FTSE 250-listed Hochschild Mining’s share price soared over seven per cent yesterday morning, after the gold and silver miner showed it had swung back into the black in the first nine months of the year.
The company posted pre-tax profits of $10.3m (£6.3m) for the nine months to 30 September, up from a pre-tax loss of $10.3m in the first half of the year, but down from $174m profit this time last year. Revenue rose to $466.4m from $308.6m.
“Hochschild has enjoyed a much improved quarter with healthy increases in operating margins,” said chief executive Ignacio Bustamante.
“Significant benefits are already being seen from our cash optimisation programme, which is on track to deliver approximately $200m of savings.”
Shares closed up 5.4 per cent.