Hochschild Mining has announced a significant increase in both gold and silver output for the third quarter of 2023. The company attributes this growth to a strong performance at its Inmaculada mine in Peru. Here are the key highlights from the precious-metals miner:
Production Update
In the third quarter of 2023, Hochschild Mining achieved a notable production of 81,619 gold equivalent ounces, equivalent to 6.7 million silver equivalent ounces. This represents a 13% increase compared to the second quarter of 2023. The outstanding performance at the Inmaculada mine primarily drove this growth.
Year-to-date attributable production stands at 218,498 gold equivalent ounces, or 18.1 million silver equivalent ounces.
Guidance Affirmation
Hochschild Mining remains confident in meeting its revised overall attributable production target for 2023. The target range is set at 289,000-303,000 gold equivalent ounces or 24.0-25.0 million silver equivalent ounces.
The company reiterates its commitment to achieving the all-in sustaining cost guidance for 2023. The projected range is between $1,490 and $1,580 per gold equivalent ounce (or $18.0 and $19.0 per silver equivalent ounce).
Price Analysis
During the third quarter of 2023, the average realizable precious metal prices (before deducting commercial discounts) were $1,926 per ounce for gold and $23.6 per ounce for silver. This demonstrates growth compared to the same period last year when the prices stood at $1,667 per ounce for gold and $20.4 per ounce for silver.
For the first nine months of 2023, the average realizable precious metal prices were $1,946 per ounce for gold and $23.6 per ounce for silver. In comparison, the prices for the same period in 2022 were $1,801 per ounce for gold and $22.4 per ounce for silver.
Hochschild Mining’s positive production figures and the upward trend in precious metal prices reflect a strong performance by the company. They are poised to continue their success as they work towards meeting their targets for the year.
