Hochschild Mining PLC Hochschild announces loan facility for Inmaculada (7078A)
March 25 2013 - 3:00AM
UK Regulatory
TIDMHOC
RNS Number : 7078A
Hochschild Mining PLC
25 March 2013
25 March 2013
Hochschild Announces US$140 million loan facility with BBVA
Continental and Banco Credito del Peru for Inmaculada Project
Hochschild Mining plc ("Hochschild") announces that its 60%
owned joint venture Minera Suyamarca S.A.C ("Suyamarca") has
entered into a $140 million secured loan facility (the "Facility")
with BBVA Continental and Banco Credito del Peru to partially
finance the initial capital expenditure for the Inmaculada project
(total capital expenditure $370 million).
The loan facility has a term of seven years with no principal
payable for the first two years. The interest rate is based on the
3-month LIBOR rate plus 3.0%, with customary closing fees and
charges. The loan will be non-recourse to both Hochschild and
International Minerals Corporation who own the remaining 40% of
Suyamarca.
Suyamarcaowns 100% of the Pallancata mine as well as the
Inmaculada project in Peru, with Hochschild being the operator of
both properties.
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Enquiries:
Hochschild Mining plc
Charles Gordon +44 (0)20 7907 2934
Head of Investor Relations
RLM Finsbury
Charles Chichester +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 almost fifty years' experience in
the mining of precious metal epithermal vein deposits and currently
operates four underground epithermal vein mines, three located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
Forward looking Statements
This announcement contains certain forward looking statements
which may relate to matters such as the business, strategy,
investments, production, major projects and their contribution to
expected production and other plans of Hochschild Mining plc and
its current goals, assumptions and expectations relating to its
future financial condition, performance and results.
Forward-looking statements include, without limitation,
statements typically containing words such as "intends", "expects",
"anticipates", "targets", "plans", "estimates" and words of similar
import. By their nature, forward looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual results,
performance or achievements of Hochschild Mining plc may be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Factors that could cause or contribute to differences
between the actual results, performance or achievements of
Hochschild Mining plc and current expectations include, but are not
limited to, legislative, fiscal and regulatory developments,
competitive conditions, technological developments, exchange rate
fluctuations and general economic conditions. Past performance is
no guide to future performance and persons needing advice should
consult an independent financial adviser.
The forward looking statements reflect knowledge and information
available at the date of preparation of this announcement. Except
as required by the Listing Rules and applicable law, Hochschild
Mining plc does not undertake any obligation to update or change
any forward looking statements to reflect events occurring after
the date of this announcement. Nothing in this announcement should
be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
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