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Hochschild Mining FY Profit Down

Hochschild Mining (HOC.L) reported that its profit from continuing operations for the year ended 31 December 2020 declined to $15.16 million or $0.03 per share from $28.95 million or $0.06 per share in the prior year.

Adjusted EBITDA decreased by 21% to $270.9 million from the previous year primarily due to the fall in revenue resulting from the operational stoppages due to the Covid crisis and in spite of significantly increased precious metal prices.

Gross revenue from continuing operations decreased by 18% to $641.4 million from the prior year's $780.3 million due to the effects of the production stoppages during the year resulting from the Covid-19 crisis. This was partially offset by a strong rise in average realised precious metal prices.

Net revenue declined to $621.8 million from $755.7 million last year.

The company expects attributable production in 2021 to be between 360,000 and 372,000 gold equivalent ounces; 31.0 to 32.0 million silver equivalent ounces.

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