Business
Interim Management Statement
Interim Management Statement.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6188Q Hochschild Mining PLC 16 October 2013 \n \n\n \n \n \n \n16 October 2013 \n \n \nInterim Management Statement and\nProduction Report for the 3 months ended 30 September 2013\n \n \n \nHighlights \n§ Q3 2013 attributable production of 5.4 million silver equivalent ounces1\n§ On track to achieve 2013 attributable production target of 20.0 million silver equivalent ounces \n§ Proposed Acquisition of Pallancata and Inmaculada Minorities announced:\no Net cash consideration of $271 million\no Consolidates minority shareholding in assets already controlled and operated by Hochschild\no Reduces average unit cost\no Equity placing completed - raising $72.8 million\no $340 million acquisition bridge financing facility arranged\n§ Cashflow optimisation programme delivering material cost and expenses savings\n§ Inmaculada mill construction permit approved by Peruvian government\n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"I am pleased to report that Hochschild has enjoyed another solid quarter and is very much on track to meet our full year production target of 20m silver equivalent ounces.\n \nWe have had an exciting quarter with the Inmaculada Advanced Project receiving its mill construction permit, as expected, as well as the recent announcement of our proposed buyout of the International Minerals minorities in Peru. In addition, Hochschild's cashflow optimisation programme continues apace and I am confident that we will be able to demonstrate significant savings at our Full Year results early in 2014.\"\n \n__________________________________________________________________________________\n \nA conference call will be held at 3pm (London time) on Wednesday 16 October 2013 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, accessible from the following telephone number:\n \nUK: +44 (0) 20 8196 1998 \nAccess code: 8143722 \n__________________________________________________________________________________\n\nOverview\nIn Q3 2013 the Company produced 5.4 million attributable si...