Hochschild Mining on track to hit 2014 production target

LONDON, April 15 (Reuters) - Gold and silver producer Hochschild Mining (Other OTC: HCHDF - news) posted a rise in first-quarter production and said it was on track to hit its output target for the year while it continues to cut costs.

The Lima-based company produced 5.9 million ounces of attributable silver equivalent, up from 4.7 million ounces in the same period a year ago.

The miner said it was on track to achieve its 2014 production target of 21 million ounces.

Hochschild, whose Peruvian projects provide the bulk of its output, is focusing on cutting costs after being hit hard by a tumble in precious metals prices last year.

It said it has already achieved $145 million in savings out of the $200 million it is targeting.

The miner also said it was on track to start producing at its Inmaculada gold and silver project in Peru in the last quarter of this year. (Reporting by Silvia Antonioli; Editing by David Goodman)