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Pin to quick picksHochschild Regulatory News (HOC)

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Sale of Zincore shares

5 Mar 2010 07:00

RNS Number : 1311I
Hochschild Mining PLC
05 March 2010
 



 

 

 

________________________________________________________________________

 

 

5 March 2010

Sale of Zincore shares

 

Hochschild Mining plc ("Hochschild") announces that it has sold its 36.9% holding in Zincore Metals Inc ("Zincore") for a total cash consideration of C$10.3 million. As a result of the transaction, Hochschild has no further interest in Zincore.

 

The Company acquired ownership of 38,100,000 common shares of Zincore, a listed mining exploration company with projects in southern Peru,as a result of its purchase of Southwestern Resources Corp in May 2009. Hochschild has disposed of its stake as it does not constitute a core asset for the Company.

 

Executive Chairman, Eduardo Hochschild purchased Hochschild's 36.9% stake in Zincore at a price of C$0.27 per share representing a 11.6% premium over the 20 day average closing price. The shares were purchased through an investment vehicle, Inversiones Pacasmayo SA, for investment purposes and Eduardo Hochschild may choose to acquire or dispose of Zincore shares in future. Mr Hochschild did not previously own Zincore shares.

 

The disposal was approved on behalf of the Hochschild board by a committee comprising solely independent Non-Executive Directors ("the Independent Committee"). The Independent Committee has been advised by Canaccord Adams Limited that the terms of the disposal are fair and reasonable as far as shareholders are concerned.

 

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

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.

 

Disclaimer

Canaccord Adams Limited, which is authorised and regulated by the Financial Services Authority ("FSA") , is acting exclusively for the Independent Committee and no-one else in relation to the disposal and will not be responsible to any person (whether or not a recipient of this announcement) other than the Independent Committee under the Financial Services and Markets Act 2000 , the rules of the FSA or otherwise for providing the protections afforded to its clients or for any matter concerning the disposal or for providing advice in relation to the disposal or in relation to the contents of this announcement or any other transaction, arrangement or matter referred to herein. 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DISKKQDPKBKBFNK
Date   Source Headline
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16th Oct 20091:27 pmRNSPublication of Prospectus
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19th Aug 20097:00 amRNSInterim Results
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15th Jul 20097:00 amRNSQ2 Production Results
10th Jul 20093:16 pmRNSBoard Appointment
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1st Jul 20097:00 amRNSIncreases stake in Gold Resource Corporation
26th Jun 20097:00 amRNSIncreasing operational efficiency
24th Jun 20095:50 pmRNSEncouraging drill results at Lake Shore
12th Jun 200912:32 pmRNSHolding(s) in Company
8th Jun 20097:00 amRNSCost savings update
5th Jun 20095:10 pmRNSHolding(s) in Company
28th May 20097:00 amRNSAcquisition
26th May 20092:48 pmRNSResult of AGM
26th May 200910:00 amRNSAGM Statement
13th May 20095:14 pmRNSAnnual Information Update
13th May 20097:00 amRNSShareholder approval for acquisition
6th May 200910:53 amRNSFurther re Final Dividend
29th Apr 20097:00 amRNSProduction Report and IMS
24th Apr 200911:27 amRNSNotification of Major Interests in Shares
21st Apr 20092:00 pmRNSAnnual Financial Report
20th Apr 200910:43 amRNSHolding(s) in Company
9th Apr 200912:59 pmRNSHolding(s) in Company
8th Apr 20092:12 pmRNSHolding(s) in Company
27th Mar 20097:00 amRNSEnd of industrial action
25th Mar 20097:00 amRNSFinal Results

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