Hochschild Mining profit jumps as silver price rises, production rebounds

0

Adds president comment, background

February 23 (Reuters)Precious metals miner Hochschild Mining Plc HOCM.L posted a 41% jump in full-year core earnings on Wednesday, spurred by a rise in average silver prices and a rebound in production after operational shutdowns in 2020 due to the pandemic.

London-listed Hochschild, which operates two mines in southern Peru and one in Argentina, said adjusted core profit rose to $382.8 million for the year ended Dec. 31 from $270.9 million. million dollars a year earlier.

Operations at Peru’s flagship Inmaculada gold-silver mine were suspended again in July 2020 as some of its workers tested positive for COVID-19 after Hochschild halted all operations between mid- March and May tgood year.

In November Last yearPeru planned to rule out deadline extensions for the Ayacucho mines on environmental grounds and said they would instead close in the near future, sparking a clash with mining executives and crashing Hochschild shares.

However, the South American nation reversed its position soon after.

“Although we have never stopped operating, this crisis illustrates the country’s current heightened political, regulatory and social risk,” President Eduardo Hochschild said in a statement.

The miner also disagrees with Peruvian communities calling for the closure of the Immaculate mine over allegations that he polluted local water sources.

(Reporting by Shanima A in Bengaluru; Editing by Rashmi Aich)

((shanima.a@thomsonreuters.com; (direct line: +91 77 6034 7399);))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

Share.

Comments are closed.