Business
Q2 2016 Production Report
Q2 2016 Production Report.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 7965E Hochschild Mining PLC 21 July 2016 \n\n \n__________________________________________________________________________________\n21 July 2016 \n \nProduction Report for the 6 months ended 30 June 2016\n \n \nIgnacio Bustamante, Chief Executive Officer said:\n\"The first half of 2016 has proved to be pivotal in Hochschild's recent history with the delivery of strong production results, continued cost reduction, further debt repayments and recently, re-entry into the FTSE 250 Index. Our Inmaculada operation has performed above expectations and is on track to exceed its production and cost targets for the year emphasising its world class competitive position. We are now raising our target for overall 2016 production by 6% to 34 million silver equivalent ounces whilst at revising our all all-in sustaining cost down to between $11.0 and $11.5 per silver equivalent ounce. Furthermore, despite additional debt repayment, our cash position remains very strong at over $100 million.\"\n \nOperational highlights \n§ Q2 2016 attributable production exceeded expectations1\no 4.5 million ounces of silver\no 67.0 thousand ounces of gold\no 9.5 million silver equivalent ounces, up 86% versus Q2 2015 (5.1 million ounces)\no 128.5 thousand gold equivalent ounces\n§ H1 2016 attributable production driven by strong Inmaculada performance\no 8.2 million ounces of silver\no 118.1 thousand ounces of gold\no 17.0 million silver equivalent ounces\no 229.1 thousand gold equivalent ounces\no Inmaculada produced 111.2 thousand gold equivalent ounces\n \nStrengthening financial position \n§ $70m of debt repaid to date in 2016\n§ Total cash of approximately $103 million as at 30 June 2016 ($84 million as at 31 December 2015)\n§ Net debt of approximately $280 million as at 30 June 2016 ($366 million as at 31 December 2015)\n \nRevised outlook\n§ Full year production now forecast to be 34 million silver equivalent ounces (460 thousand gold equivalent ounces) from 32 million ounces\n§ All-in sustaining costs per silver equivalent ounce now expected to be between $11.0-11.5 for 2016 (previously $12.0- 12.5)\n \nCapital Markets Event\n§ Capital Markets Event to be held on 6th September 2016 in London\n_____________________...