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Hochschild Mining plc (HOC.L)

LSE - LSE Delayed price. Currency in GBp
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127.00-0.90 (-0.70%)
At close: 04:37PM GMT
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  • n
    nastri
    (http://trademarketview.tech) is a must for any trader. Their watchlist which covers pre-market movers is one of the best researched in the industry. I don’t start trading without reading their daily email each morning!
  • F
    Farouk
    Anyone know why the massive drop today?
  • A
    Agian33
    Hochschild Mining PLC ("Hochschild" or the "Company") (LSE: HOC) (OTCQX: HCHDF) has learnt through various media outlets of minutes of a meeting signed by the Peruvian Head of Cabinet, certain vice-ministers as well as regional authorities in the town of Coracora in the Ayacucho region. The minutes refer to alleged environmental complaints, and state that a commission has been constituted in order to negotiate the timetable and terms for the closure of certain mining projects in southern Ayacucho, including the Company's Pallancata and Inmaculada mines. The Peruvian Head of Cabinet subsequently indicated that approvals will no longer be granted to facilitate additional mining or exploration activities in relation to these mining operations. The Company has not received any formal communication from the government regarding this matter.



    The Company believes this conduct by the Peruvian Head of Cabinet is not in accordance with Peruvian law and is wholly without merit. Accordingly, Hochschild will vigorously defend its position and take all action necessary to ensure that the rights of the Company and its wholly-owned subsidiaries under Peruvian and international law are respected.



    The Company operates under the highest environmental standards and applies industry best practice. As such, Hochschild categorically rejects any inference with regard to environmental pollution. The Company's sustainable operations are strictly regulated and supervised by several Peruvian regulatory bodies and our activities remain in compliance with their requirements. The Company has a long history of undertaking its operations with a commitment to responsible mining and has been publicly recognized on numerous occasions for its approach to sustainable practices.



    In Peru alone, Hochschild employs more than 5,000 people directly and approximately 40,000 people indirectly. In addition to being a significant employer, Hochschild contributes a material amount to the economy through the payment of tax and royalties. The Company and its employees work in collaboration with local communities, implementing not only social development projects, but also contributing to the local economies through the hiring of personnel and services. Hochschild has long-term investment plans to further develop its mining assets, an example being Inmaculada, where a modified environmental impact assessment has been submitted for approval and which, once obtained, will see the continuation of mining activities to deliver significant benefits to the region and its communities.



    The communities located close to the affected operations as well as the trade unions representing the operations' workforce have issued formal statements in support of Hochschild. Furthermore, a number of reputable institutions including the National Confederation of Private Business and the National Society of Mining, Energy & Oil have declared their support for Hochschild.



    The Company reserves all of its rights under Peruvian and international law and remains committed to constructively engaging with all parties to ensure the Peruvian authorities reconsider the illegal position adopted.



    Ignacio Bustamante, CEO, commented:

    "Hochschild is surprised by this unilateral announcement by the Head of Cabinet. Our goal is to continue investing in Peru, growing our resources and extending mine lives, in accordance with the Peruvian legal framework. We are prepared to enter into a dialogue with the government in order to resolve any misunderstandings with respect to our mining operations. However, given the illegal nature of the proposed action, the Company will vigorously defend its rights to operate these mines using all available legal avenues."
  • D
    David
    Once Peru gets more money out of the deal then their environmental concerns will miraculously disappear.
  • B
    Bart
    Any news? Why did this stock drop so much this year?
  • B
    Bart
    Great news, whats going on?
  • C
    C
    bought at 1.60 something, in it for the long haul.
    WHO IS WITH ME ?
  • A
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  • A
    Andy
    Sold mine today for a bit of a loss. Not confident on the way the share price is acting. Put the proceeds into topping up holdings in Polymetal and Centamin....both hitting new highs lately and performing well.
  • e
    esa
    still not cheap
  • r
    ruud
    Hochschild refuses to close a mine in Peru
  • C
    C
    I made a good decision for once.
  • D
    Dmar
    The price action in this stock is beyond comprehension :)
  • Y
    Yahoo Finance Insights
    HOC.L is up 5.05% to $171.60
  • D
    Dan
    Bought 10,000 Shares at $1.20 Woo Hoo
  • A
    Ad
    waiting for a bottom
    missed the free give away couple minths ago but consider 2-2.5£ a decent price with 3-4.5£ potential depending on Au and gold price of course
  • Y
    Yahoo Finance Insights
    HOC.L is down 5.15% to $164.09
  • Y
    Yahoo Finance Insights
    HOC.L is down 5.27% to $158.05
  • A
    Anonymous
    glad i got out last year