Peruvian Hochschild will boost mining projects in Chile and Peru
The Peruvian group Hochschild Mining wants to strengthen its presence in Peru and Chile. For that reason, the conglomerate plans to issue bonds worth U.S. $ 350 million, said its Chief Executive Ignacio Bustamante, in a business conference held this week in the town of Paracas, south of Lima, which was highlighted by the local media. At the meeting, the executive did not say when the operation would take shape, which is part of an ambitious expansion plan.
The mine produces gold and silver in five operations in Peru, Argentina and Mexico and expects to increase by 50% its silver production from the current 20 million ounces, with the implementation of their projects.
In Chile, the mining company wants to invest $ 1,000 million, plan which Bustamante emphasized that is going to be “longer term”. Earlier this year, the firm acquired Andina company that has several assets in Chile, including the Volcan project in the Maricunga gold belt, and a 49% in the Encrucijada project. The company also has a 50% stake in Pampa Buenos Aires, silver-gold project in northern Chile.
Bustamante explained that Volcan is a complex project which is currently at a very preliminary stage. “We are at the stage of study to complete the actual identification of geological site and determine the best way to process and undermine” said the executive, according to Reuters. Hochschild’s plan is to go into production with this initiative over the next five years. “It has many Gold resources. When buying, we have doubled all mineral resources of the company, “he said.
Source: La Tercera
