22.12 per ounce, rather than USD31.62 per ounce the previous year.
The company also said its making excellent progress at the Inmaculada project in Peru with all procurement and infrastructure targets and early site preparation for the plant construction remaining on track with commissioning expected at the end of 2014.
Hochschild Mining shares were down 3.3% to 157.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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