Hochschild surges as 2023 output hits top end of guidance

Hochschild Mining shares surged on Wednesday as the miner held annual guidance and 2023 production came in at the top of its target range, although full-year gold and silver output was lower than the prior year.

The company reported production of 186,091 ounces of gold last year, compared with 206,013 ounces in 2022, and 9.5 million ounces of silver, down from 11.0 million.

Gold-equivalent basis production was 300,749 ounces, at the top end of Hochschild’s guidance range of 289,000-303,000, driven by slightly higher-than-expected production from its Inmaculada and Pallancata mines in Peru.

The Mara Rosa project in Brazil is scheduled for first production next month, and would contribute between 83,000 and 93,000 gold ounces to 2024 output, the company said in an update published on Wednesday.

Hochschild said it still expected overall attributable production of 343,000-360,000 gold-equivalent ounces.

Reporting by Frank Prenesti for Sharecast.com