Hochschild Mining (LSE: HOC) ended 2023 at the top end of its revised production guidance, with costs also anticipated to be in line with expectations, the U.K.-based precious metals producer announced Wednesday.
Total attributable production across Hochschild’s operations, all based in Latin America, came to 186,091 oz. of gold and 9.5 million oz of silver, or 300,749 gold-equivalent ounces. The company’s 2023 guidance, which was updated following a strong second quarter, was 289,000-303,000 gold-equivalent ounces.
The 2023 all-in sustaining costs (AISC) are expected to meet revised guidance of US$1,490-1,580/oz. gold equivalent, the miner added.
The 2023 output, however, represents a 16% decline from 2022, during which the company produced 358,826 gold-equivalent ounces owing to robust performances from its Peruvian mines. The AISC range was also lower in 2022 at US$1,330-1,370 per oz.
Hochschild’s held US$89 million in cash at the end of the year, compared with US$144 million a year earlier. Net debt also grew to US$252 million from US$175 million.
For 2024, the company is targeting a 15% production increase.
The Mara Rosa mine in Brazil is in the final stages of construction and expected to pour its first gold in February. Its overall production target is set at 343,000-360,000 gold-equivalent oz., with AISCs of US$1,510-$1,550 per oz.
Shares of Hochschild Mining were up 7.5% by market close in London for a per-share price of 95.5 pence. The shares traded between 60.5 pence and £1.18 over the past 52 weeks. Its market capitalization is £456.8 million.
Be the first to comment on "Hochschild targets 15% rise in precious metals output in 2024"