Hochschild Mining (HOC) managed to slash its reported interim loss in the first half, as the twin benefits of an aggressive cost-cutting programme and increased output from its mines in Peru and Argentina started to kick in. The silver miner's top-line performance was encouraging, given lower precious metals prices, while underlying cash profits ticked up by 4 per cent to $94m (£57m).
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Hochschild also delivered a strong operational performance, producing 11.9m silver-equivalent ounces at a much lower overall cost than last year. This was partly thanks to increased production at the Arcata mine in Peru, where higher-grade ore bodies have been targeted.