TIDMHOC
RNS Number : 4752J
Hochschild Mining PLC
17 July 2013
17 July 2013
Production Report for the 6 months ended 30 June 2013
Highlights
-- Q2 2013 attributable production of 5.0 million silver
equivalent ounces(1)
-- H1 2013 attributable production of 9.7 million silver
equivalent ounces
-- On track to achieve 2013 attributable production target of
20.0 million silver equivalent ounces
-- Cashflow optimisation programme extended to deliver further
material cost savings:
o Sustaining capex and exploration budget further reduced
o Strong focus on reducing operating costs and improving
productivity
o Significant savings achieved in administration expenses
o Reduction in Board size and Directors' fees (see separate
press release)
o Full impact expected in H2 2013 and 2014
-- Advanced Project permitting process on schedule for H2
2013
-- Total cash of approximately $240 million primarily reflecting
H1 impact of:
o Advanced Project capex ($52 million)
o Change in working capital ($28 million)
o Foreign exchange loss on cash deposits in Peru ($16 million) -
more than offset by positive effects of weakening currency on unit
costs and capital expenditure
o Final payment for Andina Minerals acquisition ($14
million)
-- Minority investments valued at $137 million as at 30 June
2013
-- 3.38m shares of Gold Resource Corporation sold on 11 July
2013 for a net consideration of $25.7 million
Ignacio Bustamante, Chief Executive Officer commented:
"The production volume in the first half of the year has been
achieved according to expectations, with all operations delivering
a solid performance. We remain on track to hit our target of 20
million ounces for 2013.
As we disclosed in May, we are rapidly implementing a
comprehensive cashflow optimisation programme which encompasses
cost, capex and expense reductions throughout the entire
organisation. We are confident that the programme will deliver
material savings in the second half of 2013 and more fully in 2014,
thus ensuring that the Company optimises cash generation in a
continuing volatile precious metal price environment. We will
provide further details on our progress in our Half Year results in
August."
__________________________________________________________________________________
A conference call will be held at 3pm (London time) on Wednesday
17 July 2013 for analysts and investors.
Dial in details as follows:
UK: +44 (0) 20 3003 2666
Password: Hochschild
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: 2262446
__________________________________________________________________________________
Overview
In Q2 2013 the Company produced 5.0 million attributable silver
equivalent ounces, comprised of 3.2 million ounces of silver and
29.2 thousand ounces of gold. Overall, in the first half of 2013
the Company delivered attributable production of 9.7 million silver
equivalent ounces, including 6.3 million ounces of silver and 57.9
thousand ounces of gold, and remains on track to meet its full year
production target of 20.0 million attributable silver equivalent
ounces.
Production
Main operations
At Arcata, total silver equivalent production in Q2 2013 was 1.3
million ounces (Q2 2012: 1.8 million ounces) and 2.8 million silver
equivalent ounces for H1 2013 (H1 2012: 3.6 million ounces).
Tonnages were higher than those in 2012 due to the planned increase
in volumes processed from the low-grade Macarena Waste Dam Deposit,
facilitated by the 500 tonne per day capacity expansion at the
Arcata plant (completed in H2 2012). The increased volumes of
low-grade Macarena material, as well as the Company's policy of
mining close to the average reserve grade at its core assets led to
lower grades in the first half of 2013 compared to 2012.
The Company continues to plan for grades at Arcata to increase
in the second half of 2013 when Macarena tonnage will be gradually
replaced by tonnage from stopes and mine development.
Table Showing Contribution From Macarena Waste Dam Deposit
Q2 2013 Q1 2013
------------------------- -------- --------
Total
Tonnage 223,386 203,888
Average head grade
gold (g/t) 0.66 0.73
Average head grade
silver (g/t) 188 202
------------------------- -------- --------
Macarena
Tonnage 80,607 63,743
Average head grade
gold (g/t) 0.29 0.28
Average head grade
silver (g/t) 90 98
Stopes and Developments
Tonnage 142,779 140,145
Average head grade
gold (g/t) 0.86 0.93
Average head grade
silver (g/t) 244 249
------------------------- -------- --------
The Pallancata operation delivered a solid quarter of production
with improved grades and recoveries resulting in total silver
equivalent production of 2.4 million ounces (Q2 2012: 2.2 million
ounces), bringing the total for H1 2013 to 4.4 million silver
equivalent ounces (H1 2012: 4.3 million ounces).
