Business
Q2 Production Results
Q2 Production Results.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 6708V Hochschild Mining PLC 15 July 2009 \n \n \n15 July 2009 \n\nProduction Report for the three months to 30 June 2009 ('Q209')\n\n\nQ2 production up 19% year-on-year to 7.2 million attributable silver equivalent ounces \n\n\nOn track to achieve full year production target of 28 million silver equivalent ounces, representing a 7% increase over 2008 production \n\n\nContinued focus on profitable ounces and cost reduction: \n\n\nCommencement of $25-$30m project to convert Arcata's production to doré with 2 year payback\n\n\nConstruction of new power lines in Peru and Argentina, linking San José to the national grid \n\n\nContinued delivery of M&A strategy: \n\n\nAcquisition of Southwestern Resources completed\n\n\nPurchase of remaining 30% interest in Moris \n\n\nIncreased stake in Gold Resource Corporation from 15% to 24% \n\n\nContinued exploration success\n\n\n\nMiguel Aramburú, Chief Executive Officer commented; \n'We have achieved another quarter of strong production growth and remain firmly on track to achieve our full year target of 28 million attributable silver equivalent ounces. As part of our ongoing commitment to produce profitable ounces we have undertaken a number of cost reduction measures including the construction of the new power lines in Peru and Argentina and the conversion of Arcata's production to doré. We also continue to deliver on our growth strategy by securing niche acquisitions in key mining districts and through our extensive exploration programme.\nWith production on track, excellent assets and a strong project pipeline, we look to the future with confidence.'\n\nOverview\n\nAttributable production in the second quarter increased 19% year-on-year and 9% quarter-on-quarter to 7.2 million attributable silver equivalent ounces. This is comprised of 4.8 million ounces of silver and 40.2 thousand ounces of gold, up 27% and 5% year-on-year respectively. \n\nProduction at Arcata, Pallancata and San José co...