HOC Hochschild Mining Plc

 

TIDMHOC 
 
RNS Number : 0796J 
Hochschild Mining PLC 
24 March 2010 
 

 
 
______________________________________________________________________ 
 
24 March 2010 
 
                       Directorate and Management Changes 
 
The board of Hochschild Mining plc ("Hochschild") announces the following 
directorate changes: 
 
Chief Executive Officer 
Miguel Aramburú has advised the Board that he wishes to step down as CEO for 
personal reasons, with effect from 31 March 2010. The Board is very sorry to 
lose Miguel, but understands and respects his decision. The Board is pleased to 
announce that Ignacio Bustamante, COO, will succeed Miguel Aramburú as CEO and 
as an executive director from 1 April 2010. 
 
Miguel has made an outstanding contribution to Hochschild over the past 15 
years, particularly in his role as CEO. Since the IPO, he has transformed 
Hochschild into a strategically focused, highly efficient and strongly 
capitalised business. 
 
Ignacio Bustamante joined Hochschild in 1992 and, prior to his appointment as 
COO in January 2008, served as General Manager of the Peruvian operations. 
Between 1998 and 2003 he worked as CFO of Cementos Pacasmayo, a company he 
subsequently became a director of between 2003 and 2007. Following this, he 
worked for Zemex Corporation, a subsidiary of Cementos Pacasmayo, based in 
Atlanta, Georgia, serving first as CFO and Vice President of Business 
Development and later as its President. Ignacio holds a BSc in Business and a 
BSc in Accounting from Universidad del Pacífico in Peru and an MBA from Stanford 
University. Ignacio is also one of Hochschild's representatives on the Board of 
Lake Shore Gold Corp following his appointment in March 2009. 
 
Ernesto Balarezo, currently head of our Peruvian operations, will assume the 
role of Vice President of Operations with effect from 1 April 2010. Ernesto has 
been with the Group since 1997 having served as General Manager of Hochschild 
Mining in Mexico and Peru. Ernesto holds a BS in Industrial Engineering and a 
Masters of Science in Industrial Management from Texas A&M University. 
 
Chief Financial Officer 
The board also regrettably announces that it has accepted the resignation of 
Ignacio Rosado, CFO, who is leaving the company with effect from 31 May to 
develop his career further by pursuing a CEO role.  Ignacio will be succeeded by 
Ramón Barúa, currently CEO of Fosfatos del Pacifico, a Peruvian phosphates 
business. 
 
During his tenure as CFO, Ignacio played a key role in Hochschild's IPO, and was 
instrumental in the planning and execution of the Company's strategy, ensuring 
strong financial discipline and the continued delivery of profitable growth. 
 
Ramón Barúa has most recently served as CEO of Fosfatos del Pacifico, a mining 
project in northern Peru owned by Cementos Pacasmayo, an associate company of 
Hochschild Group. During 2008, Mr Barúa was the General Manager for Hochschild 
Mining's Mexican operations, having previously worked as Deputy CEO and as the 
CFO of Cementos Pacasmayo. Prior to joining Hochschild, he was a Vice President 
of Debt Capital Markets with Deutsche Bank in New York for four years and a 
sales analyst with Banco Santander in Peru.  Ramón is an Economics graduate from 
Universidad de Lima and holds an MBA from Columbia Business School. 
 
Eduardo Hochschild, Chairman of Hochschild Mining plc commented; 
 
"I would like to thank both Miguel and Ignacio for their enormous contribution 
to the Company over a number of years. Together they were instrumental in the 
delivery of our strategy and have built a strong platform for future growth. 
 
I am delighted to announce the Board's decision to appoint Ignacio Bustamante as 
Hochschild's new CEO. He has worked within the Hochschild Group for 18 years and 
closely with Miguel over the past three years. He brings extensive finance and 
operational experience and his appointment will ensure we continue to develop 
and deliver the Company's long term growth strategy with success. Ignacio 
Bustamante will be replaced by Ernesto Balarezo, currently head of our Peruvian 
operations, who will assume the role of VP of Operations with effect from 1 
April 2010. 
 
I am also pleased to announce the appointment of Ramón Barúa as our new CFO. 
Ramón has extensive international experience, both in mining as well as in 
banking, making him the ideal candidate for the role." 
 
There are no other matters to disclose in accordance with paragraph 9.6.13R of 
the FSA's Listing Rules. 
 
____________________________________________________________________ 
Enquiries: 
Hochschild Mining plc 
 
Isabel Lütgendorf 
                +44 (0)20 7907 2934 
Head of Investor Relations 
 
Finsbury 
Robin Walker 
                    +44 (0)20 7251 3801 
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. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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