Last checked at 14 Apr 2020 07:00
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14 April 2020
Update on 2019 Final Dividend
Hochschild Mining PLC ("Hochschild" or "the Company") announces that in light of the ongoing uncertainty caused by the COVID-19 outbreak and the resulting temporary suspension of the Company's operations, the Board of directors (the "Board") has decided to withdraw its proposal to pay a final dividend in respect of the financial year ended 31 December 2019.
The Board believes this is a prudent course of action reflecting the Company's focus on the conservation of cash resources. When the Board is in a clearer position to assess the overall financial impact of the COVID-19 outbreak on the business, a decision will be taken on the appropriate level of any future shareholder distribution. The cash and cash equivalent balance at 31 December 2019 was $166 million with net debt of $33 million.
Both the Inmaculada and Pallancata mines in Peru remain temporarily suspended following the Peruvian government's recent decision to extend social restrictions until 26 April 2020. In Argentina, whilst permission has been granted by the government to restart the San Jose mine, in light of the current restrictions on the movement of people in the country, the Company expects the ramp-up to be phased over a number of weeks. Details on the Company's performance during the first quarter will be provided in the scheduled production report on 22 April 2020.
Details regarding the arrangements for the forthcoming AGM will be provided in the Notice of AGM which will be posted to shareholders and published on the Company's website on or around 17 April 2020.
This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014 (as amended). The person responsible for arranging release of this announcement on behalf of Hochschild is Raj Bhasin, Company Secretary and UK Counsel.
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Enquiries:
Hochschild Mining PLC
Charlie Gordon +44 (0)20 3709 3264
Head of Investor Relations
Hudson Sandler
Charlie Jack +44 (0)20 7796 4133
Public Relations
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About Hochschild Mining PLC
Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and currently operates three underground epithermal vein mines, two located in southern Peru and one in southern Argentina. Hochschild also has numerous long-term projects throughout the Americas.
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LEI: 549300JK10TVQ3CCJQ89
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