20th Jul 2022 09:50
(Alliance News) - Hochschild Mining PLC on Wednesday reported gold and silver outputs for the first half of 2022, and said it's on track to meet full-year guidance.
Shares were down 2.6% at 76.73 pence each on Wednesday morning in London.
For the six months ended June 30, the London-based gold and silver miner operating in the Americas reported 96,360 ounces of attributable gold production, down 9.3% from 106,260 ounces the year before. Attributable silver production amounted to 5.07 million ounces, also down 14% from 5.92 million ounces.
During the second quarter of 2022, the company saw gold output of 49,130 ounces, compared to 53,420 ounces during the same period in the previous year. Silver output amounted to 2.6 million ounces, also lower than 3.1 million ounces.
Chief Executive Officer Ignacio Bustamante said: "Following a strong second quarter, we remain on track to meet our full year production and cost forecasts. Furthermore, this has been achieved despite operational issues at Pallancata and San Jose and in an environment of considerable economic challenges. We have also made good progress at our two development projects in Brazil and Canada as well as our 2022 brownfield drilling programme."
As at June 30, cash stood at USD205 million following the completion of the USD387 million Amarillo acquisition made in December.
Looking ahead, Hochschild said it's on track to deliver overall 2022 production target of 360,000 to 375,000 gold equivalent ounces, and 26.0 million to 27.0 million silver equivalent ounces. The company also reiterated its all-in sustaining cost guidance for 2022 between USD1,330 and USD1,370 per gold equivalent ounce, and USD8.5 and USD19.0 per silver equivalent ounces.
By Xindi Wei; [email protected]
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