Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF)'s shares lost 5% in early trading after it said it would be 'inappropriate' to restore the final dividend given its debt levels, saying it will 'reassess the potential for capital return at the interim results in August'.
The South America-focused precious metals digger reported a 10% rise in adjusted EBITDA to $274.4 million for the year, aided by higher prices and the Argentinian peso's devaluation.
As anticipated, production fell 10% to 300,749 gold equivalent ounces for 2023, while revenue declined 6% to $693.7 million.
The miner sees a boost in 2024 production, projecting 343,000 to 360,000 gold equivalent ounces, driven by increased outputs from Inmaculada, San Jose, and the initiation of the new Mara Rosa mine, reflecting Hochschild's resilience and strategic adjustments in a challenging market.
In the first 35 minutes of trading Hochschild's shares were off 5p at 104.5p.