TIDMHOC
RNS Number : 7326V
Hochschild Mining PLC
18 January 2012
18 January 2012
Production Report for the 12 months ended 31 December 2011
Highlights
-- Full year production of 22.6 million attributable silver
equivalent ounces in line with guidance
-- Positive Feasibility Studies delivered for Inmaculada and Crespo
-- Record 2012 exploration budget of $90 million
-- 2012 production target of 20.0 million attributable silver equivalent ounces
-- Solid financial position with total cash of approximately
$627 million and minority investments valued at $353 million
Ignacio Bustamante, Chief Executive Officer commented:
"I am pleased to report that we have once again met our full
year production target, producing 22.6 million attributable silver
equivalent ounces in 2011 thus reinforcing Hochschild's position as
a world class underground mine operator. Whilst our core assets
continue to deliver a solid base of production, we have also
recently reported positive results from Feasibility Studies on our
Inmaculada and Crespo projects. These will together add
approximately 10 million attributable silver equivalent ounces on
average per year to our production profile, representing an almost
50% increase to our existing production levels.
We continue to believe that exploration is our main source of
profitable growth for the long term. Our $90 million exploration
budget for 2012 is the largest in the Company's history reflecting
our ongoing commitment to this strategy. It will be invested in our
brownfield, Advanced Projects and greenfield exploration
programmes, which encompass drilling campaigns in 26 different
locations across the Americas."
2011 Overview
The Company delivered another robust performance in Q4 2011 with
attributable production of 5.7 million silver equivalent ounces
comprised of 3.8 million ounces of silver and 30.5 thousand ounces
of gold. As a result, Hochschild has successfully achieved its full
year production target, with attributable production of 22.6
million silver equivalent ounces in 2011, comprised of 15.0 million
ounces of silver and 127.3 thousand ounces of gold.
The Company expects the increase in its overall 2011 unit cost
per tonne, excluding royalties, to be in line with previous
guidance. In Argentina, strong cost control initiatives, efficiency
gains and local currency devaluation allowed the Company to
partially offset the local annual inflation rate of 30%. Production
costs in Peru are expected to increase by approximately 13%
principally due to wage inflation in the industry and a higher
proportion of production from narrower veins in the production mix
at Pallancata and Arcata.
Main operations
In Q4 2011, San Jose continued to deliver a strong performance
with silver equivalent production at 2.7 million ounces. Full year
2011 silver equivalent production was 10.7 million ounces, a 3%
increase on 2010. Following the resolution of the strike action at
the mine earlier in the year, San Jose has enjoyed a successful
second half with strong operational efficiencies enabling the mine
to meet its production targets.
At Pallancata, Q4 2011 silver equivalent production was 2.8
million ounces with full year production in 2011 of 10.8 million
ounces. Treated tonnage for the full year was broadly flat versus
2010, although grades fell in 2011 due to higher dilution and the
Company's decision to take the opportunity afforded by the
prevailing high precious metals price environment to process some
lower grade economic material extracted from the borders of the
main Pallancata vein. This additional material was not part of
Pallancata's resource base.
In Q4 2011, silver equivalent production at Arcata was 1.9
million ounces, a 10% increase on Q3 2011. The Company continued to
process developmental material from previous campaigns (see table
below on the Macarena Waste Dam Deposit) as well as certain
ready-to-mine areas that have become economic at current prices. In
line with the revised 2011 mining policy, lower full year
production of 7.1 million silver equivalent ounces was the result
of lower grades as the Company continued to adjust the extracted
grade to ensure a consistent and sustainable level of long term
production.
