Hochschild Mining reiterates full-year production targets

(Sharecast News) - Hochschild Mining reiterated its full-year production targets, adding that it had finished the first quarter with a "strong" financial position. The miner's boss, Ignacio Bustamante, cited the improved social situation in Peru, expectations for increases in output at San Jose and Inmaculada, as well as "encouraging progress" at its Mara Rosa project in Brazil.

However, the mine plans for Inmaculada were subject to approval of its Modified Environmental Impact Assessment.

That was expected to occur in the second quarter of 2023.

Mara Rosa had now reached 77% completion and was on scheduled and budget for first production in the front half of 2024.

For the three months ending on 31 March, the miner's attributable gold production declined by 15.6% to reach 64,510 ounces.

Silver equivalent production also fell by 15.6% to 5.36m ounces.

Gold and silver grades mined actually improved but total ore production dropped by 15.6% to 278,138 tonnes.

Total cash at period end stood at $103m, which was down from $144m at the end of 2022.

Its net debt meanwhile had risen to $218 from $175m.