Hochschild Mining tops 2013 silver production target

LONDON Tue Jan 21, 2014 2:22am EST

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LONDON Jan 21 (Reuters) - Latin American miner Hochschild beat its production target for 2013 and reduced costs by between 12 and 16 percent last year, as it attempts to improve performance in an environment of lower precious metals prices.

Hochschild, which has projects in Argentina and Chile but whose Peruvian mines provide the bulk of its production, said on Tuesday it produced 20.5 million ounces of attributable silver equivalent last year.

The miner said it expects to produce 21 million ounces in 2014 and is looking to cut all-in sustaining costs by 0-5 percent during the year.

The Lima-based company introduced several cost cutting plans last year including a temporary halt to its dividend, reductions to directors' salaries and slashing its exploration budget.

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