Hochschild Mining says on track to meet full-year output target

July 16 Wed Jul 16, 2014 2:36am EDT

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July 16 (Reuters) - Latin American miner Hochschild Mining Plc reported a 3.3 percent rise in first-half silver production and said it was on track to achieve its 2014 target of 21 million attributable silver equivalent ounces.

The gold and silver producer, whose Peruvian projects provide the bulk of its output, said attributable silver equivalent production for the six months ended June 30 rose to 11.85 million ounces from 11.48 million ounces a year earlier.

The Lima-based company said its cash flow optimisation programme had helped it surpass more than $200 million of savings and that it had identified further cost-saving initiatives in administration, operations and exploration.

Hochschild has been focusing on cutting costs after being hit hard by a tumble in precious metals prices last year. In March it decided to suspend dividend payments until its cash position improved. (Reporting by Karen Rebelo and Roshni Menon in Bangalore; Editing by Gopakumar Warrier)

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