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Hochschild pre-tax profits fall

16 August 2017 07:43

Hochschild Mining's pre-tax profits fell to $39.9 million in the six months to the end of June - down from $60.3m last time.

Revenues of $340.8m were up from $339.3m but adjusted EBITDA fell to $136.0m from $170.3m.

The group said it was on track to deliver record attributable production target of 37.0 million silver equivalent ounces for 2017 and that AISC was expected to be in line with $12.2-12.7 per silver equivalent ounce guidance.

Chief executive Ignacio Bustamante said: "Hochschild Mining continues to deliver a robust operational performance with both production and cost targets for 2017 on track.

"Towards the end of the year, once permits are in place, we can expect further progress with the development of the Pablo vein at the Pallancata deposit as well as several brownfield drilling campaigns across the company's portfolio.

"I am confident that our company has the financial and operational flexibility to meet our upcoming debt commitment, fund an extensive brownfield programme and assess value accretive opportunities as they arise.

Story provided by StockMarketWire.com

Related Company: HOC

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