HCHDY - Hochschild Mining to spend $200M on Brazil gold mine

Hochschild Mining (OTC:HCHDY) plans to spend ~$200M to  construct a gold mine in Brazil beginning in Q2, CEO Ignacio Bustamante told Reuters on Wednesday. The Mara Rosa mine, a project Hochschild acquired last year for $120M and "the most important project we have to date," should be ready to start production in H1 2024, Bustamante said, adding production is expected to reach 100K oz/year of gold. Hochschild (OTC:HCHDY) also expects the Peruvian government will extend the useful life of the Inmaculada gold and silver mine until 2042, "a process that is underway and that could occur at the end of the second quarter of this year," Bustamante said. If Immaculada's mine life is extended, the company expects to spend ~$4.4B over two decades on the mine, which currently represents more than 60% of its cash flow.

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Hochschild Mining to spend $200M on Brazil gold mine