Business
Q4 Production Results
Q4 Production Results.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 6997Z Hochschild Mining PLC 19 January 2011 \n \n\n \n \n19 January 2011 \n \nProduction Report for the 12 months ended 31 December 2010\n \nHighlights \n \n§ Full year production of 26.4 million attributable silver equivalent ounces achieved in 2010 in line with expectations \n§ Ongoing delivery of organic growth strategy: \n \n- Positive scoping study at 100% owned Crespo property announced with projected annual silver equivalent production of 2.3 million ounces from 2014\n- Pre-feasibility and feasibility studies on track at advanced projects, Azuca & Inmaculada, with the potential to add over 10 million attributable silver equivalent ounces of production from 2014 \n- Signing of definitive joint venture agreement with IMZ for the Inmaculada property in southern Peru\n- New discovery at San Jose, resource life significantly increased \n- Signing of option agreement for Valeriano property in northern Chile \n- Exercise of option to increase holding in Victoria project in Chile to controlling 60% \n- Divestment of stake in Lake Shore Gold Corp, generating net proceeds of US$454 million \n§ Continued focus on exploration: 2011 budget up 40% to US$70 million \n§ 2011 production target of 22.5 million silver equivalent ounces, in line with guidance\n§ Solid financial position with total cash of approximately US$530 million \n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"I am pleased that we have once again met our full year production target, delivering 26.4 million attributable silver equivalent ounces in 2010. I am also delighted to report positive scoping results at our 100% owned advanced project, Crespo, where annual production has the potential to be 2.3 million silver equivalent ounces from 2014. \nIn line with our commitment to deliver value to shareholders through organic growth, we are further increasing our exploration budget by 40% to US$70 million in 2011. This will be invested in our long term pipeline which currently includes 28 different drill targets at our mines and exploration sites throughout the Americas, including seven potential 'company makers'. Also, we will be...