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Oct 13 Precious metals miner Hochschild Mining
Plc raised its full-year production forecast for a
second time this year on Thursday, citing better-than-expected
performance at its Inmaculada and Arcata mines in Peru.
The company, which has mining operations in Peru, Chile and
Argentina, said it expected full-year production to be 35
million silver equivalent ounces. It had earlier expected to
produce 32 million ounces this year.
Hochschild shares rose as much as 8.2 percent, before paring
some gains. It was the second top percentage gainer on London's
FTSE 250 index on Thursday.
Hochschild also reported a 17.8 percent rise in its silver
production at 5.9 million ounces in the third quarter ended
Sept. 30, citing strong production at its flagship Inmaculada
Silver was trading up 0.3 percent at $17.5 per ounce
on Thursday. Silver and gold have jumped this year as
investors have rushed to safe havens amid market turmoil in the
wake of Britain's historic vote to leave the European Union.
A Reuters poll in July showed analysts expect silver to
average $17.09 per ounce this year, compared with an average of
$15.68 in 2015.
Hochschild said it expected all-in sustaining costs, the
total cost of sustaining production and capital expenditure, to
be in the range of $11-$11.5 per silver equivalent ounce in
The miner had earlier estimated sustaining costs for the
full year to be between $12-12.5 per silver equivalent ounce.
The company's shares were up 2.9 percent at 259.4 pence by
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by
Gopakumar Warrier and Sunil Nair)