Hochschild Mining PLC Update on 2019 Final Dividend (4667J)
April 14 2020 - 2:00AM
UK Regulatory
TIDMHOC
RNS Number : 4667J
Hochschild Mining PLC
14 April 2020
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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.
________________________________________________________________________________________
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
________________________________________________________________________________________
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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