Miner Hochschild's H1 pretax profit falls 33.8 pct on higher costs

Paterniano Del Favero
Agosto 16, 2017

Hochschild Mining suffered a torrid day on the London market after revealing a sharp drop in profits this morning.

The company, which has mining operations in Peru, Chile and Argentina, reported a pretax profit of $39.9 million for the six months ended June 30, compared with $60.3 million a year earlier.

Shares in the miner, whose focus is on Latin America, were nearly 17 per cent lower in late afternoon trading at 263.57p after it reported that pre-tax profits for the first half had fallen from $60.3 million to $39.9 million. It said all-in sustaining costs rose 10.1 per cent to $12 per silver equivalent over the period.

The rise in costs was caused by the company's increased investment in brownfield exploration as well as the elimination of benefits from a Patagonian port a year ago and higher costs at one of its mines in Peru.

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