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Precious metals producer Hochschild's output falls in Q1 due to operational issues and protests in Peru

Kitco Media
By Vladimir Basov
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(Kitco News) - South America-focused precious metals producer Hochschild on Wednesday reported its Q1 2023 attributable production of 64,514 gold equivalent ounces, down 16% compared to Q1 2022.

The company said that Inmaculada was temporarily impacted by the delay in the approval of the MEIA affecting mine development (as expected), as well as further disruption from the Peruvian national protests. In addition, there have also been lower grades at San Jose in Argentina and Pallancata in Peru.

The company noted it remains on track to meet its overall attributable production target for 2023 of 301,000-314,000 gold equivalent ounces or 25.0-26.0 million silver equivalent ounces, adding that all-in sustaining cost is on track to be in line with the guidance of between $1,370 and $1,450 per gold equivalent ounce (or $16.5 and $17.5 per silver equivalent ounce).

CEO Ignacio Bustamante commented, "We remain on track to deliver our annual targets with an improved social situation in Peru and current mine plans delivering increased production going forward at San Jose and also at Inmaculada, subject to approval of the mine's Modified Environmental Impact Assessment which we expect in the second quarter.

“Finally, we continue to make encouraging progress at our Mara Rosa project in Brazil which has now reached 77% completion and is on schedule and on budget for first production in H1 2024."

Hochschild Mining is a precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstrades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold.

The company currently operates three underground epithermal vein mines, two located in southern Peru and one in southern Argentina.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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