Table Showing Contribution from Macarena Waste Dam Deposit
Q4 2011 12 mths
2011
------------------------- -------- --------
Total
Tonnage 190,609 687,966
Average head grade
gold (g/t) 0.85 0.88
Average head grade
silver (g/t) 297 312
------------------------- -------- --------
Macarena
Tonnage 40,335 86,859
Average head grade
gold (g/t) 0.29 0.30
Average head grade
silver (g/t) 86 95
Stopes and Developments
Tonnage 150,274 601,107
Average head grade
gold (g/t) 1.00 0.97
Average head grade
silver (g/t) 354 344
------------------------- -------- --------
As part of the Company's focus on continuous improvement and
operational excellence, Arcata successfully completed the first
stage of the dore project in Q4. Following this expansion, 40% of
Arcata's concentrate will be converted into dore. The second stage
of the project to convert 100% of Arcata's concentrate will be
completed in H2 2012. The resulting decrease in commercial
discounts and associated selling expenses will more than offset the
treatment costs associated with the process. Also, as a result of
the metallurgical recoveries involved in the process, there will be
an estimated reduction in reported produced silver equivalent
ounces of 291 thousand in 2012. Total investment for the project is
approximately $14 million.
Other operations
The Company's Ares mine in Peru continued to operate for the
full year producing 2.3 million silver equivalent ounces in 2011.
Q4 2011 production of 608 thousand silver equivalent ounces
represents a 4% increase on Q3 2011. Although production at Ares
was expected to end in 2011, the Company continues to discover
economic resources at the mine and production will continue in
2012.
At Moris, the Company's open pit operation in Mexico, mine
production ceased in September 2011 although continued leaching of
the pads produced a further 157 thousand silver equivalent ounces
in Q4 2011 with full year production at 1.2 million silver
equivalent ounces. Moris is currently in the final stage of the
pads' cyanidation process but exploration continues in new areas of
the property.
Average realisable prices and sales
Average realisable precious metal prices in Q4 2011 (which are
reported before the deduction of commercial discounts) were
$1,645/ounce for gold and $30/ounce for silver. Average realisable
precious metals prices for the full year 2011 were $1,582/ounce for
gold and $35/ounce for silver.
Project pipeline & exploration
Hochschild has reaffirmed its commitment to its exploration
strategy with a 29% increase in the exploration budget for 2012 to
$90 million, the largest exploration budget ever for the
Company.
In 2011, 315,000 metres of drilling was completed at the
Company's greenfield, brownfield and copper projects. The 2012
budget, representing 353,000 metres, will be split between
exploration work at the Company's existing operations, the Advanced
Projects and greenfield opportunities. The approximate split is
expected to be as follows:
Core Operations (30%)
-- Given the Company's success in extending the life of mine at
its current operations, the 2012 exploration strategy will be
mainly focused on improving the resource quality through the search
for new higher grade structures.
Advanced Projects (20%)
-- At Inmaculada and Crespo, exploration efforts will be focused
on incorporating additional resources aimed at continuing to
increase the life of mine of the projects. At Azuca, Hochschild
will concentrate on the exploration of high quality resources that
better support a significant investment.
Greenfield (36%)
-- Company Makers (15%) - continuing drilling and conducting
further analysis at Victoria (Chile), Mercurio (Mexico), Apacheta
(Peru) Sorampampa (Peru), Huachoja (Peru) and Valeriano
(Chile).
-- Medium Scale (8%) - developing the project pipeline that
includes Mosquito (Argentina), Cricket (Argentina), La Flora
(Argentina), Encrucijada (Chile), Astana-Farallon (Peru), Ibel
(Peru) and Pausi (Peru).
-- Copper Projects (6%) - continuing work at the copper projects
in Peru (started in 2010). These projects, located in the southern
Andes of Peru, were acquired as part of the Southwestern
acquisition and are within a highly prospective area for copper
deposits.
-- Generative Programme (7%) - advancing the Company's
generative programme aimed at further expanding its land package of
premium properties in the four key countries.
Others (14%)
-- Corporate and support activities to 92 geologists, employed
through exploration offices in Peru, Argentina, Chile and
Mexico.
