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Hochschild Mining Withdraws Proposal To Pay 2019 Final Dividend

Hochschild Mining PLC (HOC.L) announced its decision to withdraw its proposal to pay a final dividend for 2019, in light of the ongoing uncertainty caused by the COVID-19 outbreak and the resulting temporary suspension of operations.

The company plans to take on the appropriate level of any future shareholder distribution, when the board is in a clearer position to assess the overall financial impact of the COVID-19 outbreak on the business. The cash and cash equivalent balance at December 31, 2019 was $166 million with net debt of $33 million.

Both the Inmaculada and Pallancata mines in Peru remain temporarily suspended following the Peruvian government's recent decision to extend social restrictions until April 26, 2020.

The company expects the ramp-up to be phased over a number of weeks in Argentina, as permission has been granted by the government to restart the San Jose mine.

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