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Hochschild output record

18 January 2017 07:37

Hochschild Mining's output rose to a record 17.3 million ounces of silver in 2016.

The group produced 246.1 thousand ounces of gold; 35.5 million silver equivalent ounces, up 31% versus 2015 (27.0 million ounces) and 479.6 thousand gold equivalent ounces (2015: 365.4 thousand ounces).

It said Inmaculada's first full year of production exceeded original forecast with 163 thousand ounces of gold; 4.9 million ounces of silver; 229 thousand gold equivalent ounces and 16.9 million silver equivalent ounces.

Chief executive Ignacio Bustamante said: "We are pleased that we have achieved a historic production record for the Company whilst exceeding our annual production targets and maintaining our guidance on full year costs.

"This result includes a successful first full year contribution from our flagship low cost Inmaculada mine as well as Arcata's strongest performance for six years.

"In addition, we maintained our focus on debt reduction and used excess cash flow to materially reduce our leverage ratio, beyond the guidance provided for the year.

"In 2017, we will continue our focus on cost effective organic growth with the start of production from the new Pablo vein as well as an increase in brownfield drilling as part of our recently announced exploration programme.

"We are also targeting a fifth consecutive year of production increases and, despite the rise in brownfield investment, cost control at all our mines will remain a priority."

Story provided by StockMarketWire.com

Related Company: HOC

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