StockMarketWire.com - Precious metals miner Hochschild topped its production forecast following stronger-than-expected output in the final quarter.

Production for the year through December amounted to 38.7m silver equivalent ounces, ahead of a 37m ounce target and included record contributions from the Inmaculada and San Jose mines.

All-in sustaining costs (ASIC) remained on track to meet guidance of between $960 and $1,000 per gold equivalent ounce in 2019, it added.

For 2019 as a whole, average precious metal prices rose $1,414 per ounce for gold and $16.5 per ounce for silver from $1,268 per ounce and $15.3 per ounce, respectively.

Looking ahead to 2020, Hochschild outlined a production target of 422,000 gold equivalent ounces, or 36m silver equivalent ounces, and ASIC in the range of $1,040 to $1,080 per gold equivalent ounce.

Capital expenditure was expected to be between $115m and $130m, with a brownfield exploration budget of $36m and greenfield and advanced project budget set at an additional $8m.

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