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Hochschild Mining reports better than expected production in 2019

By Ramla Soni

Gold production for the year ended December 31, 2019 was at 477,400 gold equivalent ounces, higher than the 457,000 forecasted

Metals miner Hochschild Mining reported better than expected output in 2019 due to record production at its Inmaculada mine in Peru and the fact that it has secured drilling permits for Pallancata, which was delayed last year.

Production from the southern Peruvian Inmaculada mine jumped more than 6 per cent to 260,126 gold equivalent ounces Hochschild said, as the company discovered several new high-grade minerals during the period.

Hochschild, which also operates a mine in Argentina, said it expects to produce 422,000 gold equivalent ounces in 2020. In November it had forecasted 432,000 gold equivalent ounces.

The company said the outlook figures differed as it used a different gold to silver price ratio in November 2019.

Hochschild had reduced operations at its Pallancata mine due to the delayed drilling permits, which it has now secured, allowing it to drill at the Pablo Sur and Cochaloma targets close to Pallancata.

The company, which operates two mines in southern Peru said gold production for the year ended 31 December 2019 was at 477,400 gold equivalent ounces, higher than 457,000 gold equivalent ounces forecasted.

However, full year production was 9.4 per cent lower than a year earlier as the company stopped operations at its Arcata mine in south west Peru in February 2019. The mine accounted for more than 9 per cent of the group’s total silver production last year.

Shares in the company were 3.7 per cent higher at 170.2 pence early this morning.

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