Brownfield exploration(1)
San Jose
After a successful drilling campaign in the first half of 2011,
the second half of the year was dedicated to completing geophysical
and magnetometry work in order to identify new targets at the
property. This work was successfully completed and has already
provided areas of potential that were targeted in the Q4 drilling
campaign. During the quarter, 17,401 metres of diamond drilling was
completed, focused on the Sofia, Susana, Luli, Orion and Pilar
veins with significant intercepts including:
Vein Results
------ ---------------------------------------
Luli SJD980 2.6m at 21.94 g/t Au & 2,113
g/t Ag
SJD985 0.7m at 11.77 g/t Au & 1,372
g/t Ag
SJD1008 1.9m at 8.39 g/t Au & 634 g/t
Ag
SJD1015 2.5m at 37.23 g/t Au & 3,483
g/t Ag
SJD1017 2.0m at 7.88 g/t Au & 884 g/t
Ag
------ ---------------------------------------
Orion SJD1029 1.0m at 18.44 g/t Au & 1,806
g/t Ag
SJD 1033 2.5m at 11.43 g/t Au & 1,105
g/t Ag
------ ---------------------------------------
Pilar SJD992 8.1m at 7.68 g/t Au & 397 g/t
Ag
SJD996 14.8m at 12.15 g/t Au & 459
g/t Ag
SJD988 21.8m at 26.24 g/t Au & 922
g/t Ag
SJD1049 3.0m at 13.84 g/t Au & 218
g/t Ag
------ ---------------------------------------
In 2012, the exploration programme includes a 93,320 metre
drilling campaign which will evaluate extensions of already known
mineralised structures and the targeting of new structures.
Arcata
During Q4 2011, 27,354 metres of drilling were carried out at
Arcata. Exploration work focused on increasing resources at the
Marion, Baja, Lucrecia and Tunel 4 veins through diamond drilling,
with significant intercepts including:
Vein Results
--------- --------------------------------------
Marion DDH064 0.8m at 5.24 g/t Au & 1,954
g/t Ag
DDH074 3.0m at 5.65 g/t Au & 677 g/t
Ag
DDH135 2.8m at 4.39 g/t Au & 800 g/t
Ag
--------- --------------------------------------
Baja DDH249 0.7m at 14.49 g/t Au & 288 g/t
Ag
DDH250 1.1m at 5.19 g/t Au & 706 g/t
Ag
--------- --------------------------------------
Tunel 4 DDH273 1.0m at 1.72 g/t Au & 833 g/t
Ag
--------- --------------------------------------
Lucrecia DDH279 1.5m at 1.32 g/t Au & 557 g/t
Ag
--------- --------------------------------------
In 2012, the exploration programme and 62,756 metre drilling
campaign will focus on the targeting of higher grade
structures.
Pallancata
In Q4 2011, the Company continued to advance underground
development at the Pallancata SW and Rina veins, with 20,643 metres
of diamond drilling completed at the Luisa and Huararani veins with
promising intercepts including:
Vein Results
---------- -----------------------------------------
Luisa DLLU012 11.1m at 1.17 g/t Au & 321 g/t
Ag
DLLU015 8.4m at 2.79 g/t Au & 565 g/t
Ag
DLLU026 3.8m at 4.44 g/t Au & 1,061 g/t
Ag
DLLU031 2.4m at 2.49 g/t Au & 719 g/t
Ag
---------- -----------------------------------------
Huararani DLHU003 0.9m at 2.11 g/t Au & 478 g/t
Ag
DLHU006 2.7m at 1.01 g/t Au & 352 g/t
Ag
---------- -----------------------------------------
In 2012, a more aggressive exploration programme at Pallancata
will target new mineralised structures at the west, south and north
of the current operation area, with 59,140 metres of drilling
planned.
Hochschild takes a very conservative approach to resource
delineation and is one of the few companies that apply the same cut
off grades to reserves and resources. Hochschild will publish
audited reserves and resources tables as at 31 December 2011 on 20
March 2012.
(1) Please note that all mineralised intersections in this
release are quoted as down-hole lengths, not true widths.
