GOLD and silver miner Hochschild Mining will not restore its final dividend after revenue slumped and losses widened for the last financial year.

In its 2023 report, published this morning, the firm, which operates mines across North, Central, and South America, said it moved from a $25.8m (£20.1m) profit before tax in 2022 to a $43.5m (£34m) loss in 2023 while revenue ticked down from $735.6m (£574.9m) to $693.7m (£542.2m).

Net debt swelled from $175.1m (£136.8m) in 2022 to $257.9m (£201.5m).

However, Hochschild reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $274m (£214m), ahead of Peel Hunt analysts' expectations of $260m (£203.2m).

The company said that to reduce debt levels, it would focus on capitalising on the high gold price and added that it would be "inappropriate to restore the final dividend at this stage."

But chief executive Eduardo Landin hailed a "robust" performance: "We remain confident of a strong year ahead as we continue to execute our stated strategy of driving long-term production growth whilst reducing costs."

(c) 2024 City A.M., source Newspaper