San Jose delivered another strong quarter of production in Q2
2013, with total silver equivalent production of 3.1 million ounces
(Q2 2012: 2.8 million ounces). Total silver equivalent production
at San Jose in H1 2013 was also slightly ahead of H1 2012, at 5.7
million ounces (H1 2012: 5.4 million ounces).
Other operations
The Company's Ares mine in Peru continued to operate in Q2 2013,
delivering total silver equivalent production of 511 thousand
ounces (Q2 2012: 470 thousand ounces). H1 2013 total silver
equivalent production at Ares was 1.04 million ounces compared to
0.99 million ounces in H1 2012. The Company anticipates that
production at Ares will continue until the end of 2013.
At Moris, the Company's open pit operation in Mexico, leaching
of the pads continued during Q2 2013, producing a further 128
thousand silver equivalent ounces (Q2 2012: 139 thousand ounces).
The total for H1 2013 was 372 thousand silver equivalent ounces, a
slight increase compared to H1 2012 (357 thousand ounces). Moris
remains in the final stages of the pads' cyanidation process with
exploration continuing at the property.
Average realisable prices and sales
Average realisable precious metal prices in Q2 2013 (which are
reported before the deduction of commercial discounts) were
$1,240.33/ounce for gold and $18.99/ounce for silver (Q2 2012:
$1,586.92/ounce for gold and $26.08/ounce for silver). For H1 2013,
average realisable precious metal prices were $1,367.28/ounce for
gold and $23.04/ounce for silver (H1 2012: $1,669.00/ounce for gold
and $31.18/ounce for silver).
Project pipeline & exploration
Following a detailed review of discretionary elements of its
2013 exploration budget, the Company announced in May 2013, a
reduction in its exploration budget, from $77 million to $55
million. Details of additional savings will be provided in the Half
Year results announcement in August.
Brownfield exploration(2)
Arcata
In Q2 2013, 5,027 metres of drilling were carried out at Arcata,
a total of 5,265 metres for H1 2013. The exploration programme
focused on the definition of new high-grade structures from known
vein systems (potential drilling), and a new geological
interpretation of the Amparo-Blanca corridor that identified
high-grade structures. In addition, diamond drilling was conducted
at the Pamela, Ramal Leslie, Baja and Blanca Techo veins.
Significant intercepts included(2) :
Vein Results
------------- ---------------------------------------
Pamela DDH425-LM13: 1.41m at 7.83 g/t Au &
2,028 Ag
------------- ---------------------------------------
DDH438-GE13: 0.83m at 1.69 g/t Au &
Ramal Leslie 810 Ag
------------- ---------------------------------------
DDH434-S13: 1.90m at 3.10 g/t Au & 612
Baja Ag
------------- ---------------------------------------
DDH459-GE13: 1.30m at 1.39 g/t Au &
Blanca Techo 508 Ag
------------- ---------------------------------------
In the second half, the near-mine exploration programme will
continue with potential drilling focused on the definition of new
high-grade structures.
Pallancata
At Pallancata in Q2 2013, both resource and potential drilling
was carried out to further delineate inferred resources and to test
new possible vein extensions. A total of 7,800 metres of diamond
drilling were carried out, bringing the total for H1 2013 to 9,969
metres. New gold-rich high-grade structures were identified in the
northern part of the district, and drilling continued at the Luisa,
Yurika, Yanely and Ramal San Javier veins. Significant intercepts
included(2) :
Vein Results
------- ------------------------------------------
Yurika DLYU-A08: 1.02m at 17.86 g/t Au & 1,702
g/t Ag
DLYU-A16: 2.17m at 11.17 g/t Au & 949
g/t Ag
DLYU-A20: 2.75m at 6.35 g/t Au & 931 g/t
Ag
DLYU-A12: 0.91m at 6.72 g/t Au & 540 g/t
Ag
------- ------------------------------------------
DLYU-A02: 0.82m at 33.91 g/t Au & 326
Yanely g/t Ag
------- ------------------------------------------
In H2 2013 the exploration programme at Pallancata will continue
to focus on completing the delineation of new potential structures,
incorporating new resources, and mapping the geological extension
of the Pallancata NW vein.
