LONDON (ShareCast) - Hochschild Mining (Other OTC: HCHDF - news) has unveiled its full year results for 2012, revealing a 10.4 per cent decline in the volume of attributable silver equivalent produced to 20,260 koz compared to 22,617 koz in the previous year.
The volume of attributable gold equivalent declined to 337.66koz compared to 377 koz in the full year 2011.
In the fourth quarter of 2012, the company produced 4.9m attributable silver equivalent ounces comprised of 3.2m ounces of silver and 27,400 ounces of gold.
At Arcata, silver equivalent production in the fourth quarter of 2012 was 1.4m ounces compared to 1.9m ounces in the fourth quarter of 2011, with a decrease in grades compared to the fourth quarter of 2011.
Full year silver equivalent production at Arcata in 2012 stood at 6.6m ounces compared to 7.1m in 2011. This included the decrease in ounces recovered as a result of the ramping up of the group's dore project.
The company retained its 2013 production target of 20m attributable silver equiavelent ounces and allocated $77m as its exploration budget.
Ignacio Bustamante, Chief Executive Officer, commented: "I am pleased to report that we have once again met our full year production target, producing 20.3m attributable silver equivalent ounces in 2012.
"Whilst our mines have continued to deliver a solid base of production, our brownfield exploration programme has delivered some excellent results during the year and we have not only continued to incorporate further resources, but we have also discovered new high grade veins at all of our core assets that improve the quality of our resources.