Peru-headquartered precious metals mining operator Hochschild enjoyed its strongest operational quarter this year after producing 93,630 ounces (69.09 Koz) in Q3 2021, up from the 47.83 Koz it produced at the same time in 2020.

Additionally, it produced 8.05 million ounces of silver, up from the 5.8 million in Q3 2020. According to the company, when measured together, gold and silver production increased by 5% year-on-year (YoY).

Because of its Q3 results, the company said it remains on track to reach its production target of 360,000 - 372,000 ounces and 31 - 32 million ounces of silver in 2021.

Ignacio Bustamante, chief executive officer, Hochschild, confirmed that the company meets full-year production and cost targets.

"We have also had another successful period of drilling with the addition of further high-grade resources at both Inmaculada and San Jose," Bustamante said.

"It has been a very busy period for business development with the exercise of our option on the high-grade Snip gold project in British Columbia and the announcement of the proposed demerger of our exciting rare earths business, Aclara Resources Inc."

Furthermore, he said the company retains a strong balance sheet to assess further opportunities to add to its long-term project pipeline throughout the Americas.