Business
Hochschild Mining Interim Results
Hochschild Mining Interim Results.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 5678P Hochschild Mining PLC 20 August 2014 \n \n\n \n \n \n20 August 2014 \n \n \n \n \nHochschild Mining plc\n \nInterim Results for the six months ended 30 June 2014\n \n \nFinancial highlights[1] \n· Revenue of $282.0 million (H1 2013: $308.6 million)\n· Adjusted EBITDA of $94.3 million (H1 2013: $90.4 million)[2] \n· Profit before net finance income, FX and tax of $25.7 million (H1 2013: $1.2 million)\n· Profit before tax of $9.1 million (H1 2013: $(10.3 million))\n· EPS of $(0.01) (H1 2013: $(0.10))\n· Cashflow optimisation programme exceeding expectations - approx. $270 million of savings achieved[3]:\no Production costs reduced by $94 million versus initial 2013 guidance\no Administration costs reduced by $34 million versus 2012\no Sustaining capital expenditure reduced by $67 million versus initial 2013 guidance\no Exploration costs reduced by $53 million versus initial 2013 guidance\n· Main operation all-in sustaining costs lowered by 16% to $16.8 per ounce (H1 2013: $19.9)[4] \n· Cash balance of $225.6 million as at 30 June 2014\n· Term sheet signed for $100 million medium term credit facility[5]\n \nOperational highlights \n· H1 2014 attributable production of 11.9 million silver equivalent ounces \n· Progress continues at flagship Inmaculada project:\no 68% overall project completion; plant at 33%\no Mine development, infrastructure, energy and engineering targets almost complete\n \nOutlook\n· Inmaculada plant set to commence commissioning at end of 2014\n· 2014 production target of 21.0 million attributable silver equivalent ounces on track\n· 0-5% reduction in all-in sustaining costs expected for 2014 vs. 2013\n \n\n\n\n\n$000, pre-exceptional unless stated\n\n\nSix months to\n30 June 2014\n\n\nSix months to\n30 June 2013\n\n\n% change\n\n\n\n\nAttributable silver production (koz)\n\n\n8,526\n\n\n7,665\n\n\n11\n\n\n\n\nAttributable gold production (koz)\n\n\n55\n\n\n64\n\n\n(14)\n\n\n\n\nNet Revenue[6]\n\n\n282,012\n\n\n308,577\n\n\n(9)\n\n\n\n\nAdjusted EBITDA\n\n\n94,282\n\n\n90,410\n\n\n4\n\n\n\n\nProfit from continuing operations before income tax\n\n\n9,129\n\n\n(10,277)\n\n\n189\n\n\n\n\n(Loss)/profit from continuing operations \n\n\n(1,546)\n\n\n(25,215)\n\n\n94\n\n\n\n\n(Loss)/profit from continuing operations (post-ex...