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Alliance News


Hochschild Mining Extends Inmaculada Lifetime On New Resource Finds

Wed, 7th Nov 2018 10:18


LONDON (Alliance News) - Hochschild Mining PLC on Wednesday said it has continued to significantly increase the resource at its Inmaculada mine in Peru.

So far in 2018, Hochschild has added 1.3 million gold equivalent ounces to the inferred resource at the mine, having added 800,000 ounces of gold equivalent at the half-year stage.

Chief Executive Ignacio Bustamante said: "Today we are changing the paradigm of how Hochschild Mining operates. Although we have been mining underground for several decades, we have always reported a relatively short life-of-mine."

"With the 95 million ounces added so far this year to Inmaculada's resource base, we are extending its life to more than 12 years, a record for any Hochschild asset. Furthermore, this is in our largest ever mine in terms of ounces," he added.

"Inmaculada represents approximately 74% of our cashflow and stands well inside of the first quarter of the industry's cost curve. Such a significant addition has already changed our approach to mining and, is also just the beginning, as we are continuing to develop this exciting district as well as our other attractive properties in Peru and Argentina."

Shares were 4.7% higher on Wednesday at 168.60 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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