Hochschild Mining PLC on Oct. 17 raised full-year production guidance and lowered cost expectations after posting record results for the first nine months of 2018.
The London-listed silver and gold producer expects full-year output of 520,000 gold equivalent ounces, or 38.5 million ounces of silver equivalent. In its results for the first half, Hochschild had flagged output of 514,000 ounces of gold equivalent for the full year.
It lowered all-in sustaining cost guidance for 2018 to between US$940/oz and US$970/oz of gold equivalent from between US$960/oz and US$990/oz.
The company's third-quarter attributable silver equivalent production slipped to 9.7 Moz, from 10.3 Moz booked a year ago, as silver and gold production declined to 5.1 Moz and 62,430 ounces, respectively, from 5.3 Moz and 67,230 ounces.
In the quarter ended Sept. 30, silver equivalent output from the Pallancata mine in Peru and the San Jose mine in Argentina were flat year on year, while silver equivalent production at the Inmaculada mine in Peru dropped to 4.3 Moz, from 4.7 Moz a year ago.
The precious metals miner booked record silver equivalent production of 29.5 Moz in the first nine months, comprising 14.7 Moz of silver and 199,940 ounces of gold. Hochschild produced 14.3 Moz of silver and 188,660 ounces of gold in the first nine months of 2017.
The company had US$143 million in cash and US$63 million in debt at the end of the third quarter.