Hochschild set to meet full-year production, cost guidance

Hochschild Mining reported second quarter attributable production of 49,133 ounces of gold and 2.6 million ounces of silver in an update on Wednesday.

The FTSE 250 company said that made for 85,819 gold equivalent ounces, or 6.2 million silver equivalent ounces for the period.

For the entire first half, its attributable production totalled 96,360 ounces of gold and 5.1 million ounces of silver, making for 166,708 gold equivalent ounces, or 12.0 million silver equivalent ounces.

The company said it was on-track to deliver its overall 2022 production target of between 360,000 and 375,000 gold equivalent ounces, or 26 million to 27 million silver equivalent ounces.

Its all-in sustaining costs were also on track to meet 2022 guidance of $1,330 to $1,370 per gold equivalent ounce, or $18.50 to $19 per silver equivalent ounce.

“Following a strong second quarter, we remain on track to meet our full-year production and cost forecasts,” said chief executive officer Ignacio Bustamante.

“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.”

At 0957 BST, shares in Hochschild Mining were down 1.84% at 77.35p.

Reporting by Josh White at Sharecast.com.