Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Hochschild Mining plc (LSE: HOC) ended 2023 at the top end of its revised production guidance, with costs also anticipated to be in line with expectations, the UK-based precious metals producer announced Wednesday.
Total attributable production across Hochschild’s operations, all based in Latin America, was 186,091 ounces of gold and 9.5 million ounces of silver, for 300,749 gold-equivalent ounces. The company’s 2023 guidance, which was updated following a strong second quarter, was 289,000-303,000 gold-equivalent ounces.
The 2023 all-in sustaining costs are expected to meet revised guidance of $1,490-1,580/oz. gold equivalent, the miner added.
The 2023 output, however, represents a 16% decline from 2022, during which the company produced 358,826 gold-equivalent ounces owing to robust performances from its Peruvian mines. The AISC range was also lower in 2022 at $1,330-1,370/oz.
By year-end, Hochschild’s cash position was approximately $89 million, compared with $144 million by the end of 2022. Net debt also grew to $252 million from $175 million a year ago.
For 2024, the company is targeting a 15% production increase as part of its growth strategy, according to Hochschild chief executive Eduardo Landin.
The Mara Rosa mine in Brazil in the final stages of construction and expected to pour its first gold in February. Its overall production target is set at 343,000-360,000 gold-equivalent ounces, with AISC of $1,510-$1,550/oz.
Shares of Hochschild Mining were up 7.5% by market close on the London exchange, for a per-share price of £0.955. The shares traded between £0.605 and £1.18 over the past 52-weeks. Its market capitalization was £456.84 million.