Advanced Projects(2)
On 11 January 2012, Hochschild announced the successful
completion of the Inmaculada and Crespo Feasibility Studies which
will contribute 10 million silver equivalent ounces of attributable
production on average per annum at an initial combined capital cost
of $335 million (attributable). Full details of the Feasibility
Studies can be found in the announcement.
Inmaculada
Inmaculada is a 20,000 hectare gold-silver project located in
the Company's existing operational cluster in southern Peru, 60%
owned and controlled by Hochschild. The project is now set to start
construction with average annual production of 12 million silver
equivalent ounces (7 million attributable ounces). The project is
due to be commissioned in Q4 2013. The Company is also progressing
with the exploration programme at the property which consists of 40
mining concessions with resources which are currently estimated at
a total of 150 million silver equivalent ounces. In Q4 2011 11,641
metres of drilling was completed and exploration work was focused
on the Angela SW, Martha and Theresa veins, with encouraging
results including:
Vein Results
---------- --------------------------------------
Angela SW ASW014 1.3m at 24.56 g/t Au & 122 g/t
Ag
ASW021 1.2m at 6.32 g/t Au & 34 g/t
Ag
ASW023 2.7m at 6.89 g/t Au & 78 g/t
Ag
---------- --------------------------------------
Martha MAR028 1.0m at 14.82 g/t Au & 141 g/t
Ag
---------- --------------------------------------
Theresa THE002 1.3m at 10.18 g/t Au & 118 g/t
Ag
---------- --------------------------------------
The drilling programme for 2012 of 54,650 metres will focus on
further exploration of the Angela vein and other known veins in the
district.
Crespo
At the Company's 100% owned Crespo project, located in the
Company's existing operating cluster in southern Peru, the
Feasibility Study estimates annual production of 2.7 million silver
equivalent ounces. The project is due to be commissioned in Q4
2013. This is a relatively simple open pit operation and is
expected to have high gold recovery rates. Several opportunities
exist to increase resources at this project including inferred and
potential resources adjacent to the current pit, development of the
Queshca gold target and exploration within the gap between Queshca
and the Crespo pit, where encouraging geological evidence would
suggest further potential for economic mineralisation. Positive
intercepts have already been received from drilling in the Queshca
area, including:
Results
------------- --------------------------------------
Queshca area QS10 34m at 5.7 g/t Au & 63 g/t Ag
QS15 56m at 1.7 g/t Au & 18.8 g/t Ag
QS17 50m at 1.4 g/t Au & 22.0 g/t Ag
QS18 48m at 2.39 g/t Au & 3.9 g/t Ag
QS21 26m at 0.4 g/t Au & 8.6 g/t Ag
------------- --------------------------------------
Azuca
Drilling continues at the 100% owned Azuca property with the aim
of identifying new higher resource areas in the project. Drilling
results have shown several promising higher grade intercepts
suggesting the presence of new higher grade veins. 15,948 metres of
drilling was undertaken in Q4 2011 with encouraging intersections
from the Azuca Oeste and Colombiana veins including:
Vein Results
------------ ---------------------------------------
Colombiana DACO-A1106 1.0m at 3.05 g/t Au & 1,224
g/t Ag
DACO-A1107 1.0m at 3.75 g/t Au & 723
g/t Ag
DACO-A1112 2.2m at 2.19 g/t Au & 380
g/t Ag
------------ ---------------------------------------
Azuca Oeste DAAW-IN076 0.9m at 4.64 g/t Au & 1,236
g/t Ag
DAAW-A1114 6.4m at 2.39 g/t Au & 854
g/t Ag
DAAW-A1114 4.8m at 1.53 g/t Au & 537
g/t Ag
DAAW-A1114 4.4m at 0.87 g/t Au & 484
g/t Ag
DAAW-A1117 2.3m at 9.26 g/t Au & 105
g/t Ag
------------ ---------------------------------------
The 2012 drilling plan will be focused on identifying further
extensions of the Vivian-Yanamayo, Colombiana and Azuca Oeste
veins, with a drilling programme of 28,000 metres expected to be
carried out in these new areas with high geological potential.
