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LONDON - Hochschild Mining PLC announced a significant upturn in its financial performance for the year ended December 31, 2024, marking its best results in 13 years. The company’s revenue surged by 37% to $947.7 million, while adjusted EBITDA increased by 54% to $421.4 million. Profit before income tax saw a substantial rise, with pre-exceptional figures at $199.1 million, a 272% increase, and post-exceptional figures up 507% at $177.2 million.
The mining firm also reported a 32% increase in attributable gold production, reaching 245 thousand ounces. Despite an 11% decrease in silver production, the overall financial outcomes were robust. Basic earnings per share before exceptional items stood at $0.23, compared to $0.02 in the previous year, and post-exceptional earnings per share were $0.19, recovering from a loss of $0.10 per share in 2023.
Hochschild’s operational performance included full-year attributable production of 347,374 gold equivalent ounces. The all-in sustaining costs (AISC) from operations rose to $1,638 per gold equivalent ounce, up from $1,454 in 2023.
The company’s exploration efforts yielded record resource additions of 2.8 million gold equivalent ounces, with significant contributions from its Inmaculada and Royropata projects. Additionally, the acquisition of the Monte Do Carmo project was completed with total phased payments of $60.0 million.
In line with its growth strategy, Hochschild has restored its dividend, proposing a final dividend of $1.94 cents per share, amounting to $10.0 million. The introduction of a new dividend policy ties payouts to 20-30% of attributable free cash flow, with a minimum annual dividend of $10.0 million.
Looking ahead to 2025, Hochschild aims to produce between 350,000 and 378,000 gold equivalent ounces. The new Mara Rosa mine is expected to contribute 94,000-104,000 ounces of gold. The company targets an AISC of $1,587-$1,687 per gold equivalent ounce and anticipates sustaining capital expenditure at operating mines to be approximately $169-180 million, with a brownfield exploration budget of $36 million.
The company’s environmental, social, and governance (ESG) performance included a Lost Time Injury Frequency Rate of 1.25 and a reduction in water consumption. The ECO score stood at 5.58 out of 6.
This summary of Hochschild Mining PLC’s financial results is based on a press release statement.
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