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17 Jul 2013 07:00
17 July 2013
Changes in Board Composition & Remuneration
Hochschild Mining plc ("the Company") announces reductions in the size of the Board and Directors' remuneration as part of its cashflow optimisation programme (further details of which are being announced separately today).
Fred Vinton and Rupert Pennant-Rea will be standing down as Non-Executive Directors at the end of the month and in addition, with effect from 1 August 2013, the Chairman's salary and the fees of all Non-Executive Directors will be reduced by 30% and the CEO's salary by 10%.
Eduardo Hochschild, Chairman of Hochschild Mining plc commented:
"The recent volatility in precious metals prices prompted a comprehensive review across the Group to identify cost saving measures. This incorporated a review of the structure and remuneration of our Board resulting in the changes being announced today. I would like to express my gratitude to Fred and Rupert for their support."
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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
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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 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.
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Notes
1. The reduction in the Chairman's salary will also apply to the level of cash supplement paid in lieu of pension contribution. Accordingly, the aggregate amount of salary and cash supplement payable to Eduardo Hochschild from 1 August 2013 will be reduced from US$1.3m to US$910,000 per year.
2. Following the directorate changes announced today and Sir Malcolm Field's planned retirement later in the year, the Company will continue to comply with the recommendation of the UK Corporate Governance Code that a majority of the Board should comprise of independent Non-Executive Directors.
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