El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
Hochschild Mining reported a nearly 35% fall in annual adjusted core profit on Thursday, marginally missing market expectations, as it recorded lower production at its Peruvian mines amidst social upheaval in the country.
Shares of the precious metals miner were down 3.6% in early trading.
The company, which has been grappling with protests and a civil unrest in Peru since December, has also faced delays in securing a permit for its flagship mine Inmaculada.
The mine represents more than 60% of its cashflow.
“The volatile political, economic and social situation has continued to impact Peru in recent months, and this has resulted in a tough operating environment for Hochschild’s two mines,” said CEO Ignacio Bustamante.
The Americas-focused explorer expects the Peruvian government’s decision on the Inmaculada mine’s Modified Environment Impact Assessment permit (MEIA) during the second quarter.
The London-listed company reported an adjusted core profit of $249.6 million compared with analysts’ average estimate of $253 million, according to a company-compiled consensus.
For the year ended December 2022, it had attributable production of 358,826 gold equivalent ounces, 8% lower than last year.
(By Anchal Rana; Editing by Janane Venkatraman)
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