(Alliance News) - Hochschild Mining PLC on Wednesday posted a slight annual slip in first-quarter output, though the miner's production is much higher than it was during virus-hit periods of 2020.
Gold equivalent production in the first three months of 2021 fell 7.9% to yearly to around 100,930 ounces. Gold production alone fell 8.9% to 62,310 ounces.
Attributable production, which does not include output allotted to its joint-venture partner at the San Jose asset in Argentina, was also lower annually. Attributable gold equivalent ounces fell 8.9% to 85,738 ounces.
Despite the annual fall, Hochschild flagged a "strong operational recovery from 2020 Covid-19 disruption". First-quarter total gold equivalent output in 2021 was more than double what it was in the second quarter of 2020, one of the periods worst-hit by the pandemic.
The company added it is "on track" to deliver its 2021 output target of 360,000 to 372,000 gold equivalent ounces.
Total gold equivalent output in 2020 was around 344,540 ounces so at a minimum, Hochschild expects growth of 4.5%.
"We have delivered another solid start to the year with all our operations in line with expectations and remain on track to meet our 2021 production and cost targets. Our 2021 brownfield exploration programme has commenced and includes drilling at all three of our mines with early results from the Angela North vein at Inmaculada indicating significant high grade additions to the already substantial resource base," Chief Executive Officer Ignacio Bustamante said.
Shares in the company were 0.4% lower at 195.00 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Hochschild (HOC)