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Hochschild higher as it plans restart at Inmaculada mine next week

Hochschild Mining Plc (LON:HOC) said it is planning to return to its Inmaculada gold and silver mine in Peru next week after implementing a number of protective measures as a result of coronavirus.

In a production report for the six months ended June 30, the FTSE 250 firm reported that it had mined around 93.6 kilo ounces (koz) of gold in the period, down from 162.2 koz in 2019, while silver production dropped to 5,018 koz from 10,237 koz.

READ: Hochschild Mining halts operations at Inmaculada due to coronavirus outbreak

The group also reported steep declines in production during its second quarter at the height of the pandemic, with gold production falling to 25.17 koz from 68.42 koz year-on-year while silver output dropped to 1,482 koz from 3,536 koz.

Hochschild also said a number of its operations are currently halted due to a number of cases of coronavirus with a reduced workforce performing care and maintenance activities. However, it added that the Inmaculada team is currently expected to remobilise during the week beginning July 20 and is scheduled to reach full production by the end of the month.

"At such a difficult time for everyone globally, the company is focused on supporting our people and communities as well as protecting our finances. I am very proud of the work that our employees are doing, particularly our colleagues at the mines who are operating in the most challenging of circumstances”, said chief executive Ignacio Bustamante.

“The second quarter results inevitably reflect the impact of Covid-19 on the countries we operate in. However, we remain in a strong financial position and currently expect that the extensive protective measures we have implemented across the organisation will allow our full team to start returning to InmaculadRead More – Source