London-based precious-metals miner, Hochschild Mining, successfully met its production target range for 2023, despite a decline in gold and silver output compared to the previous year. The company produced 186,091 ounces of gold in 2023, down from 206,013 ounces in 2022, and 9.5 million ounces of silver, down from 11.0 million.
However, when considering gold-equivalent ounces, Hochschild Mining produced 300,749 ounces, which is at the upper end of its targeted range of 289,000-303,000. This positive outcome was mainly driven by slightly higher-than-expected production from the Inmaculada and Pallancata mines in Peru.
It is worth noting that gold-equivalent ounces is an industry metric that includes by-products to provide a comprehensive overview of the company's overall output.
Furthermore, the all-in sustaining costs, which reflect the complete cost of gold mining, aligned with the company's guidance range of $1,490-$1,580 per gold-equivalent ounce.
Looking ahead, Hochschild Mining's Mara Rosa project in Brazil is set to commence production next month. It is expected to contribute between 83,000 and 93,000 gold ounces to the company's 2024 output.
For the entirety of this year, Hochschild Mining aims for an overall attributable production of 343,000-360,000 gold-equivalent ounces with an all-in sustaining cost in the range of $1,510-$1,550 per gold-equivalent ounce.
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