Hochschild Mining PLC Arcata mine to be placed on Care and Maintenance (8271P)
13 February 2019 - 6:00PM
UK Regulatory
TIDMHOC
RNS Number : 8271P
Hochschild Mining PLC
13 February 2019
_____________________________________________________________________________________
13 February 2019
Hochschild Mining plc to place Arcata mine on Care and
Maintenance
Hochschild Mining plc today announces its intention to suspend
operations at the Arcata precious metal mine, in south west Peru,
and place it on care and maintenance. It is anticipated that full
care and maintenance will be in effect by the second quarter of
2019.
An exploration programme and permitting work are expected to
continue along with a regular review of the market conditions for
potential restart of operations in the future. In addition, the
Arcata unit has already been fully impaired for accounting
purposes.
Ignacio Bustamante, Chief Executive Officer said:
"This decision has been expected but is still disappointing for
the organisation. Arcata was the Company's first mining operation
and started producing in 1964. It has been an excellent operation
with an outstanding workforce and supportive communities but the
continuing low silver price over some years and current geological
conditions leaves us no option.
We have recently been making the necessary preparations and will
work closely with our employees and key contractors to mitigate the
impact and manage carefully the staged shutdown of operations
whilst maintaining our community programmes. We extend our sincere
thanks to our entire workforce, the local communities and all our
partners in the mining sector who have assisted Arcata over its
decades of operation."
_____________________________________________________________________________________
Enquiries:
Hochschild Mining plc
Charles Gordon +44 (0)20 3709 3264
Head of Investor Relations
Hudson Sandler
Charlie Jack +44 (0)207 796 4133
Public Relations
_____________________________________________________________________________________
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company
listed on the London Stock Exchange (HOCM.L / HOC LN) with a
primary focus on the exploration, mining, processing and sale of
silver and gold. Hochschild has over fifty years' experience in the
mining of precious metal epithermal vein deposits and currently
operates four underground epithermal vein mines, three located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
_____________________________________________________________________________________
Forward looking statements
This announcement may contain forward looking statements. By
their nature, forward looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual results,
performance or achievements of Hochschild Mining plc may, for
various reasons, be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements.
The forward looking statements reflect knowledge and information
available at the date of preparation of this announcement. Except
as required by the Listing Rules and applicable law, the Board of
Hochschild Mining plc does not undertake any obligation to update
or change any forward looking statements to reflect events
occurring after the date of this announcement. Nothing in this
announcement should be construed as a profit forecast.
This announcement contains information which prior to its
release could be considered inside information.
Note
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (Regulation (EU) No.596/2014). Upon the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
LEI: 549300JK10TVQ3CCJQ89
- ends -
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END
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