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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Hochschild Mining plc    HOC   GB00B1FW5029

HOCHSCHILD MINING PLC

(HOC)
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Hochschild Mining posts better than expected 2019 production

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01/15/2020 | 04:07am EST

Precious metals miner Hochschild Mining reported better-than-expected 2019 output, boosted by record production at its Inmaculada mine in southern Peru and said it secured drilling permits for Pallancata, which was delayed last year.

Production from the flagship Inmaculada mine jumped more than 6% to 260,126 gold equivalent ounces Hochschild said on Wednesday, as the company discovered several new high-grade minerals during the period.

Shares in the company were 3.7% higher at 170.2 pence at 0848 GMT.

Hochschild, which operates two mines in southern Peru and one in Argentina, said it expects to produce 422,000 gold equivalent ounces in 2020. In November it forecast 432,000 gold equivalent ounces.

The company said the outlook figures varied because it used a different gold to silver price ratio in November 2019.

Hochschild has suffered from reduced operations at its Pallancata mine due to the delayed permits, which it has now secured, allowing it to drill at the Pablo Sur and Cochaloma targets close to Pallancata.

The company, which operates two mines in southern Peru and one in Argentina, said gold production for the year ended Dec. 31, 2019 was at 477,400 gold equivalent ounces, higher than its forecast of 457,000 gold equivalent ounces.

However, full-year production was 9.4% lower than a year earlier as the company stalled its operations at its Arcata mine in south west Peru in early 2019.

Arcata mine, Hochschild's first mining operation which began back in 1964, was shut in February last year bearing the brunt of low silver prices. The Peruvian mine accounted for more than 9% of the group's total silver production last year.

Silver prices averaged about $16.94 in 2019, a far cry from its record of $49.50 in 2011.

(Reporting by Shanima A in Bengaluru; Editing by Bernard Orr)

Stocks mentioned in the article
ChangeLast1st jan.
EURO / ARGENTINE PESO (EUR/ARS) -0.24% 66.161 Delayed Quote.-1.36%
GOLD 0.67% 1571.448 Delayed Quote.2.88%
HOCHSCHILD MINING PLC 0.89% 169.8 Delayed Quote.-7.21%
SILVER 1.90% 18.09 Delayed Quote.-0.38%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.01% 60 Delayed Quote.0.06%
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Financials (USD)
Sales 2019 745 M
EBIT 2019 156 M
Net income 2019 66,4 M
Debt 2019 41,6 M
Yield 2019 1,68%
P/E ratio 2019 18,8x
P/E ratio 2020 14,6x
EV / Sales2019 1,58x
EV / Sales2020 1,46x
Capitalization 1 134 M
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Technical analysis trends HOCHSCHILD MINING PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 2,65  $
Last Close Price 2,22  $
Spread / Highest target 64,3%
Spread / Average Target 19,3%
Spread / Lowest Target -12,0%
EPS Revisions
Managers
NameTitle
Ignacio Bustamante Chief Executive Officer & Executive Director
Eduardo Hochschild Beeck Non-Executive Chairman
Eduardo Landin Navarro Chief Operating Officer
Ramón Barúa Chief Financial Officer
Jorge Born Independent Non-Executive Director
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