Friday May 9, 12:24 PM
Hochschild pleased with early performance
LONDON (ShareCast) - Precious metals producer Hochschild Mining (LSE: HOC.L - news) is pleased with its operational performance in the
first four months and is confident of achieving full year production target of 26m attributable silver equivalent ounces."The current year is one of consolidation, with the group focused on optimising existing mines while ensuring maximum efficiency, stringent cost control and the highest standards of health, safety and environmental performance," said the group. The capacity expansions it is undertaking at Arcata, Selene and San Jose are progressing well and are on track for completion in the second half of 2008. Furthermore, it anticipates completing the feasibility study at San Felipe, Mexico by the end of this year with production scheduled to commence in 2010. The group believes it is on course to deliver its 2011 production target of 50m attributable silver equivalent ounces. "We remain positive on the fundamentals for silver and gold given the prospects for investment demand based on continued US dollar weakness, concerns about growing inflation and a further inflow of money into the commodities sector," said the group. "We are poised to benefit from the favourable price environment as a fully unhedged company and look forward to 2008 as a year of consolidation of the growth platform we have created," it added.
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