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Britain - Precious metals miner Hochschild Mining reported a 4% rise in first-half adjusted core earnings, helped by its aggressive cost-cutting programme and increased output from its assets in Peru and Argentina.
Hochschild's adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) fell to $94.3m, from $90.4m a year earlier.
Net revenue for the six months ended June 30 fell 8.6% to $282m
The miner, which cancelled dividend payments until its financial situation improves, said the capital required to bring its flagship Inmaculada gold and silver project in southern Peru to production restricted payment of an interim dividend.
Hochschild, which has been battling rising costs and falling precious metal prices, backed its production target for the year and said the Inmaculada project is set to be commissioned at the end of the year.
Attributable silver equivalent production from the company's three underground mines in Peru and Argentina for the period rose 3% to £11.85m, Hochschild said in July.
Hochschild's shares rose 1.7% to 162.7 pence in early trade on the London Stock Exchange.