(2) Please note that all mineralised intersections in this
release are quoted as down-hole lengths, not true widths.
Greenfield pipeline
In 2011, a total of 41,546 metres were drilled as part of the
greenfield exploration programme. In 2012, this is expected to
increase to 47,500 metres.
Victoria (Chile)
Exploration work is delivering positive results at the Victoria
project in northern Chile, a property that covers 46,100 hectares
of continuous strike length at the highly productive Domeyko Fault
Zone. Drilling was re-focused on the porphyry potential of the
property and the Picaron target was drill tested. Four core holes
were completed into the porphyry, covering a total of 1,703 metres,
with anomalous copper, molybdenum and gold being reported over
significant intercepts. The drilling confirmed that the target is a
copper-molybdenum porphyry. All four holes intercepted a moderate
angle reverse fault which cut off the porphyry mineralisation from
its roots. Further drill testing in 2012 will test the extension of
the anomalous mineralisation and the roots of the system.
Additional porphyry targets will be identified during the first
quarter of 2012.
Valeriano (Chile)
The Valeriano property is located 27 kilometres north of Barrick
Gold Corporation's Pascua Lama project, in close proximity to the
border with Argentina and covers an area of 3,750 hectares. The
property hosts both high-sulphidation as well as porphyry style
disseminated gold mineralisation. Drilling commenced in October
2011 and at the end of the year, 2,302 metres had been drilled,
with two drill holes completed and two holes still in progress.
Strong alteration and visible sulphide mineralisation were reported
from all drill holes. Partial results from the first hole indicate
strong copper and moderate gold mineralisation associated with
enargite veins. The primary geophysical targets have proven to be
related to strong alteration and sulphide mineralisation with
assays pending from these deeper intercepts. In 2012, drilling will
continue to test the geochemical and geophysical anomalies at the
property.
Mercurio (Mexico)
The 100% owned Mercurio project lies 100 kilometres northwest of
the Fresnillo silver vein district in Zacatecas. During Q4, ten
drill holes totalling 4,137 metres of drilling were completed.
Results to date indicate strong base metal, as well as moderate
silver mineralisation, associated with a large vein system similar
to Fresnillo. Assay results are pending on the remaining five drill
holes. The Company will continue exploration work and plans to
drill an additional 8,000 metres in 2012.
Apacheta (Peru)
At the Apacheta project in Peru, a total of six holes were
completed during Q4,totalling 3,044 metres. The drill holes have
encountered porphyry type alteration including argillic and
possible potassic alteration. Results to date have not reported
economic mineralisation although weakly anomalous copper,
molybdenum and gold is reported from the first three holes. Results
are pending on the remaining three holes.
Other projects
Drilling was completed on the Mosquito property in Argentina
with, to date, no significant results being reported, although
assays are pending on eight remaining holes.
At the Cricket property in Argentina, two drill holes were
completed before the end of the year for which assay results are
pending. In 2012, drilling at the property will continue.
At Encrucijada in Chile, follow-up drilling on the San Bernardo
Dome complex was carried out in November. Two holes were completed
by the end of the year, with a third still in progress. The first
of the two holes drilled through strong alteration and stock work
vein mineralisation below the San Bernardo tourmaline breccia and
dome complex. Preliminary results indicate anomalous gold and
copper mineralisation. Drilling continues at the property.
2012 Overview
Hochschild's production target for 2012 is 20.0 million
attributable silver equivalent ounces, which includes the effect of
291 thousand silver equivalent ounces that will now not be
recovered at Arcata as a result of the implementation of the dore
project. The Company expects 2012 production at each of its core
operations to be similar to that of 2011. As anticipated,
production at Ares will continue to decline, reflecting lower
tonnages and grades, whilst production at Moris is not expected to
be material.
