Hochschild Mining Posts HY Loss

Hochschild Mining plc (HOC.L) reported that its loss from continuing operations attributable to equity shareholders of the parent for six months ended 30 June 2022 was $2.77 million or $0.01 per share compared to net income of $34.73 million or $0.07 per share in the prior year.

Gross revenue from continuing operations for the period decreased 12% to $354.7 million from the prior year's $404.4 million due to the lower average realised silver prices, and lower silver and gold production. Output was mainly impacted by lower grades in Pallancata, and lower treated tonnage in San Jose due to Covid-related employee absences and a fire in the crushing area which temporarily affected operations. These were partially offset by a higher average realised gold price.

The company remains on track to meet its overall attributable production target for 2022 of 360,000-375,000 gold equivalent ounces or 26.0-27.0 million silver equivalent ounces.

Hochschild Mining declared an interim dividend of 1.95 cents per share ($10.0 million).

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