REFILE-UPDATE 1-Hochschild Mining cancels dividend until further notice as earnings fall

miércoles 12 de marzo de 2014 09:41 GYT

(Corrects typo in reporter name at bottom)

* Co had already last year suspended dividends

* Said no payout until financial situation improves

* Adjusted EBITDA slumps 49 percent to $195.5 million

* Shares down 12.8 percent

LONDON, March 12 (Reuters) - Hochschild Mining Plc has canceled dividend payments until its financial situation improves, its latest cost-cutting measure as it tackles the impact of weak precious metals prices on the profitability of its mainly Peru-based operations.

The gold and silver miner, which paid out a total of 0.06 U.S. cents per share for 2013, had already last year announced a temporary suspension of its dividends but that has now been extended as part of a series of cost-saving measures.

Shares in the London-listed company fell 12.8 percent to 172.5 pence by 1259 GMT, marking a sharp reversal following a rally to near six-month highs in recent sessions.

The company, which last year set out economy measures including cuts to directors' salaries and reductions in its exploration budget, as well as the dividend suspension, said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) slumped 49 percent to $195.5 million.   Continuación...