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Investing.com -- Hochschild Mining PLC (LON:HOCM) on Wednesday reported third-quarter attributable production of 70,308 gold equivalent ounces, down from 81,660 ounces in the second quarter, as the company continues to implement its turnaround plan at the Mara Rosa mine in Brazil.
The mining company reaffirmed it remains on track to achieve its revised 2025 production guidance of 291,000-319,000 gold equivalent ounces with all-in sustaining costs of $1,980-$2,080 per gold equivalent ounce. Year-to-date attributable production reached 231,905 gold equivalent ounces, compared to 249,120 ounces in the same period last year.
The production decline versus Q2 was primarily due to the previously announced ramp-up at Mara Rosa following a four-week suspension of processing operations, along with temporarily lower grades at Inmaculada due to mine sequencing adjustments. Mara Rosa’s gold production for Q3 was just 4,474 ounces, compared to 23,752 ounces in the same period last year.
"We remain on track to achieve our revised 2025 production targets. At Mara Rosa, the optimisation process is progressing well, with improvements to the tailings filter processes and mining activities meeting expectations and setting a solid foundation for 2026," said Eduardo Landin, Chief Executive Officer.
The company reported net debt increased to approximately $246 million as of September 30, up from $202 million at the end of June. This increase was attributed to several factors including a temporary working capital increase in Argentina ahead of mid-term elections ($40 million), repurchase of the Monte do Carmo streaming agreement ($13 million), and interim dividend payment ($5 million).
Hochschild’s brownfield exploration program continues to yield positive results, with resource drilling adding new resources at all operating units. The company also highlighted its ESG achievements, including Mara Rosa’s solar power initiative now fully operational and San Jose’s completed transition to 100% renewable energy.