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Hochschild Mining Q1 Production Down; Withdraws FY20 Guidance Due To Covid-19

Hochschild Mining Plc. (HOC.L) reported Wednesday that its first-quarter attributable production was 94,123 gold equivalent ounces, lower than last year's 118,230 ounces.

Attributable production was 8.1 million silver equivalent ounces, compared to prior year's 10.17 million ounces.

The company noted that the period included a solid start to the year from Inmaculada but was impacted towards the end of the period by the management's decision to halt operations at all three mines following the state of emergency declarations in both Peru and Argentina amid Covid-19.

Gold attributable production declined to 59.43 thousand ounces from 67.42 thousand ounces last year. Silver production dropped to 2.98 million ounces from 4.37 million ounces a year ago.

Average realisable precious metal prices were $1,623/ounce for gold and $14.2/ounce for silver. In the prior year, the prices were $1,310/ounce for gold and $15.3/ounce for silver.

Looking ahead, the company said it has decided to withdraw 2020 guidance due to the temporary suspension of Hochschild's mines in Peru and Argentina and ongoing uncertainty regarding COVID-19.

The Company will reissue full-year guidance once the full impact of the suspensions and the restart pathway is clearer.

The company recently withdrew its proposal to pay 2019 final dividend.

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