San Jose
In Q2 2013 the exploration programme at San Jose focused on the
geological mapping of the district area and identifying new
structures. A total of 4,776 metres of diamond drilling were
completed during the quarter, a total of 5,743 metres for H1 2013.
In addition, new structures were identified in the Juanita vein
system located at the south of the property. Drilling was conducted
on the Huevos Verdes, Emilia and Juanita veins. Significant
intercepts included(2) :
Vein Results
-------------------- ------------------------------------------
Ramal Huevos Verdes SJD-1387: 0.87m at 70.03 g/t Au & 2,060
g/t Ag
SJD-1387: 0.73m at 2.08 g/t Au & 234 g/t
Ag
SJD-1387: 0.87m at 0.91 g/t Au & 143 g/t
Ag
-------------------- ------------------------------------------
SJD-1393: 5.00m at 40.08 g/t Au & 882
Emilia g/t Ag
-------------------- ------------------------------------------
In H2 2013, exploration will focus on the delineation of the
Juanita vein system to study its vein and disseminated
potential.
Ares
The exploration programme at Ares in Q2 2013 focused on the
exploration of potential mineralisation in the extensions of known
veins and the definition of new high-grade structures. In addition,
exploration continued at the Isabel vein, where new intersections
were discovered in the second half of 2012, and additional
resources were incorporated. A total of 847 metres of drilling were
carried out during H1 2013. In H2 2013 the exploration and drilling
programme at Ares will focus on continuing to expand resources and
extending the resource life of mine.
Moris
In Q2 2013, exploration work at Moris continued to focus on
identifying new economic structures and the completion of the
potential geological model of the property to identify new drill
targets. Two new structures were discovered to the north of the
original mine location, and preliminary data suggests significant
mineralisation in the surrounding extensions of the veins. In H2
2013, the exploration of the new structures will be extended to
identify possible extensions of mineralised structures.
Advanced Projects
In November 2012 the Company announced that it expects to
receive the final mill construction permits for both the Inmaculada
and Crespo projects in the second half of 2013 with commissioning
for both projects' mills scheduled for the second half of 2014.
In March 2013, the Company announced that its 60% owned joint
venture Minera Suyamarca S.A.C had negotiated a $140 million
secured loan facility with BBVA Continental and Banco Credito del
Peru to partially finance the initial capital expenditure for the
Inmaculada project.
Inmaculada
In Q2 2013, further progress was made in the project
development, construction and permitting processes at Inmaculada.
The detailed civil engineering and detailed underground engineering
continued and are on schedule for completion this quarter.
Procurement of the main equipment also progressed according to
schedule and construction of the three exploration tunnels
continued, with 1,926 metres carried out in the first half.
Finally, the detailed engineering for the paste backfill commenced,
as well as construction of the camp which is expected to be
completed during the second half.
The detailed engineering for the energy transmission line was
also completed during the quarter and procurement commenced and is
expected to be completed in Q3 2013. Tests were also successfully
carried out on the main equipment and electrical substations.
In the project's permit application process, the underground
water study was approved during the quarter, and a specialist task
team submitted the Company's technical response to the relevant
ministry authorities following their review of the construction
permit application. The Company continues to expect that the
construction permit will be approved in H2 2013.
The exploration drilling programme in and around the Inmaculada
project continued in Q2 2013. Surface exploration drilling was
completed during the quarter, with one drill rig in operation, to
test geophysical anomalies and alteration lineaments parallel to
the Mirella vein, and to test the NE extension of the Martha vein.
In addition, a new potential high-grade vein, Mayte, was
intercepted with 0.40 to 7.70 metres of true widths. During the
quarter, a total of 1,482 metres of diamond drilling were
completed. Significant intercepts included(3) :
Vein Results
-------- -----------------------------------------
MIR13-001: 7.70m at 11.97 g/t Au & 153
Mayte g/t Ag
-------- -----------------------------------------
Mirella MIR13-001: 1.10m at 1.34 g/t Au & 108
g/t Ag
-------- -----------------------------------------
SHK13-003: 1.10m at 4.10 g/t Au & 10 g/t
Shakira Ag
-------- -----------------------------------------
Martha MIR13-001: 0.20m at 31.02 g/t Au & 3,269
g/t Ag
-------- -----------------------------------------
Crespo
At the Company's 100% owned Crespo project, in Q2 2013 the
detailed integration engineering continued and is on schedule for
completion in Q3 2013. The basic and detailed engineering for the
mine was also in progress during the quarter, and the construction
of the new access road to the mine site progressed and is also
anticipated to be completed in Q3 2013.
