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Hochschild Mining traces its origins to the original Hochschild Group founded in 1911 by Mauricio Hochschild. In 1922, the Hochschild Group expanded into Bolivia, where it developed significant interests in tin. The Hochschild Group commenced operations in Peru in 1925, and in 1945 Luis Hochschild joined the Hochschild Group's Peruvian operations.
During the first decades of its operations, the Hochschild Group focused on the commercialisation of minerals, and it was not until the 1940s that it began operating its first mines, although mineral commercialisation remained the Hochschild Group's main source of revenue. During World War II, the Hochschild Group was a key supplier of tin and other metals to the allied forces.
In the 1960s the Hochschild Group developed the Arcata mine in Peru, which is still in production today. The Hochschild Group expanded further into mining in the 1960s and 1970s, opening or expanding mines in Brazil, Peru and Chile, such as the Mantos Blancos copper mine in Chile.
In November 1984, the South American mining operations of the Hochschild Group were sold to Anglo American Corporation of South Africa who, in the same month, sold the Peruvian operations of the Hochschild Group to a group of companies owned by Luis Hochschild.
Eduardo Hochschild, Luis Hochschild's son, joined the Group in 1987 as Safety Assistant at the Arcata mine and in 1998 was appointed Head of the Hochschild Mining Group. Eduardo Hochschild has been the Chairman of Hochschild Mining plc since 2006.
In 1995, the Hochschild Mining Group launched an extensive exploration programme, discovering and further developing several sites in Peru, including the Ares, Selene and Sipan sites.
Between 2001 and 2006, the Group opened exploration offices and identified a number of projects and prospects in Peru, Argentina, Mexico and Chile and entered into various joint venture agreements with mining partners, notably those relating to San Jose and Pallancata and Inmaculada.
In 2006, the Group listed on the London Stock Exchange (IPO Prospectus) and raised proceeds of $515 million. In June 2007 the Group opened its first operation in Argentina, San Jose, and subsequently opened the Moris mine in Mexico in August 2007. In September 2007, production commenced at the Pallancata mine in southern Peru.
In April 2010 Ignacio Bustamante was appointed Chief Executive Officer of Hochschild Mining plc and Ramon Barúa, Chief Financial Officer. The Company subsequently changed its strategic focus to growth through exploration, and in 2011, the exploration budget was increased by 40% to $70 million and again in 2012, to a record $90 million. Also noteworthy in 2010 was the sale of the Company’s stake in Lake Shore Gold Corp with a 34% gain on the original average purchase price.
In 2010 the Company increased its stake in the Inmaculada Advanced Project to a controlling 60%. In January 2012, the Company announced the successful completion of feasibility studies on the Inmaculada and Crespo Advanced Projects, which are expected to contribute an average attributable annual production of 10 million silver equivalent ounces, increasing current production levels by 50%.
In November 2012 the Company announced the acquisition of Andina Minerals Inc which owns the Volcan Gold Deposit in the prolific Maricunga gold belt in Chile, as well as a 49% interest in Hochschild’s Encrucijada Company Maker project close to Dorado, and a 50% share in Pampa Buenos Aires, a gold and silver property in Northern Chile.
In December 2013, the Company completed the acquisition of the remaining 40% stake in the Pallancata mine and Inmaculada Advanced Project.
In September 2015, the Company announced commercial production at the Inmaculada mine, its largest operation to date.
Read more on the Volcan Gold Deposit in our Exploration section.
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