22nd Apr 2020 10:23
(Alliance News) - Hochschild Mining PLC on Wednesday reported a decline in overall production for the first quarter of 2020, as the miner's operations were suspended in mid-March due to Covid-19-related restrictions on movement and work imposed in both Peru and Argentina.
For the three months to the end of March, Hochschild's gold production was 59,425 ounces of gold, down 12% from 67,420 ounces the same period the year before, and 7.2% from 64,020 ounces the previous quarter.
Gold equivalent was 94,120 ounces, down 20% from 118,230 ounces the prior year and 13% from 107,970 ounces in the fourth quarter.
Silver output was 34% lower at 2.9 million ounces, from 4.4 million ounces a year before and 23% from 3.8 million tonnes the previous quarter. Silver equivalent production was 8.1 million ounces, down 21% from 10.2 million ounces the prior year and 13% from 9.3 million ounces in the fourth quarter of 2019.
Looking ahead, due to the suspension of Hochschild's mines in Peru and Argentina, the miner was withdrawn its guidance for 2020.
In February, the company said that it was targeting 422,000 gold equivalent production for the year.
"The current global situation is extremely challenging for everyone and, at Hochschild, our priority remains the health and safety of our employees and stakeholders who have been vital in helping us manage this situation. Although our operations in Peru remain suspended, we continue to work with the government on our potential strategies for remobilisation and ramp-up, whilst in Argentina, we are steadily beginning to restart the San Jose operation," said Chief Executive Officer Ignacio Bustamente.
Shares in Hochschild Mining were up 4.0% at 126.09 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Hochschild