Hochschild battles to keep a lid on costs

A week prior to the publication of its half-year figures Hochschild Mining (HOC) received a key environmental clearance relating to its Mara Rosa gold project in Goiás, Brazil. Mara Rosa remains on schedule for initial production in the first half of 2024 even though full-year capital expenditure for the project has been pared back. The good news is that a sizeable portion of the planned expenditure for the project is at pre-agreed prices, providing a degree of insulation in an inflationary environment. Mara Rosa remains on track to be delivered on time and on budget, something of a rarity.