Business
3rd Quarter Production Result
3rd Quarter Production Result.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 4016G Hochschild Mining PLC 22 October 2008 \n \n \nClick on, or paste the following link into your web browser, to view this announcement in PDF format.\n \n\nhttp://www.rns-pdf.londonstockexchange.com/rns/4016G_-2008-10-22.pdf\n\n \n\nHochschild Mining\n\nProduction Report and Interim Management Statement\n for the three months to 30 September 2008 ('Q308')\n\nHighlights:\n\n\n\nOn track to achieve target production of 26 million attributable silver equivalent ounces in 2008 (16.9 moz Ag and 153 koz Au)\n\n\n\n\nYear to date production in line with expectations at 18.1 million attributable silver equivalent ounces, up 4.0% on the first nine months of 2007\n\n\n\n\nContinued focus on effective cost controls\n\n\n\n\nAll three mine expansions completed on time; increase in plant capacity of 29% year on year\n\n\n\n\nFurther development of cluster consolidation strategy with the acquisition of 50% of Liam Regional Joint Venture\n\n\n\nEduardo Hochschild, Executive Chairman, commented; \n\n'We remain on track to achieve our full year production target of 26 million attributable silver equivalent ounces in 2008. Our mine expansions are now completed and we will have the full benefit of a 29% increase in plant capacity in 2009. We continue to take a rigorous approach to cost control and despite difficult market conditions, we are on a firm footing to face the challenges ahead and to maintain profitable growth'. \n\nOverview: \n\nTotal attributable silver equivalent production increased 2% quarter-on-quarter to 6.2 million ounces, comprised of 4.0 million ounces of silver and 36.7 thousand ounces of gold. This was primarily driven by strong performance at Arcata, where silver and gold production are up 25% and 43% respectively, and at Pallancata, where production of silver and gold have increased 8% and 4% respectively. As previously disclosed, attributable gold production decreased in the third quarter due to lower grades at Ares and Selene but this has been offset by the increase in production at our other operations.\n\nWith production of 18.1 million&n...