Metal prices buoy Hochschild Mining

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Metal prices buoy Hochschild Mining

Latin America focused gold and silver miner Hochschild has released record revenues and record net income last year as metal prices soared.

He said “Revenues climbed 39% to $752m, underlying profits by 59% to $398m and net income by 79% to $95m. The final dividend rises by 50% to bring the total for the year to 5c”.

“2010 production rose to 26.4m attributable silver equivalent ounces comprised of 17.8m ounces of silver and 144.4 thousand ounces of gold. Silver and gold prices also rose by 83% and 30% year-on-year respectively. The 2011 production target is 22.5 million silver equivalent ounces.”

“We remain extremely confident about the prospects for our three advanced projects following positive scoping studies, particularly at Inmaculada where we have recently announced an increase in total resources to 128.3 million silver equivalent ounces,” chief executive Ignacio Bustamante said.

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