Hochschild makes 'solid' start to year

(Sharecast News) - Hochschild Mining said on Wednesday it remained on track to meet its 2021 production targets, despite a dip in first-quarter output.

The precious metals miner said it delivered attributable production of 52,843 oz of gold in the three months to March end, compared to 59,430 oz in the same period a year earlier. It also delivered attributable production of 2.8m oz of silver, down on 2020's first quarter figure of 3.0m oz.

However, Hochschild said it had made a "strong operational recovery" from Covid-19 disruption in 2020, and was on track to deliver its overall 2021 production target of 360,000 - 372,000 gold equivalent ounces, or 31.0m - 32.0m silver equivalent ounces.

Ignacio Bustamante, chief executive of the FTSE 250 firm, said: "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 base."

As well as the Inmaculada mine in Peru, Hochschild also operates the Pallancata mine, also located in Peru, and has a 51% interest in the San Jose mine in Argentina.

As at 1130 GMT, shares in Hochschild were largely flat at 195.14p.