REG - Hochschild MiningPLC - Hochschild Announces Leadership Transition

Hochschild MiningAnnouncement

30/05/2023 07:15

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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

 

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