(Alliance News) - Hochschild Mining PLC on Wednesday said a long-awaited environmental approval for its Inmaculada mine in southwest Peru has been awarded.
Hochschild shares jumped 16% in response, priced at 88.64 pence in London in morning trade. The wait had been depressing the stock since mid-April due to worries about the permitting process in Peru.
The London-based silver and gold miner has operations in North and South America, including as well in southern Argentina and in Brazil.
Peru's National Service of Environmental Certification for Sustainable Investments has approved the modified environment impact assessment for Inmaculada for another 20 years.
"The MEIA is an important milestone for the company, paving the way for its flagship mine to generate significant additional value for all stakeholders over the next two decades," Hochschild said.
The approval allows the development high-grade reserves and resources close to Inmaculada's current operations, it said.
"This approval represents a significant achievement for Hochschild and the Peruvian mining industry and demonstrates the government's commitment to confirming Peru's position as an attractive mining friendly jurisdiction," said Chief Executive Officer Ignacio Bustamante.
By Tom Waite, Alliance News editor
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Hochschild (HOC)