Full Repayment of Joint Venture Loans

RNS Number : 4913P

Hochschild Mining PLC

04 October 2011

 



4 October 2011

Hochschild Receives Full Repayment of Joint Venture Loans

Hochschild Mining plc (the "Company" or "Hochschild") is pleased to announce that the Company's 51% owned joint venture entity in Argentina has repaid the entire outstanding principal and accrued interest on the shareholder and project finance loans. These loans were originally made to finance the construction and subsequent expansion of the mine.

Hochschild received net proceeds of approximately $96 million from this repayment consisting of approximately $66 million from the repayment of the project finance loan and approximately $30 million from the shareholder loan. Hochschild's joint venture partner, Minera Andes Inc, received net proceeds of approximately $29 million from this repayment.

Enquiries

Hochschild Mining plc

Charles Gordon                                                                          [phone]

Head of Investor Relations

Finsbury

Charles Chichester                                                                     [phone]

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 forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.

 

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