Hoschild Set to Achieve 2014 Production Target

Hochschild Mining plc (LSE:HOC) announced its production results for the third quarter of 2014, commenting that it put out 4.8 million attributable silver equivalent ounces. The company has produced 16.7 million attributable silver equivalent ounces for the entirety of 2014.

Other highlights include:

• On track to achieve 2014 production target of 21.0 million attributable silver equivalent ounces
• Further progress achieved at Inmaculada Advanced Project:
  • 2015 production target of 6-7 million silver equivalent ounces remains in place
  • Overall project 73% complete
  • Key underground mine development plan ahead of schedule
  • Company working with contractor to overcome delays in plant construction
• Cashflow optimisation programme continuing to reduce costs:
  • Approximately $270 million of savings already achieved
  • Further savings of approximately $50 million identified for 2015
• Total cash of approximately $180 million as at 30 September 2014
• $115 million convertible bond repaid on 20 October 2014
• 38,000 ounces of gold hedged for 2015 at $1,300 per ounce
• Final Gold Resource Corporation holding sold in August 2014:
  • Total cash proceeds from sales in 2014 of $46 million

Click here to read the full Hochschild Mining plc (LSE:HOC) press release.