With regards to the permit application process for the Crespo
project, the underground water study was approved in Q2 2013. In
addition, the Company responded to the next round of observations
from the authorities and expects that the Environmental Impact
Study ('EIS') permit for Crespo will be approved in Q3 2013.
District surface exploration continued at Crespo in Q2 2013 and
a new high sulphidation target, Jackelin, was identified.
Furthermore, surface geochemistry sampling programmes were
completed with gold and silver anomalies reported. In H2 2013 the
Company will continue surface exploration work at Crespo, with full
geological mapping of the property to identify new drill
targets.
Azuca
In Q2 2013, a total of 4,444 metres of diamond drilling were
completed at Azuca. The exploration drilling campaigns at Azuca
were subsequently put on hold in late April until market conditions
improve.
Volcan
Exploration was not scheduled at Volcan for 2013. Future plans
include the process of building a complete geological and
geometallurgical model of the El Dorado resource, the re-logging of
historical drilling data and the image scanning of a selection of
existing diamond drill holes, to define mineralised domains and
improve mine planning.
Greenfield pipeline
In Q2 2013, a total of 10,589 metres were drilled as part of the
greenfield exploration programme, bringing the total for the first
half of 2013 to 23,524 metres. In H1 2013, drilling was carried out
at eight projects, at five 'Company Maker' projects, and at three
'Medium Scale' projects.
During Q2 2013, the Pachuca property in Mexico was added to the
project pipeline as a Company Maker project. Also during the
quarter, the Company stopped the exploration programmes at the La
Falda and Potrero Company Maker projects in Chile and the
Baborigame Company Maker project in Mexico. No further exploration
work is planned for these projects.
Highlights of the Greenfield exploration programme during the
period are provided below.
Valeriano
At the Valeriano Company Maker project in Chile, in H1 2013, a
total of 2,421 metres were drilled to further test at depth the
high-grade copper gold porphyry system encountered in the 2012
drilling campaign. Further tests of the mineralised body at a depth
of 1.5 km yielded positive results. The drilling campaign at
Valeriano was concluded in Q2 2013 and the Company plans to
recommence drilling at the end of the winter season at the end of
Q3 2013 to continue testing the porphyry system at depth and to
define the extension and continuity of the mineralised system.
Mercurio
In H1 2013, a total of 2,898 metres of drilling were carried out
at the Mercurio Company Maker project in Mexico, focused on the
Barite zone. In H2 2013, the Company plans to continue surface
exploration in the North West area of the property.
Pachuca
The Pachuca project is located in Mexico and was added to the
Company's project pipeline as a Company Maker project in Q2 2013.
The Pachuca property encompasses approximately 19,000 hectares of
mineral rights in and around the Pachuca silver-gold mining
district. Historic production from the Pachuca district totals
approximately 1.4 billion ounces of silver and over 7.0 million
ounces of gold, making it one of the largest silver-gold districts
in the world. The Company's property does not include the central
Pachuca property where historical production has taken place, but
rather focuses on the northern area of the property.
Exploration work at Pachuca is currently focused on the
reinterpretation and re-logging of the San Juan Gallo and Raquel
areas of the property for further drill testing. In addition, 36
veins have been identified within the Pachuca Norte concessions to
date, of which only a small number have been explored in previous
exploration campaigns.
Julieta
At the Julieta Company Maker project in Peru, in H1 2013 a
surface mapping programme was completed and a new area with
breccias was discovered, showing robust mineralised surface
geochemistry. The Company plans to commence a drilling campaign at
the Julieta property in H2 2013.
Fresia
At the Fresia Medium Scale project in Peru, geological mapping
and geochemistry campaigns were completed in H1 2013.
Cuello Cuello
At the Cuello Cuello Medium Scale project in Peru, during H1
2013, a total of 310 metres were drilled. This was the second
drilling programme carried out at the property and near surface
mineralised structures were again intersected, and two structural
trends were identified. Metallurgical tests on ore from these
structures show that some areas of the deposit are amenable to
cyanide leaching with good recoveries. The Company is currently
evaluating the economics of the project before defining the next
phase of the exploration programme.
