Hochschild Mining cashes in on higher precious metal prices

Towards the end of July, Hochschild Mining (HOC) updated the market on the precious metals miner’s production progress in 2026. It outlined that the group’s flagship Inmaculada mine and its San José mine were performing well, while Mara Rosa showed improvements in the second quarter thanks to increased plant stability and a new mining contractor. 

Despite the July update, the market responded positively to the miner’s half-year figures. And it’s easy to appreciate why. Adjusted cash profits have more than doubled to $492mn (£362mn). Buoyant pricing also meant that operational cash flow rose from $175mn in the first half (H1) of 2025 to $433mn in H1 2026. 

The strong financial performance was achieved despite falling production volumes and a rise in all-in sustaining costs. Management noted that the turnaround plan at the Mara Rosa mine in Brazil is “progressing in line with expectations”. But all-in sustaining costs are 5 to 10 per cent above guidance due to higher royalties, profit sharing and negative currency effects.