StockMarketWire.com - Latin American resources firm Hochschild Mining reported revenue down by 35% year-on-year for the six months to 30 June 2020 as it experienced a hit from the Covid-19 pandemic.

Dividends remain off the table after the full year payout was pulled earlier in 2020.

Silver production more than halved in the period from 8,687,000 ounces to 4,108,000 ounces while gold output was down 43% from 138,000 to 79,000.

This saw the company swing from a profit post-exceptional items of $16.7m for the same period a year ago to a loss of $4.3m. Net debt ticked up from $33.2m at the beginning of 2020 to $58.4m.

Hochschild has resumed exploration but lost around three months of the planned schedule to the pandemic.

CEO Ignacio Bustamante said: 'The story of Hochschild's first half of 2020 is dominated by the global Covid-19 crisis and the challenges it has brought to the countries in which we operate, our communities and our employees.

'We took immediate and decisive action in mid-March as soon as the virus impacted the country and chose to halt our Peruvian operations and exploration programmes and responded quickly again in early July when our Inmaculada mine experienced a number of positive cases of the virus.

'In Argentina, we immediately complied with the nationwide mandatory quarantine and have been very careful to follow the ongoing restrictions on the movement of people in the country by executing a careful remobilisation and ramp-up at the mine.'






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