Hochschild Mining, a gold and silver miner, has released a solid third quarter update, saying it is on track to achieve its full year production target of 20m ounces of silver.
Ignacio Bustamante, Chief Executive Officer, said: "Hochschild remains firmly on track to achieve its annual production target of 20.0m attributable silver equivalent ounces after another solid operational performance in the third quarter."
The South America-focused miner also reported strong results from its brownfield exploration programme, which is focused not only on resource additions but also on improving the grade quality of these resources in the long term.
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
These included the discovery of a new vein at San Jose, the discovery of a new vein and a significant vein extension at Arcata and continued good results from the Pallancata's Huararani and Luisa veins.
Progress continues on its Crespo and particularly its Inmaculada prospects. When fully developed, both mines should increase production by 50%. However, there has been no update as to when it is likely to win construction permits for these new Peruvian mines.
On August 22nd it indicated that it might face delays in winning construction permits for these mines due to the increased complexity of the submission process.
The company said that its financial position remains strong, with total cash of $476.7m and minority investments valued at $351.4m at the end of September.
CM
-
Landlords ‘positive’ about buy-to-let market despite Renters Reform BillNews New research has found landlords are not being put off investing in the rental market, even though the Renters Reform Bill is on its way.
-
Lloyds Bank unveils new pension service – is it any good?Lloyds is the first high-street bank to launch a ready-made pension service. How does it work, is it any good and who can save in it?
