|Master Investor Magazine
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FTSE 250 precious metals specialist Hochschild Mining (LON:HOC) watched its share price rise by 11.82% to 179.47p (as of 15:20 GMT) after pre-tax profits for the year ended 31st December doubled. Revenues for the period were up by 7% and all-in sustaining costs fell.
CEO Ignacio Bustamante commented: “In 2019, we have delivered some strong financial results which reflect another robust year of production including records at two of our operations and good cost control. Improved precious metals prices in the second half of the year combined with strong free cashflow generation saw us reduce leverage further and finish the year with net debt at $33 million. We have again discovered a significant amount of resource additions at Inmaculada and anticipate another year of ambitious exploration with exciting drill targets at all our current operations and projects throughout our entire southern Peru cluster. In addition, we can look forward to progressing our portfolio of greenfield opportunities and strategic alliances“.