Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) shares glittered 7% more brightly on Wednesday after the precious metals miner reported the strongest third quarter in almost five years.
With mines in Peru, Argentina and Brazil, the FTSE 250-listed company unearthed 96,327 gold equivalent ounces in the past three months and said it expects to meet its full-year production target of 343,000-360,000 oz.
The third quarter saw 69,996 oz of gold produced, with 2.2 million oz of silver.
"In Brazil, our new Mara Rosa mine has been steadily ramping up to full production rates in the period and the Inmaculada flagship mine in Peru has continued to deliver the benefits from our continuous improvement programme," said CEO Eduardo Landin.
Landon hailed the strength of Hochschild's balance sheet, enabling it to repay $45 million of debt.
"With the current metal price momentum along with the forecast strong production in the last quarter, we can look forward to further robust cashflow generation," he said,
There was total cash in the bank of roughly $85 million at the end of September, down from $89 million in June, with net debt standing at around $227 million, down from $271 million.