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UK’s Hochschild fights Peru’s plans to close mines over environmental impact
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UK metals firm Hochschild Mining is to fight plans by Peru’s government to hasten the closure of four mines in the southern Ayacucho region because of concerns over their environmental impact.
The London-listed mining company has promised to “vigorously defend” its plan to continue mining gold and silver from two mines – Pallancata and Inmaculada – which it claims operate under the “highest environmental standards”.
Ignacio Bustamante, the Hochschild chief executive, said he was “surprised” by the “illegal nature” of the government’s planned action and would “vigorously defend its rights to operate these mines using all available legal avenues”.
Shares in Hochschild plunged nearly 40% on Monday morning, wiping more than £300m off the value of
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