Business
Hochschild Q4 2013 production report
Hochschild Q4 2013 production report.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1075Y Hochschild Mining PLC 21 January 2014 \n \n\n \n21 January 2014 \n \n \nProduction Report for the 12 months ended 31 December 2013 \n \n \n \nHighlights \n§ Full year production of 20.5 million attrib. silver equivalent ounces achieved, exceeding 20.0 million target\n§ Cashflow optimisation programme delivering material cost and expenses savings\n§ All-in sustaining cost expected to fall by between 12-16% in 20131\n§ 2014 production target set at 21.0 million attributable silver equivalent ounces\n§ All-in sustaining cost expected to fall by 0-5% in 2014\n§ Acquisition of Pallancata and Inmaculada minorities completed on 20 December 2013\n§ $350 million bond issuance priced on 15 January 2014\no 7.750% Senior Notes due 2021\n§ Pro-forma cash position of $347.2m2 and $53.8m3 of short-term borrowings as at 31 December 2013\n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"I am pleased that Hochschild has once again exceeded its production target for the year and can now look forward to four years of strong production increases to reach our target of almost 35 million ounces in 2017. We are also making excellent progress at our Inmaculada project with all procurement and infrastructure targets and early site preparation for the plant construction remaining on track with commissioning expected at the end of the year.\n \nAt the end of 2013 we completed the acquisition of the IMZ minorities and therefore now own 100% of our biggest current cashflow generator and our most exciting project. We also disclosed last week that, as part of our previously announced corporate refinancing initiative, we had successfully priced $350 million of Senior Notes which will allow us the flexibility to fully support the remaining capex at Inmaculada and to satisfy the upcoming convertible bond maturity.\"\n \n__________________________________________________________________________________\n \nA conference call will be held at 3pm (London time) on Tuesday 21 January 2014 for analysts and investors. \n \nDial in details as follows:\n \nUK: +44 (0) 20 3003 2666 \nPassword: Hochschild\n \nA recording of the conference call will be available for one week following its conclusion,...