Precious metals producer Hochschild Mining says it is on track to deliver its 2012 full-year production target after a 'solid start to the year'.
The company deliver attributable production of 5.1m silver equivalent ounces in the three months to March 31st, which is comprised of 3.4m ounces of silver and 28.3 thousand ounces of gold.
Meanwhile, average realisable precious metal prices in the first quarter were $1,782.1/ounce for gold and $36.9/ounce for silver, compared with $1,391.4/ounces and $36.2/ounce, respectively.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We have once again delivered a solid start to the year and we are on track to meet our 2012 production target of 20.0 million silver equivalent ounces," said Chief Executive Officer Ignacio Bustamante.
"We continued to manage extraction grades during the quarter in order to maintain sustainable long-term production levels, whilst our extensive brownfield exploration programme to incorporate further resources and discover new high grade areas saw good progress."
By March 31st, the group had $590m of cash, down from the year-end cash balance of $627.5m.
BC
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
