Hochschild’s gold production increases in the 1st quarter

Precious metals miner Hochschild Mining reported higher-than-expected gold production in the first quarter of the year.

The company – whose main operation is the Peruvian Inmaculada mine in the Ayacucho region – obtained 53,790 ounces of gold (83,030 ounces of gold equivalent) and 2.43 million ounces (Moz) of silver (6.89 Moz of silver). Gold production was up from 46,440 ounces in the first quarter of 2023, while silver production saw a slight drop.

The numbers, which are total and not attributable, were provided in the company’s first quarter production report. Hochschild also owns the Mara Rosa mine, in Goiás, and has a 51% stake in the San José mine, in Argentina.

For 2024, the mining company maintains its projection of 343 thousand to 360 thousand ounces of gold equivalent and 28.5 to 29.9 Moz of silver equivalent.

IMMACULATED

Gold production reached 36.7 thousand ounces in the first quarter of 2024, higher than the 31,210 ounces in the first quarter of 2023. Silver production rose from 1.27 Moz to 1.51 Moz. According to the mining company, the result was in line with expectations and will allow the mine to reach its annual target of 200 thousand to 205 thousand ounces of gold for this year.

In terms of exploration, Hochschild covered 4,051 meters with drilling in the Tesoro, Nicolás, Andrea, Josefa, Rita, Split Josefa, Laura and Split JNE veins, and during the second quarter of 2024 it intends to triple the total drilled.

“During the second quarter, the company expects to complete the remaining five holes (approximately 2,500 meters of drilling) before commencing 11,000 meters of resource drilling in the Tesoro and Nicolás veins,” the mining company said in the report.

SAN JOSE

Located in the province of Santa Cruz, the mine recorded 16,030 ounces of gold, surpassing the 13,680 ounces in the first quarter of 2024. The operation is under joint control of McEwen Mining, with Hochschild also being the operator. Gold production is projected to be between 60,000 and 62,000 ounces in 2024.

In the case of silver, it went from 778 thousand ounces to 919 thousand ounces in the quarters analyzed.

MARA ROSA

Mara Rosa, in the Brazilian state of Goiás, produced its first gold bar in mid-February and is expected to begin commercial operations in the coming weeks.

According to Hochschild, the mine reported 1,060 ounces of gold in the first quarter of 2024 and is expected to close this year at between 83,000 and 93,000 ounces.