TIDMHOC
RNS Number : 8948A
Hochschild Mining PLC
30 May 2023
_____________________________________________________________________________________
30 May 2023
Hochschild Announces Leadership Transition Process
Hochschild Mining PLC (the "Company" or "Hochschild") (LSE: HOC)
(OTCQX: HCHDF) today announces that Ignacio Bustamante has informed
the Board of Directors of his intention to step down as Chief
Executive Officer ("CEO") on 26 August 2023 to relocate to London
and assume a new role at another company.
The Board has appointed Eduardo Landin, who has served as Chief
Operating Officer ("COO") for ten years, to succeed Ignacio as CEO
and, upon assuming that role, will join the Board as an Executive
Director.
Ignacio will continue to serve on the Board, as a Non-Executive
Director, representing Hochschild's largest shareholder, Pelham
Investment Corporation (controlled by Eduardo Hochschild), pursuant
to its nominating rights under the Relationship Agreement with the
Company.
In addition, the Company announces that Rodrigo Nunes, currently
Director of Technical Services, will become the Company's COO, with
effect from 26 August 2023.
The Company reiterates the production and cost guidance
previously provided in the Q1 2023 Production Report on 10 May 2023
subject to approval of Inmaculada's Modified Environmental Impact
Assessment ("MEIA") in Q2 2023. The Company is working closely with
the relevant authorities and continues to expect a decision by 30th
June 2023.
Eduardo Hochschild, Chairman, said:
"The Board and I want to thank Ignacio for his steadfast
leadership during his 13-year tenure as CEO. During this period, we
consolidated our Peruvian operations, developed the Inmaculada mine
and more recently acquired the Mara Rosa project which will be
Hochschild's first operation in Brazil. We have also achieved
significant exploration success over the last decade at all our
operations in Peru and Argentina. Ignacio's leadership has been
exemplary, and we are grateful that he has decided to remain in his
position during the final stages of securing the Inmaculada MEIA.
We look forward to benefiting from his experience and knowledge of
the Company and our strategy as a Non-Executive Director."
"I speak for the whole Board when I say that it is a great
pleasure to announce the appointment of Eduardo Landin as the
Company's new CEO. He is a well-respected leader with more than 15
years in the organisation and a successful track record of creating
value through strong operational leadership. He has overseen the
development of Inmaculada and, more recently, the Mara Rosa mine in
Brazil, which is on track to commence production in H1 2024. His
commitment to ESG matters, community relations and his deep
operational expertise make him the natural successor to
Ignacio."
Ignacio Bustamante said:
"After more than 13 years as CEO, I feel it is the right time
for me to hand over the leadership to Eduardo Landin to take the
company to its next phase of growth. I have worked with Eduardo for
15 years and I'm confident the company will continue to achieve
operational and financial success under his tenure. He is supported
by a talented and highly experienced team that has been a driving
force behind our achievements to date. I look forward to working
closely with Eduardo to ensure a smooth transition and to
continuing to serve as a Non-Executive Director on the Board."
Eduardo Landin said:
"I am very excited to take on the role of CEO later this year
and continue to execute our long-term strategic plan. I look
forward to working with all my colleagues across the business to
ensure that we maintain strong safety, environmental, operational
and financial performance, while progressing our growth strategy. I
am also proud to have the opportunity to lead a company for which
sustainability is at the forefront of every business decision. I
would like to thank Ignacio for his long-standing support, and I
look forward to working with him in his new capacity on the
Board."
Regulatory disclosures
There are no matters to be disclosed under Listing Rule 9.6.13R
in connection with Eduardo Landin's appointment.
Details of Eduardo Landin's remuneration arrangements following
his appointment to the Board will be disclosed in full in the
Company's 2023 Directors' Remuneration Report. Such arrangements
will be consistent with the Company's approved Directors'
Remuneration Policy.
The information required under section 430(2B) of the Companies
Act 2006 in relation to Ignacio Bustamante's resignation as CEO
will be made available on the Company's website from 26 August
2023.
Biographical Information
Eduardo Landin has been the COO of Hochschild Mining since March
2013. He joined the Company in January 2008 as General Manager of
Argentinian operations. In 2011, he became General Manager of
Projects with direct responsibility for the development of the
Inmaculada and Crespo Advanced Projects. Before joining the
Company, Mr. Landin held the position of Corporate Development
Manager at Cementos Pacasmayo, an associate company of the
Hochschild Group and prior to that, served in the Government of
Peru's Ministry of Energy and Mines and worked for Repsol S.A. in
England, Spain and Peru for over 10 years. Mr. Landin is a British
Chartered Mechanical Engineer and holds a B.Eng (Honours) in
Mechanical Engineering from Imperial College, London and an
Executive MBA from the Universidad de Piura, Peru. He is also a
Fellow of the British Institution of Mechanical Engineers.
Rodrigo Nunes joined Hochschild in 2021 and currently serves as
Corporate Director, Technical Services & Projects, covering the
Company's operations, development projects and M&A efforts
globally. Prior to that, he held key technical and leadership roles
in global mining companies, including Optimize Group, Yamana Gold,
Vale and Arcelor Mittal. He holds a Mining Engineering degree from
the Universidade Federal de Minas Gerais, an MBA, Project
Management degree from the Fundação Getulio Vargas and a Master of
Science, Mining and Mineral Engineering degree from the
Universidade de São Paulo.
_____________________________________________________________________________________
Enquiries:
Hochschild Mining PLC
Charles Gordon
+44 (0)20 3709 3264
Head of Investor Relations
Hudson Sandler
Charlie Jack
+44 (0)207 796 4133
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 fifty years' experience in the
mining of precious metal epithermal vein deposits and currently
operates three underground epithermal vein mines, two located in
southern Peru and one in southern Argentina. Hochschild also owns
the Mara Rosa Advanced Project in Brazil as well as numerous
long-term projects throughout the Americas.
_____________________________________________________________________________________
Forward looking statements
This announcement may contain forward looking statements. 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, for
various reasons, be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements.
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, the Board of
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.
LEI: 549300JK10TVQ3CCJQ89
- ends -
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