(Alliance News) - Hochschild Mining PLC on Wednesday reported a surge in its gold output for the three months to March 31, and said it is on track to meet its full-year expectations.
The Gold and silver miner with operations in South America said in the first quarter of 2024, its gold production rose 16% to 53,790 ounces from 46,440 the year before. It also sold 52,180 ounces of gold, up 17% from 44,500 a year ago.
As for silver, Hochschild's quarterly production ticked down 0.4% to 2.43 million ounces from 2.44 million in the first quarter of 2023. The amount of silver sold stayed relatively the same year-on-year at 2.4 million ounces.
Looking to the remainder of 2024, the miner said it is on track to meet its production target of between 343,000 to 360,000 gold equivalent ounces. In 2023, Hochschild produced 300,749 gold equivalent ounces.
It also reiterated that its all-in sustaining cost for 2024 is on track to be in line with the guidance of between USD1,510 and USD1,550 per gold equivalent ounce.
Chief Executive Officer Eduardo Landin said: "We have delivered a good start to 2024 with production and costs at Inmaculada and San Jose on track to meet guidance for the year. The Mara Rosa mine started operations during the quarter, on time and on budget, and we are currently completing the final phase of the ramp-up process with the start of commercial production expected very soon.
"Hochschild's balance sheet remains strong and, with rising precious metal prices and full production in Brazil, we expect to generate robust free cashflow during the remainder of the year."
Shares in Hochschild Mining were up 1.9% at 154.20 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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Hochschild (HOC)