Hochschild Mining Plc announced disappointing full year results - http://www.stockopedia.com/news/announcement/HOC/090325hoc4244p.htm
- 42% increase in revenue to $433.8 million
- Solid financial position with a year end cash balance of $116.1 million
- It reported a loss attributable to shareholders after tax and exceptional items of $19m for the 12 months ended 31 December 2008 versus a profit of $85.1m a year ago. The numbers were hit by $45m of exceptional items, including an impairment of $34.7m relating to fixed assets at the Selene, Moris and San Felipe operations. The writedown mirrors rival companies in responding to plunging metals prices and a slump in demand. Rio Tinto cut the value of its aluminum unit by $7.9 billion in February.
- Profit from continuing operations before tax slumped to $9.4m from $116.7m. The group pointed to lower silver prices, the anticipated decline in average grades at Ares and Selene, cost inflation and higher treatment charges.
- On Monday, the Latin American miner said labour strikes had started at all four of its mines in Peru... Hochschild is negotiating with local workers and Peruvian labor authorities to reach a resolution regarding workers' claims for greater profit sharing.