Silver miner Hochschild keeps full-year output target

jueves 23 de octubre de 2014 02:47 GYT
 

Oct 23 (Reuters) - Precious metals miner Hochschild Mining Plc kept its production target of 21 million silver equivalent ounces for this year despite posting a fall in third-quarter production.

The Latin American company, which has been slashing costs as precious metal prices remain weak, said it had identified further cost savings of about $50 million for 2015. Hochschild has already achieved about $270 million of cost savings this year.

Attributable production dropped to 4.8 million silver equivalent ounces in the three months ended Sept. 30, from 6.3 million ounces a year earlier, as the company shut its ageing Ares mine in Peru.

Hochschild gets the bulk of its production from underground mines in southern Peru and has operations in Argentina as well. (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)