Business
Q2 2010 production report
Q2 2010 production report.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 6664P Hochschild Mining PLC 21 July 2010 \n \n\n \n \n \n \n________________________________________________________________________\n \n21 July 2010 \n \nHochschild Mining\nProduction Report for the three months to 30 June 2010 (\"Q2 2010\")\n \nHighlights \n \n· 12% quarter-on-quarter increase in production to 6.8 million attributable silver equivalent ounces\n- Production increased 33% at San Jose, 16% at Arcata and 9% at Pallancata \n· H1 2010 production of 12.8 million attributable silver equivalent ounces\n· On track to achieve 2010 production target of 26.3 million attributable silver equivalent ounces\n· Resource life of mine up 11% in H1 2010 to 7.91 years, expected to further increase by year end\n· Largest ever exploration budget of $50 million for 2010; programme delivering impressive results: \n- Scoping study commenced at 100% owned Azuca project\n- Crespo project progressing towards scoping study \n- Intensive drilling programme at potential company maker projects \n· $6.0 million invested in Gold Resource Corporation in Q2 2010, increasing stake to 30%2\n· Continued focus on profitability and cost control - costs remain in line with expectations \n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"I am pleased to announce a strong first half for both our existing operations and our extensive exploration programme. With production of 12.8 million attributable silver equivalent ounces, we remain firmly on track to achieve our full year target of 26.3 million attributable silver equivalent ounces from our current operations. \nWe remain focused on our growth strategy of maximising life of mine and profitability at existing operations and delivering organic growth by developing our extensive exploration project base. We continue to progress our 100% owned advanced projects, Azuca and Crespo, which have the potential to be our next operating mines. Azuca is now in scoping phase and Crespo is expected to move to scoping in the second half of the year. Our strong commitment to exploration is supported by our l...