Meeting 2023 Targets

Hochschild Mining has confirmed that its 2023 all-in sustaining costs are expected to meet the revised guidance of $1,490-1,580/oz. gold equivalent. This is a critical development in the company’s ongoing operations.

Decline from 2022

The 2023 output represents a 16% decline from 2022, when the company achieved a production level of 358,826 gold-equivalent ounces. Notably, the robust performances from its Peruvian mines were central to this success. The AISC range was also lower in 2022 at $1,330-1,370/oz.

Financial Position

By year-end, Hochschild’s cash position was approximately $89 million, compared with $144 million by the end of 2022. Net debt also grew to $252 million from $175 million a year ago. While the financials reflect changes, they do not necessarily signal a negative trend overall.

2024 Production Target

For 2024, the company is targeting a 15% production increase as part of its growth strategy. This forward-looking approach is both strategic and ambitious for the company, signaling a focused commitment to driving progress and success.

Mara Rosa Mine Progress

The Mara Rosa mine in Brazil is in the final stages of construction and is anticipated to pour its first gold in February. The mine has an overall production target of 343,000-360,000 gold-equivalent ounces, with AISC of $1,510-$1,550/oz. This development signifies an important milestone in the company’s expansion.

Market Performance

Shares of Hochschild Mining were up 7.5% by market close on the London exchange, reaching a per-share price of £0.955. This uptick is a notable achievement, especially within the context of broader market fluctuations. The shares traded between £0.605 and £1.18 over the past 52-weeks, reflecting a range of market sentiments. The company’s market capitalization was £456.84 million, an important indicator for its overall growth and stability.