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Hochschild CEO to step down after 13 years with the miner

Reuters
Updated ·1-min read

(Reuters) - Hochschild Mining said on Tuesday that Ignacio Bustamante will step down as CEO in late August and be replaced by current chief operating officer Eduardo Landin.

Landin has served as COO of the South Americas-focused precious metals miner since 2013 and oversaw the developments of the company's flagship Inmaculada mine in Peru.

Bustamante, 52, joined the London-listed miner in 1992 and was general manager for its Peruvian operations and COO before assuming the CEO role in 2010.

Hochschild has been grappling with protests and civil unrest in Peru since December where it faced delays in securing a permit for Inmaculada, on allegations of water contamination in the region.

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Bustamante will step down on Aug. 26 and join Appian Capital Advisors as head of base metals, the mining-focussed investment adviser said in a separate statement on Tuesday.

Bustamante will remain a non-executive board member representing Pelham Investment Corp, Hochschild's largest shareholder, the company added.

Hochschild shares were up 1.2% at 0914 GMT.

(Reporting by Prerna Bedi in Bengaluru; editing by Savio D'Souza and Jason Neely)