Business
Q4 2019 Production Report
Q4 2019 Production Report.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 8048Z Hochschild Mining PLC 15 January 2020 \n\n \n \n \n \n \n_____________________________________________________________________________________\n15 January 2020 \n \n \n \nProduction Report for the 12 months ended 31 December 2019\n \n \nIgnacio Bustamante, Chief Executive Officer said:\n\"I am pleased to report that we have delivered a stronger than forecast final quarter. Consequently, the overall 2019 production figure of 38.7 million silver equivalent ounces is comfortably ahead of the 37.0 million ounce target and includes record contributions from our Inmaculada and San Jose mines. Furthermore, our costs for 2019 are expected to be in line with guidance. We have also substantially improved our financial position with strong free cashflow generation and the refinancing of our short-term debt with a new low cost $200 million loan. \n \nAt Inmaculada, we have continued to deliver exciting drill results that are further adding to the resource base. In addition, our 2020 brownfield drilling programme is set for an early start in Peru with the welcome news that we have secured permits to drill at the exciting Pablo Sur and Cochaloma targets close to Pallancata. We will provide updates on progress at these and other campaigns as our exploration programme advances.\"\n \nOperational highlights \n§ Strong full year attributable production in 20191\no 269,892 ounces of gold\no 16.8 million ounces of silver\no 477,400 gold equivalent ounces\no 38.7 million silver equivalent ounces (versus target of 37.0 million silver equivalent ounces)\n§ Record production at Inmaculada: 260,126 gold equivalent ounces (2018: 244,445 ounces)\n§ Record production at San Jose up 10% to 15.4 million silver equivalent ounces (2018: 14.0 million ounces)\n§ All-in sustaining costs on track to meet guidance of $960-$1,000 per gold equivalent ounce ($11.8-12.3 per silver equivalent ounce) in 20192 \nExploration highlights \n§ Further substantial high grade resources discovered at Inmaculada\n§ Permits received for key Pablo Sur & Cochaloma exploration targets close to Pallancata with drilling campaigns set to commence in Q1 2020\nStrong financial position \n§ Total cash of approximately $166 million as at 31 December 2019 ($80 mill...