Business
Preliminary Results 2017
Preliminary Results 2017.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 4606F Hochschild Mining PLC 21 February 2018 \n\n \n \n \n________________________________________________________________________________ \n21 February 2018\n \nHochschild Mining plc\nPreliminary Results for the year ended 31 December 2017\n \nFinancial highlights\n§ Revenue of $722.6 million (2016: $688.2 million)[1]\n§ Adjusted EBITDA of $300.8 million (2016: $329.0 million)[2]\n§ Profit before income tax of $64.1 million (2016: $108.3 million)\n§ Basic earnings per share of $0.08 (2016: $0.09)\n§ Adjusted basic earnings per share of $0.08 (2016: $0.11)[3]\n§ Cash and cash equivalent balance of $257.0 million as at 31 December 2017 (2016: $140.0 million)\n§ Net debt of $102.8 million as at 31 December 2016 (2016: $187.4 million)\n§ Final proposed dividend of 1.965 cents per share ($10 million) up 42% versus 2016 final dividend (1.38 cents per share)\n2017 operational delivery exceeding guidance\n§ 2017 AISC per silver equivalent ounce from operations of $12.3 (2016: $11.2) in line with guidance of $12.2-12.7[4]\n§ Inmaculada AISC per gold equivalent ounce of $721 (2016: $646)\n§ Full year attributable production of 513,598 gold equivalent ounces (38.0 million silver equivalent ounces) exceeding guidance[5]\n§ Record production of 239,479 gold equivalent ounces at Inmaculada (2016: 229,033 ounces)\n§ First results from surface drilling confirming strong geological potential at Inmaculada\n2018 Outlook\n§ Production target of 514,000 attributable gold equivalent ounces (38.0 million silver equivalent ounces) \n§ AISC expected to be $960-$990 per gold equivalent ounce ($13.0-13.4 per silver equivalent ounce)[6] \no Inmaculada costs expected to be $700-750 per gold equivalent ounce\n§ Total sustaining and development capital expenditure expected to be approximately $125-135 million including $14 million for hydraulic backfill project at San Jose\n§ $10million budget approved for greenfield exploration programme in 2018\no 4-6 projects across three countries to be drilled in 2018\n§ 7.75% Senior Notes repaid on 23 January 2018 financed by cash resources and significantly lower rate short-to-medium term debt\n§ Reduction in Argentina corporate tax rates expected to be a significant positive impact on cash generation\n \n\n\n\n\n$000 unless stated\n\n\nYear...