Business
1st Quarter Results
1st Quarter Results.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 7056V Hochschild Mining PLC 20 April 2016 \n\n \n20 April 2016 \n \n \nProduction Report for the 3 months ended 31 March 2016\n \n \nOperational highlights \n§ Q1 2016 attributable production exceeding budgeted mine plans\no 3.7 million ounces of silver\no 51.1 thousand ounces of gold\no 7.4 million silver equivalent ounces, up 79% versus Q1 2015 (4.2 million ounces)\n§ Inmaculada mine produced 47.2 thousand gold equivalent ounces\no 34.0 thousand ounces of gold\no 1.0 million ounces of silver\no 3.5 million silver equivalent ounces\n§ 2016 all-in sustaining costs per silver equivalent ounce on track to meet $12.0-12.5 guidance\n \nImproving financial position \n§ Total cash of approximately $105 million as at 15 April 2016\n§ Net debt of approximately $345 million as at 15 April 2016\n§ Current Net debt/LTM EBITDA ratio of approximately 1.8x (31 December 2015: 2.5x)\n§ Argentina macroeconomic & tax reforms significantly improving San Jose cash flows\n§ Cashflow further protected by 2016 precious metal hedges - 45% of production sold forward\n \n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"We have once again delivered a strong start to the year at all our mines in what is budgeted as the lowest quarter of production. Output is scheduled to increase through the rest of the year and we are firmly on track to reach our full year production target of 32 million silver equivalent ounces. Our flagship mine, Inmaculada continues to operate efficiently at a very competitive cost and we remain excited by the potential in the surrounding district where we will commence a drilling programme later in the year as part of our Company-wide 2016 brownfield exploration plan. Our cash balance has now grown to beyond the $100 million level and with the recent relative strength in prices, our leverage ratio is currently running at approximately 1.8x Net Debt to EBITDA for the year.\"\n \n \n__________________________________________________________________________________\n \nA conference call will be held at 2.30pm (London time) on Wednesday 20 April 2016 for analysts and investors. \n \nDial in details as follows:\nInternational Dial in: +44 (0) 20 3139 4830\nUK Toll-Free Number: +44(0) 808 237 00...