Hochschild Mining PLC said it has surpassed its target of saving $200 million and found new ways to reduce silver mining costs at its mines in Peru and Argentina. The miner, which has its headquarters in Lima, Peru, announced that its attributable silver equivalent production for the first half of 2014 rose to 11.85 million ounces from 11.48 million a year earlier. It also said it expected to meet its 2014 production target of 21 million ounces, Invezz reported.
Fresnillo PLC also announced it was on its way to meet its 2014 production target in its second-quarter production report which was released today.
Silver has fallen to its lowest level in nearly a month as a stronger dollar curbed demand for alternative assets.
Closing at JPY 684.00 ($6.73) per 10 grams on Wednesday, July 16, Japanese silver saw the biggest change at a 1.4 percent. The price of Indian silver rose 1.0 percent to INR 45,568 ($757.49) per kilogram after a two-day drop. The price of US silver fell 0.9 percent to $20.71 per ounce. Chinese silver closed 0.6 percent lower at CNY 4,310 ($694.41) per kilogram.
The price of US gold bullion declined 1.0 percent to $1,294 per ounce. Indian gold bullion ended the day at INR 27,687 ($460.25) per 10 grams, after the 0.6 percent drop on Wednesday. At CNY 259.20 ($41.76) per gram, Chinese gold bullion fell 0.6 percent yesterday. Japanese gold bullion finished the day down 0.4 percent to JPY 4,276 ($42.06) per gram.
The price of US platinum bar declined 1.1 percent to $1,477 per ounce. Chinese platinum bar prices saw a 0.6 percent decline to CNY 314.00 ($50.59) per gram. Following a 0.1 percent rise on Wednesday, the price of Japanese platinum bar closed at JPY 4,890 ($48.10) per gram.
US palladium bar closed 0.6 percent lower at $863.00 per ounce. The price of Chinese palladium bar hit CNY 194.00 ($31.26) per gram, reaching a 30-day high after a 0.5 percent jump. The price of Japanese palladium bar remained essentially flat at JPY 2,875 ($28.28) per gram.