Hochschild Mining reports rising Q2 production, pledges expansion of electric fleet

Hochschild Mining has today reported increased silver and gold production in the second quarter of 2021 and reaffirmed its full-year output and cost guidance.

The South America-focused precious metals miner said it produced 9.1 million silver-equivalent (Ag eq) ounces in the three months to June, up from 8.7 million ounces in the first quarter.

London-listed Hochschild is on track to meet its production target of 31-32 million Ag eq ounces, at an all-in sustaining cost of US$14.1-14.5 per Aq eq ounce.

Chief Executive Ignacio Bustamante said drill results continue to be encouraging at the Inmaculada project in Peru, while the group has seen further positive results from the Snip project in Canada. Hochschild will hold a capital market presentation in September regarding its rare earths project in Chile, Bustamante said.

Earlier this week, Hochschild flagged the arrival of additional electric vehicles at its mine sites across Latin America, as the firm looks to cut emissions and reduce ventilation requirements at its underground operations.

The company has been operating six electric mine vehicles at its San Jose narrow-vein silver mine in Argentina for the last four years, and added a battery-electric vehicle to its fleet at Inmaculada in Peru.

“In 2021, we hope to expand our electric fleet with the purchase of electric vehicles for use in larger underground chambers that will not only reduce our carbon footprint but will also cut ventilation costs,” Hochschild said in its 2020 sustainability report.