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Hochschild tanks on big cut to Mara Rosa gold output forecast
(Sharecast News) - Shares in Hochschild Mining tanked by 20% on Tuesday after the company said it expected a "significant reduction" to output guidance at its Mara Rosa gold mine in Brazil due to a processing shutdown caused by heavier-than-usual seasonal rainfall over the past few months and "contractor performance issues". The miner on Tuesday said a review of activities at the mine would lead to a six-week processing plant suspension after adverse conditions limited access to ore, particularly higher-grade zones within the pit.
"As a result, efforts to recover from delays in mine waste removal carried over from the previous year have been further prolonged," the company said in a statement. Mining operations will continue as planned, it added.
At the start of the year, the Mara Rosa mine was expected to produce between 94,000 and 104,000 ounces of gold in 2025 and as at the end of May, the mine had produced just over 25,000 ounces.
"The measures being taken are expected to result in a significant reduction to that guidance and this will have a corresponding impact on the operation's costs," Hochschild said.
Reporting for Sharecast.com by Frank Prenesti
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