(Sharecast News) - Silver and gold miner Hochschild Mining said on Tuesday that production levels rose in the three months ended 31 December but stated full-year production had fallen short of guidance.
Hochschild delivered attributable production of 97,652 gold equivalent ounces or 7.0m silver equivalent ounces, slightly stronger than in the third quarter, while overall 2022 attributable production was 358,826 gold equivalent ounces and 25.8m silver equivalent ounces.
The London-listed group stated its "small shortfall" versus its overall 2022 guidance was due to a reduced contribution from its Pallancata failing to be fully offset by higher output at its Inmaculada mine as a result of "local community disturbances" in Q4 and civil unrest in Peru since December.
Hochschild reiterated that its all-in sustaining cost for 2022 was expected to be in line with guidance of between $1,330 and $1,370 per gold equivalent ounce - or $18.5 and $19.0 per silver equivalent ounce.
Chief executive Ignacio Bustamante said: "Our mines have delivered a robust operational performance in the fourth quarter, in particular at Inmaculada, where the team has also had to contend with a significant level of local and national disruption and the associated logistical challenges.
"We are proud to have ended the year only marginally below guided production but in line with costs despite significant inflationary pressures."
As of 0905 GMT, Hochschild shares were down 5.49% at 74.95p.
Reporting by Iain Gilbert at Sharecast.com
Hochschild (HOC)