Hochschild Mining reported its strongest quarter of the year and said it was on track to meet annual production and cost targets.
The FTSE 250 miner sad it produced 93,630 gold equivalent ounces or 8.1 million silver equivalent ounces in the three months to the end of September – 5% more than in the second quarter helped by a particularly strong period at the Inmaculada mine in Peru.
Hochschild said it was on track to meet its annual production target of 360,000-372,000 gold equivalent ounces or 31.0-32.0 million silver equivalent ounces. Costs are expected to meet guidance of $1,210-$1,250 per gold equivalent ounce.
Total cash was $270m at the end of September, up from $257m at the end of the second quarter, and net cash was $64m, up from $51m.
“Operationally, the third quarter was our strongest so far of 2021 and we remain firmly on track to meet both our full year production and our cost targets, Chief Executive Ignacio Bustamante said.
“We have also had another successful period of drilling with the addition of further high grade resources at both Inmaculada and at San Jose. We retain a strong balance sheet to assess further opportunities to add to our long-term project pipeline throughout the Americas.”
Hochschild shares were unchanged at 154p at 08:26 BST.