The Company expects the increase in overall 2012 unit cost per
tonne in Peru to be approximately 15% excluding royalties and the
increased refining cost due to the effects of the dore project at
Arcata. The main factors in this increase are anticipated to be a
combination of expected local industry inflation of 10% and the
increasing number of stopes at core operations. In Argentina, the
rate is expected to continue to be higher as a result of ongoing
local industry inflation of around 25-30%.
Hochschild is in a strong financial position, with total cash of
approximately $627 million on the balance sheet as at 31 December
2011 (31 December 2010: $530 million) and minority investments
valued at $353 million (as at 31 December 2011).
________________________________________________________________
A conference call will be held at 2pm (London time) on Wednesday
18 January 2012 for analysts and investors.
Dial in details as follows:
UK: +44 (0) 20 3003 2666
A recording of the conference call will be available for one
week following its conclusion, accessible from the following
telephone number:
UK: +44 (0) 20 8196 1998
Access code: 1521673
__________________________________________________________________
Enquiries:
Hochschild Mining plc
Charles Gordon +44 (0)20 7907 2934
Head of Investor Relations
RLM Finsbury
Charles Chichester +44 (0)20 7251 3801
Public Relations
__________________________________________________________________
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 forty years' experience in the
mining of precious metal epithermal vein deposits and currently
operates four underground epithermal vein mines, three located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
PRODUCTION & SALES INFORMATION*
TOTAL GROUP PRODUCTION(1)
Q4 Q3 Q4 12 mths 12 mths
2011
2011 2011 2010 2010
------------------------- ------- ------- ------- -------- --------
Silver production (koz) 5,477 5,473 6,780 21,363 24,430
Gold production (koz) 44.12 47.48 54.27 180.51 200.05
Total silver equivalent
(koz) 8,124 8,321 10,037 32,193 36,434
Total gold equivalent
(koz) 135.39 138.69 167.28 536.56 607.23
Silver sold (koz) 6,326 4,708 6,826 21,792 24,283
Gold sold (koz) 54.1 38.4 56.2 182.0 199.9
------------------------- ------- ------- ------- -------- --------
[1] Total production includes 100% of all production, including
production attributable to joint venture partners at San Jose and
Pallancata.
ATTRIBUTABLE GROUP PRODUCTION(1)
Q4 Q3 Q4 12 mths 12 mths
2011 2010
2011 2011 2010
--------------------------- ------- ------- ------- -------- --------
Silver production (koz) 3,849 3,791 4,758 14,980 17,768
Gold production (koz) 30.54 33.49 37.44 127.29 144.40
Attrib. silver equivalent
(koz) 5,681 5,800 7,005 22,617 26,432
Attrib. gold equivalent
(koz) 94.7 96.7 116.8 377.0 440.5
--------------------------- ------- ------- ------- -------- --------
[1] Attributable production includes 100% of all production from
Arcata, Ares and Moris, 60% from Pallancata and 51% from San
Jose.
