LONDON (Reuters) - Latin American precious metals miner Hochschild (HOCM.L) has cut the size of its board and reduced directors’ salaries by as much as 30 percent after a sharp drop in both gold and silver prices this year prompted a push to slash costs.
Hochschild announced the measures alongside a dip in quarterly production, though it said output was in line with expectations and it remained on track to hit its 2013 target.
Hochschild, which produces silver and gold from mines in Peru and Argentina, posted output of just under 5 million silver equivalent ounces in the quarter, compared to 5.16 million ounces in the same quarter a year ago.
The group said non-executive directors Fred Vinton and Rupert Pennant-Rea - two out of a 10-strong board - would be standing down at the end of the month.
Gold and silver prices have plunged this year - gold was down 23 percent in the April-June period while silver posted an even steeper drop.
Reporting by Clara Ferreira-Marques; Editing by Sarah Young