Hochschild Mining plc (LSE:HOC) provided its production report for the first half of 2014, commenting that it produced 11.9 million silver attributable ounces during that time. Q2 production came to a total of 5.9 million silver attributable ounces.
Other highlights include:
- On track to achieve 2014 production target of 21.0 million attributable silver equivalent ounces
- Significant progress achieved at Inmaculada Advanced Project
- Plant commissioning to begin towards end of Q4 2014
- Cashflow optimisation programme – approximately $200 million of savings surpassed
- Total cash of approximately $225 million as at 30 June 2014
- Minority investments valued at approximately $40 million as at 30 June 2014
Ignacio Bustamante, CEO of Hochschild, commented:
The Company is in a strong position to realise our production targets for the year at all our operations. Furthermore, our cash optimisation programme has also continued to make substantial progress with the original target of approximately $200 million on track and additional operational and administrative efficiencies also achieved.
The rapid pace of development at our Inmaculada project continued during the quarter with much of the work focused on plant construction whilst several of the other key project deliverables including infrastructure, mine development and energy access are nearing completion. Overall, Hochschild is entering a crucial period in our transition to a new phase of exciting, low cost, low risk production growth.