Last checked at 24 Mar 2010 07:00
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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.
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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
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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.