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London: Hochschild Mining posts double-digit growth in 2021 production.

Hochschild Mining PLC on Thursday reported a largely stronger operational performance for 2021, helped by high recoveries from the Immaculada mine, leading to a mixed output guidance for 2022.

For the three months ended December 31, the FTSE 250-listed miner said attributable gold production was 56,910 ounces, down 0.1% from 56,970 ounces for the same period the year before. Also, silver output on an attributable basis rose 0.6% year-on-year to 3.21 million ounces from 3.19 million ounces.

This was to a rise in treated tonnage and silver grades from the Immaculada mine in Peru and San Jose in Argentina, more than offsetting a declining production profile from Pallancata in Peru.

For 2021 has a whole, attributable gold output increased 26% to 221,420 ounces from 175,240 ounces the year before, while silver production rose 35% year-on-year to 12.17 million ounces from 9.01 million ounces.

Annual attributable gold equivalent production jumped 25% to 362,970 ounces from 289,290 ounces the prior year. Silver equivalent output also rose 25% to 31.22 million ounces from 24.88 million ounces.

Looking ahead, Hochschild Mining has set a production target for 2022 of attributable gold equivalent production between 360,000 to 375,000, an up to 3.3% rise from 2021’s figure. Meanwhile, silver equivalent output is guided to be between 26.0 million and 27.0 million ounces, down 14% to 17% from the prior year.

“Our operations have delivered another strong quarter of production and we have once again successfully finished the year in line with guidance. Our brownfield exploration team has continued to add high grade ounces at Inmaculada and San Jose whilst we have hedged further production at Pallancata to ensure profitable production through 2023,” said Chief Executive Officer Ignacio Bustamante.

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