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Hochschild Mining to resume dividend payments

"We remain in a healthy financial position and with continued strong precious metal prices and our ambitious brownfield programme in full swing, we can look forward to an exciting 2021," the CEO said.

Hochschild Mining PLC -

Hochschild Mining PLC (LON:HOC) has opted to resume dividend payments, with the directors approving the payment of an interim dividend of four cents a share

The Hochschild board recognises that the coronavirus (COVID-19) crisis continues to affect both Peru and Argentina but said its balance sheet remains strong with the mines delivering a period of steady operation under strict health protocols supported by robust commodity prices.

"Hochschild continues to recover well operationally from the Covid-19 related stoppages and with the situation steadily improving in the region, our board considers the resumption of dividends as one of its priorities and confirms our confidence in the outlook for the business,” said Ignacio Bustamante, the chief executive officer of Hochschild.

The miner has published its production guidance for 2021. The company expects its attributable production will be between 360,000 and 372,000 gold-equivalent ounces, the bulk of which will come from Inmaculada (223,000-228,000 ounces).

Sustaining & development capital expenditure has been projected at US$120mln to US$130mln.

"We remain in a healthy financial position and with continued strong precious metal prices and our ambitious brownfield programme in full swing, we can look forward to an exciting 2021," Bustamante said.

In a separate statement, the company noted the large number of votes in opposition to the re-election of a Dionisio Romero Paoletti as a non-executive directors but the directors unanimously decided he should remain on the board anyway.

Quick facts: Hochschild Mining PLC

Price: 214.4 GBX

LSE:HOC
Market: LSE
Market Cap: £1.1 billion
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