QUARTERLY PRODUCTION BY MINE
ARCATA
Q4 Q3 Q4 12 mths 12 mths
2011 2010
Product 2011 2011 2010
---------------------------- -------- ------------ -------- -------- --------
Ore production (tonnes) 190,609 181,271 171,270 687,966 645,974
Average head grade
silver (g/t) 297 277 404 312 439
Average head grade
gold (g/t) 0.85 0.80 1.20 0.88 1.40
Silver produced (koz) 1,593 1,433 1,945 6,081 8,099
Gold produced (koz) 4.48 4.24 5.81 17.38 25.83
Silver equivalent produced
(koz) 1,861 1,688 2,294 7,124 9,649
Silver sold (koz) 1,758 1,228 2,077 6,005 8,095
Gold sold (koz) 5.0 3.4 5.8 16.8 25.0
---------------------------- -------- ------------ -------- -------- --------
ARES
Q4 Q3 Q4 12 mths 12 mths
2011 2010
Product 2011 2011 2010
---------------------------- ------- ------- ------- -------- --------
Ore production (tonnes) 97,115 91,287 76,596 344,085 301,726
Average head grade
silver (g/t) 56 63 82 61 92
Average head grade
gold (g/t) 3.01 2.58 3.35 2.90 3.58
Silver produced (koz) 132 164 182 581 786
Gold produced (koz) 7.94 7.02 7.72 29.03 32.53
Silver equivalent produced
(koz) 608 585 646 2,323 2,738
Silver sold (koz) 164 121 214 572 810
Gold sold (koz) 10.3 5.0 8.8 29.6 32.7
---------------------------- ------- ------- ------- -------- --------
PALLANCATA(1)
Q4 Q3 Q4 12 mths 12 mths
2011 2010
Product 2011 2011 2010
---------------------------- -------- -------- -------- ---------- ----------
Ore production (tonnes) 293,060 268,673 281,035 1,070,466 1,071,617
Average head grade
silver (g/t) 293 313 358 301 344
Average head grade
gold (g/t) 1.27 1.44 1.51 1.33 1.41
Silver produced (koz) 2,289 2,291 2,763 8,767 10,135
Gold produced (koz) 8.30 9.37 10.04 33.88 35.85
Silver equivalent produced
(koz) 2,787 2,853 3,365 10,800 12,286
Silver sold (koz) 2,636 1,935 2,549 9,064 9,998
Gold sold (koz) 9.3 8.0 8.3 33.9 33.7
---------------------------- -------- -------- -------- ---------- ----------
[1] The Company has a 60% interest in Pallancata.
SAN JOSE(1)
Q4 Q3 Q4 12 mths 12 mths
2011 2010
Product 2011 2011 2010
---------------------------- -------- -------- -------- -------- --------
Ore production (tonnes) 126,675 124,204 135,710 462,825 461,134
Average head grade
silver (g/t) 412 448 475 444 397
Average head grade
gold (g/t) 5.68 5.75 6.34 5.86 6.14
Silver produced (koz) 1,454 1,562 1,871 5,870 5,324
Gold produced (koz) 20.93 20.91 26.14 80.95 84.30
Silver equivalent produced
(koz) 2,710 2,816 3,440 10,727 10,382
Silver sold (koz) 1,750 1,409 1,962 6,087 5,284
Gold sold (koz) 25.0 18.1 27.5 82.4 85.0
---------------------------- -------- -------- -------- -------- --------
[1] The Company has a 51% interest in San Jose.
MORIS
Q4 Q3 Q4 12 mths 12 mths
2011 2010
Product 2011 2011 2010
---------------------------- ------- -------- -------- -------- ----------
Ore production (tonnes) - 245,771 249,150 858,028 1,148,826
Average head grade
silver (g/t) - 5.49 4.30 5.02 4.44
Average head grade
gold (g/t) - 1.00 0.83 0.96 1.14
Silver produced (koz) 9 23 19 64 86
Gold produced (koz) 2.46 5.94 4.55 19.26 21.53
Silver equivalent produced
(koz) 157 380 292 1,220 1,378
Silver sold (koz) 18 15 25 64 95
Gold sold (koz) 4.6 3.8 5.9 19.3 23.5
---------------------------- ------- -------- -------- -------- ----------
* Ounces sold figures for all operations have been restated to
include gross revenue divided by gross ounces (previously included
net revenue divided by net ounces)
Forward looking statements
This announcement may contain forward looking statements. By
their nature, forward looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual results,
performance or achievements of Hochschild Mining plc may, for
various reasons, be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements.
The forward looking statements reflect knowledge and information
available at the date of preparation of this announcement. Except
as required by the Listing Rules and applicable law, the Board of
Hochschild Mining plc does not undertake any obligation to update
or change any forward looking statements to reflect events
occurring after the date of this announcement. Nothing in this
announcement should be construed as a profit forecast.
- ends -
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The company news service from the London Stock Exchange
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