Hochschild commits $425M to 2 Peruvian projects NR (Reuters) - Hochschild Mining (HOCM.L) will invest $425 million in two projects in Peru over the next two years, its executive chairman said on Monday.
The investment will go to argentiferous projects Inmaculada and Crespo, near the company's Arcata and Pallancata mines in southern Peru. ... more:
https://uk.reuters.com/article/2012/05/14/us-peru-mining-hochschild-idUKBRE84D1EY20120514
Source: Reuters NR May l4, 2012 as per the link above
It's interesting to read what 'the other half' is doing these days: $425M is a hefty sum to spend over the next 2 years! That money could have been poured into Argentina but it wasn't; instead it went to Peru.
HOC has strong ties to Peru through citizenship of its leaders and I see they are successfully collaborating on hot-blooded environmental and aboriginal issues and thereby enduring threats to existence.
Not only that, they plan to have 2 more mines in operation there by 2014:
"We hope to have both in production by the end of 2013 or the beginning of 2014 with an investment of $425 million," said Executive Chairman Eduardo Hochschild during the International Gold Symposium in Lima."
The issues they have stared down in Peru ever since large media attention on these struggles since last year are very similar to those emerging in Argentina.
With more lead time, politics in Peru have swung to more favourable economic terms plus these 2 projects are ready to go so I presume HOC will persevere to cooperate with McEwen Mining on projects in Argentina when the time is right.
By HOC's investment returns, 'the partner from hell' will no doubt add financial clout to overall operations.