October 17, 2018 / 7:21 AM / 10 months ago

UPDATE 1-Hochschild Mining raises annual production target

(Adds details, qtrly production numbers)

Oct 17 (Reuters) - Gold and silver miner Hochschild Mining Plc on Wednesday raised its annual output target and forecast lower mining costs, as its Inmaculada mine in Peru produced higher grade ore.

The company, which operates three mines in southern Peru and one in southern Argentina, raised its full-year production target to 520,000 gold equivalent ounces from 514,000 gold equivalent ounces.

Hochschild also cut its full-year all-in sustaining cost target to $940-$970 per gold equivalent ounce, from $960-$990 per gold equivalent ounce.

Output at Inmaculada mine in Peru, which made up the lion’s share of the total output, climbed 9 percent to 196,385 gold equivalent ounces in the first nine months of this year, the company said.

However, total gold production dropped 6.2 percent during the three months ended Sept. 30, albeit in line with the company’s expectations, it said.

Reporting by Muvija M in Bengaluru, additional reporting by Samantha Machado; Editing by Amrutha Gayathri

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