Hochschild to invest $200m in Brazilian gold mine construction
LIMA - Hochschild Mining plans to invest about $200-million in the construction of a gold mine in Brazil, a project it will launch in the second quarter of the year, CEO Ignacio Bustamante told Reuters on Wednesday.
The construction of the Mara Rosa mine, a project it acquired last year for $120-million, will be ready to start production in the first half of 2024, the executive said during a mining business forum in Lima.
"It's the most important project we have to date," said Bustamante, who added that the mine is expected to produce about 100 000 oz of gold annually.
London-listed Hochschild Mining operates Perus's Inmaculada and Pallancata gold and silver mines, which were immersed last year in a conflict with communities in an Andean region who demanded the closure of their operations alleging water contamination in the area. The claims were rejected.
The conflict was resolved and now Hochschild Mining expects the Peruvian government to extend the useful life of Inmaculada until 2042, "a process that is underway and that could occur at the end of the second quarter of this year," Bustamante said.
If the life of the mine is extended, the company expects to invest $4.4-billion over two decades in Inmaculada, which currently represents more than 60% of its cash flow.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation