Executive Summary
Hochschild Mining plc is a leading Peruvian precious metals company with a primary focus on the exploration, mining, processing and sale of silver and gold. The Company is the fourth largest primary silver producer and produces a significant quantity of gold (approximately 10.5 million ounces of silver and approximately 233 thousand ounces of gold in 2005). Hochschild Mining has over forty years experience in the exploration, evaluation and extraction of precious metal epithermal vein deposits. Currently, it has three underground, epithermal vein mines supported by fully developed infrastructure, consisting of the Arcata, Ares and Selene operations in Southern Peru. The Company also has two advanced and two early stage development projects in Argentina, Mexico and Peru. In addition to its development projects, the Company has over twenty long-term prospects throughout Latin America that are at various stages of development. The Company has a high-grade reserve base and a proven track record of consistent reserves replacement, sustaining the reserve and resource base at each of its current operating mines in step with production over many years. The Company has a track record of sustained profitability underpinned by its low cash costs of production (in 2005 its cash costs of production on a co-product basis were US$2.65/oz for silver and US$169/oz for gold). This places Hochschild Mining within the first quartile of the 2005 global cost curve for both silver and gold according to CRU Strategies Limited and GFMS Limited, respectively. The Company's headquarters are in Lima and it has a senior management presence in London.
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