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Hochschild ups FY'16 output guidance as Q2 production jumps 86% YOY

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Hochschild ups FY'16 output guidance as Q2 production jumps 86% YOY

HochschildMining Plc revised upward its full-year production target by 6% to34 million silver equivalent ounces after exceeding expectations for the secondquarter with an 86% year over year increase in attributable production to 9.5million silver equivalent ounces.

The company also reduced the full year all-in sustainingcost estimate to between US$11.00 and US$11.50 per silver equivalent ounce, itsaid July 21.

In the second quarter, Hochschild produced 4.5 millionounces of silver, and 67,040 ounces of gold, on the back ofbetter-than-expected performance at the Inmaculada operation in Peru.

Previous guidance stood at 32 million silver equivalent ounces atbetween US$12.00 and US$12.50 per silver equivalent ounce.

Sales of silver reached 5.6 million ounces in the secondquarter, compared to 4.4 million ounces a year ago. Gold sales jumped to 83,550ounces, from 32,360 previously.

In the first half, attributable production totaled 17.0million silver equivalent ounces.

The six-month output included 8.2 million ounces of silver,and 118,120 ounces of gold.