Business
Preliminary Results 2016
Preliminary Results 2016.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 8048Y Hochschild Mining PLC 08 March 2017 \n\n \n \n \n________________________________________________________________________________ \n8 March 2017\n \nHochschild Mining plc\nPreliminary Results for the twelve months ended 31 December 2016\n \n \nStrong financial performance and cash generation\n§ Revenue of $688.2 million (2015: $469.1 million)1\n§ Adjusted EBITDA of $329.0 million (2015: $138.8 million)2\n§ Profit before income tax of $108.3 million (2015: $256.2 million loss)\n§ Adjusted basic earnings per share of $0.11 (2015: $0.14 loss)\n§ Cash and cash equivalent balance of $140.0 million as at 31 December 2016 (2015: $84.0 million)\n§ Net debt of $187.4 million as at 31 December 2016 (2015: $350.5 million)\n§ $127.4 million of debt repaid in 20163\n§ Net debt/Adjusted EBITDA of 0.57x as at 31 December 2016 (2015: 2.5x)\n§ Further $25 million of short term debt repaid in February 2017\n§ Final proposed dividend of 1.38 cents per share ($7.0 million)\n2016 operational delivery exceeding guidance\n§ 2016 AISC per silver equivalent ounce from operations reduced by 13% to $11.2 (2015: $12.9) beating original guidance of $12.0-13.04\n§ Inmaculada AISC per silver equivalent ounce at $8.7 \n§ Full year production of 35.5 million attributable silver equivalent ounces, exceeding guidance5\n§ Inmaculada mine produced 16.9 million silver equivalent ounces\n§ Brownfield exploration plan ongoing - potential to extend life of mine (\"LOM\") and deliver additional low cost growth\n§ Pablo resources at Pallancata now increased to 40.4 million silver equivalent ounces (2015: 22.7 million)\no Resource grade up 44% to 529 silver equivalent grams per tonne (2015: 368 grams per tonne)\n§ Promising drill targets identified at all operations\n2017 Outlook\n§ Record attributable production target of 37.0 million silver equivalent ounces\n§ AISC expected to be $12.2-12.7 per silver equivalent ounce \n§ Inmaculada AISC expected to be $9.0-9.5 per silver equivalent ounce \n§ Total sustaining and development capital expenditure expected to be approximately $120-130 million including $20 million to develop the Pablo vein and its surrounding infrastructure \n \n\n\n\n\n$000 unless stated\n\n\nYear ended 31 Dec 2016\n\n\nYear ended 31 Dec 2015 \n\n\n% change\n\n\n\n\nAttributable...