Officials at Latin America-focused miner Hochschild Mining have announced new projects in Peru that will bolster their silver output 50% by the end of 2014 over current annual output of 20 million silver oz.

After a news conference, Chief Executive Ignacio Bustamante said two new “advanced” projects — Inmaculada and Crespo, both in Peru’s southern Andes mountain range — will be the main drivers of the increase, according to Reuters.

In 2013, the Lima-based Hochschild produced 6.3 million silver oz and 57,900 gold oz — a total of 9.7 million attributable silver equivalent oz. For this year, the company has a 20-million silver equivalent oz target.