Business
Hochschild Financial Performance Update
Hochschild Financial Performance Update.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 0147U Hochschild Mining PLC 27 November 2013 \n \n\n \n \n \n \n26 November 2013\nHochschild Mining plc\nFinancial Performance Update\n \nAs previously announced on 2 October 2013, Hochschild Mining plc (the \"Company\") is progressing with the second stage of a balance sheet refinancing (the \"Refinancing\") in connection with the proposed acquisition, announced on that date, of the 40% interests held by International Minerals Corporation in the Pallancata mine and Inmaculada Advanced Project in Peru.\n \nIn preparation for the Refinancing, the Board of Directors has approved interim financial results for the nine months ended 30 September 2013, details of which are being announced today.\n \nQ3 year-to-date 2013 financial highlights1 \n· Revenue of $466.4 million (H1 2013: $308.6 million)\n· Q3 operating margin improvements as cashflow optimisation programme delivers material savings\n· Q3 cash cost per ounce reduced by over 16% at all three main operations compared to H1 2013\n· Pre-exceptional Profit Before Tax increased to $10.3 million versus H1 2013 Loss Before Tax of $(10.3) million\n· Adjusted EBITDA of $164.8 million (H1 2013: $98.4 million)2\n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"Hochschild has enjoyed a much improved quarter with healthy increases in operating margins versus the half-year results. Significant benefits are already being seen from our cash optimisation programme, which is on track to deliver approximately $200 million of savings and I am confident that we will maintain momentum and continue to demonstrate the effectiveness of this Company-wide initiative.\"\n\"We have also made good progress with regards to the IMZ transaction with an equity raise of approximately $73 million completed and a $340 million acquisition bridge financing facility arranged.\"\n_______________________________________________________________________\nEnquiries:\nHochschild Mining plc\nCharles Gordon ...