San Martin
Drilling commenced in Q2 2013 at the San Martin Medium Scale
project in Peru. A total of 3,003 metres of exploration drilling
were carried out to explore the continuity of quartz veins outside
of the Rioacite dome. Holes intercepted structures with good
mineralisation including sphalerite, galena and red silver, and
high- grade gold and silver mineralisation is expected. In H2 2013
further drilling will be carried out along the favourable trend to
test the extension and continuity of mineralisation. In addition, a
comprehensive geological surface exploration programme will be
carried out over the entire property, to target similar structures
and generate further drilling targets. Significant intercepts
included(4) :
Intercept Results
------------ ----------------------------------------
Paloma SM13-004: 0.10m at 1.96 g/t Au & 2,270
g/t Ag
SM13-001: 1.15m at 1.83 g/t Au & 1,362
g/t Ag
SM13-003: 0.20m at 5.25 g/t Au & 845
g/t Ag
------------ ----------------------------------------
Ramal Techo SM13-004: 0.41m at 5.92 g/t Au & 1,503
g/t Ag
SM13-005: 0.20m at 2.99 g/t Au & 1,480
g/t Ag
------------ ----------------------------------------
Financial position
The Company's financial position remains strong, with total cash
of approximately $240 million and minority investments valued at
approximately $137 million as at 30 June 2013. The reduction in the
half year cash figure versus the end of 2012 primarily reflects:
capital expenditure of approximately $52 million on the Company's
Advanced Projects; change in working capital of $28 million; a
foreign exchange loss of approximately $16 million on cash deposits
held in Peru resulting from the 11% depreciation in the Peruvian
Sol; final payment of $14 million for the Andina Minerals
acquisition. The foreign exchange loss is expected to be more than
offset by the ongoing positive effects of a weakening currency on
2013 unit costs and project capital expenditure.
On 11 July 2013, the Company sold 3.38 million shares of Gold
Resource Corporation at a price of $7.60 for a net consideration of
$25.7 million in line with its policy of monetising non-core
investments. The Company's remaining holding in Gold Resource
Corporation is 21.1%.
Following the significant fall in precious metal prices and the
current economic environment, Hochschild will complete a review of
the carrying value of its producing assets, with any resulting
impact to be disclosed at the Company's Half Year results.
Outlook
Hochschild is on track to achieve its full year production
target of 20.0 million attributable silver equivalent ounces in
2013, with production at its core operations set to remain broadly
stable throughout the second half.
Due to recently implemented cost saving initiatives and the
depreciation of the Peruvian Sol, the Company now expects that,
excluding the effects of royalties and the impact of the Arcata
dore project, unit cost per tonne increases in H1 2012 at its
Peruvian operations will be materially lower than the previous
guidance of 10-15%. In Argentina, H1 unit cost increases at San
Jose are expected to be in line with the previous full year
forecast of 10-15%.
The Company will update its guidance for the Full Year with
regards to unit costs, sustaining capital expenditure and
exploration in the Half Year results announcement on 21 August.
________________________________________________________________________
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 almost fifty 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**
Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
------------------------- ------- ------- ------- ------- -------
Silver production
(koz) 4,770 4,328 4,966 9,099 9,728
Gold production (koz) 44.76 41.64 40.96 86.40 81.47
Total silver equivalent
(koz) 7,456 6,827 7,424 14,283 14,616
Total gold equivalent
(koz) 124.27 113.78 123.73 238.05 243.61
Silver sold (koz) 5,651 3,502 4,528 9,153 8,596
Gold sold (koz) 54.03 29.53 38.20 83.56 65.91
------------------------- ------- ------- ------- ------- -------
Total production includes 100% of all production, including
production attributable to joint venture partners at San Jose and
Pallancata.
