Hochschild Mining reiterates FY guidance after 'robust recovery'

Precious metals company Hochschild Mining maintained its full-year guidance on Wednesday as it witnessed a "robust recovery" in attributable production after not being in full production for a portion of the year.

In the nine months ended 30 September, Hochschild produced 39,195 ounces of gold, as well as 2.5m ounces of silver, putting the firm on track to reach its full-year production target of 280,000-290,000 gold equivalent ounces despite "challenging circumstances".

Hochschild added that 2020 all-in sustaining costs were on track to meet its revised guidance of $1,250-$1,290 per gold equivalent ounce.

The FTSE 250-listed firm had a total cash balance of $196.0m at the end of the quarter, while net debt was $21.0m.

Hochschild also highlighted that its exploration programme had started and that main results were expected in the fourth quarter.

Chief executive Ignacio Bustamante said: "Hochschild is recovering well from a challenging first half in which all of our operations were impacted by the global pandemic.

"With prices continuing to be strong, we are aiming for a robust fourth quarter which will also include the bulk of our 2020 brownfield drilling programme."

As of 0905 BST, Hochschild shares were down 3.93% at 239.40p.