Hochschild Mining sees Q3 production increase by 5%
16:25, 26 October 2021
Hochschild Mining gold and silver productions hiked up by 5% in the third quarter versus what it delivered in the second quarter of 2021, according to its production report for nine months ending 30 September.
The UK company, which has over 50 years’ operating experience in the Americas, said it delivered attributable production of 93,630 gold equivalent ounces or 8.1 million silver equivalent ounces.
Performance was particularly strong due to production in its Inmaculada mine in Peru.
On track
The company added that it remains on track to meet its production target for 2021 of 360,000-372,000 gold equivalent ounces or 31.0-32.0 million silver equivalent ounces.
"Operationally, the third quarter was our strongest so far of 2021 and we remain firmly on track to meet both our full year production and our cost targets.
“We have also had another successful period of drilling with the addition of further high-grade resources at both Inmaculada and at San Jose,” said Ignacio Bustamante, chief executive officer at Hochschild Mining.
Gold mine takeover
Earlier this month it was announced that the London listed business exercised its option to start earning a 60% interest in the Snip gold project in Canada. It has a partnership with Skeena Resources Limited.
Bustamante said, “It has been a very busy period for business development with the exercise of our option on the high-grade Snip gold project in British Columbia and the announcement of the proposed demerger of our exciting rare earths business, Aclara Resources."
Bustamante hinted that there could be further take overs in the future, adding: “Furthermore, we retain a strong balance sheet to assess further opportunities to add to our long-term project pipeline throughout the Americas."
Q4 focus
Hochschild announced overall year-to-date attributable production of 268,749 gold equivalent ounces or 23.1 million silver equivalent ounces.
The company said that during the fourth quarter of this year it will focus on 2,000 metres of resource drilling in the Juliana North East vein.
Hochschild Mining's share price was down 3.38%, trading at £148.80 at 17:00 BST.
Read more: UK’s Hochschild Mining half-yearly profits rocket to m
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