ATTRIBUTABLE GROUP PRODUCTION
Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
----------------------- ------- ------- ------- ------- -------
Silver production
(koz) 3,228 3,023 3,501 6,251 6,887
Gold production (koz) 29.18 28.70 27.65 57.88 55.94
Silver equivalent
(koz) 4,979 4,745 5,160 9,724 10,243
Gold equivalent (koz) 82.99 79.09 86.00 162.07 170.72
----------------------- ------- ------- ------- ------- -------
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
Product Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
---------------------------- -------- -------- -------- -------- --------
Ore production (tonnes
treated) 223,386 203,888 180,500 427,274 344,660
Average grade silver
(g/t) 188 202 300 195 308
Average grade gold
(g/t) 0.66 0.73 0.88 0.69 0.91
Silver produced (koz) 1,101 1,190 1,515 2,292 3,012
Gold produced (koz) 3.72 4.16 4.56 7.88 9.04
Silver equivalent produced
(koz) 1,325 1,440 1,788 2,764 3,555
Silver sold (koz) 1,401 931 1,548 2,332 2,659
Gold sold (koz) 4.73 3.10 4.99 7.83 7.81
---------------------------- -------- -------- -------- -------- --------
ARES
Product Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
---------------------------- ------- ------- ------- -------- --------
Ore production (tonnes
treated) 72,469 77,359 82,368 149,828 160,632
Average grade silver
(g/t) 79 65 54 71 51
Average grade gold
(g/t) 2.70 2.36 2.51 2.52 2.56
Silver produced (koz) 162 166 115 328 227
Gold produced (koz) 5.82 6.02 5.92 11.84 12.63
Silver equivalent produced
(koz) 511 527 470 1,038 985
Silver sold (koz) 202 132 93 334 178
Gold sold (koz) 7.26 4.71 6.73 11.97 9.94
---------------------------- ------- ------- ------- -------- --------
PALLANCATA
Product Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
---------------------------- -------- -------- -------- -------- --------
Ore production (tonnes
treated) 272,122 251,702 270,961 523,824 528,300
Average grade silver
(g/t) 266 239 250 253 256
Average grade gold
(g/t) 1.17 1.08 1.08 1.13 1.04
Silver produced (koz) 1,926 1,608 1,825 3,534 3,606
Gold produced (koz) 7.58 6.53 6.40 14.11 12.01
Silver equivalent produced
(koz) 2,380 2,000 2,209 4,380 4,326
Silver sold (koz) 2,050 1,539 1,730 3,590 3,556
Gold sold (koz) 7.74 5.93 5.95 13.67 11.43
---------------------------- -------- -------- -------- -------- --------
The Company has a 60% interest in Pallancata.
SAN JOSE
Product Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
---------------------------- -------- -------- -------- -------- --------
Ore production (tonnes
treated) 140,816 108,379 128,803 249,195 244,334
Average grade silver
(g/t) 407 459 430 430 423
Average grade gold
(g/t) 6.34 6.87 5.98 6.57 5.98
Silver produced (koz) 1,575 1,351 1,500 2,926 2,855
Gold produced (koz) 25.61 21.08 21.95 46.69 42.30
Silver equivalent produced
(koz) 3,112 2,616 2,816 5,728 5,393
Silver sold (koz) 1,991 889 1,146 2,880 2,178
Gold sold (koz) 31.99 12.80 17.66 44.79 32.00
---------------------------- -------- -------- -------- -------- --------
The Company has a 51% interest in San Jose.
MORIS
Product Q2 Q1 Q2 H1 H1
2013 2013 2012 2013 2012
---------------------------- ------- ------- ------- ------- -------
Ore production (tonnes - - - - -
treated)
Average grade silver - - - - -
(g/t)
Average grade gold - - - - -
(g/t)
Silver produced (koz) 6 13 11 19 28
Gold produced (koz) 2.03 3.86 2.13 5.89 5.48
Silver equivalent produced
(koz) 128 244 139 372 357
Silver sold (koz) 8 10 11 17 24
Gold sold (koz) 2.31 3.00 2.86 5.31 4.73
---------------------------- ------- ------- ------- ------- -------
*Silver equivalent production assumes a gold/silver ratio of
60:1
**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 -
(1) Silver equivalent production assumes a gold/silver ratio of
60:1
(2) Please note that in line with industry-wide standards, all
mineralised intersections in this release are quoted as true
widths.
(3) Please note that in line with industry-wide standards, all
mineralised intersections in this release are quoted as true
widths.
(4) Please note that in line with industry-wide standards, all
mineralised intersections in this release are quoted as true
widths.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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