Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Hochschild Mining (LON: HOC) announced on Tuesday its chief executive, Ignacio Bustamante, will leave in late August after 13 years in various top positions in the company.
Bustamante, 52, will be replaced by current chief operating officer Eduardo Landin, who has served as COO of the South Americas-focused precious metals miner since 2013.
Bustamante joined Hochschild Mining in 1992 and was general manager for its Peruvian operations and COO before assuming the CEO role in 2010.
During his tenure, the precious metal miners consolidated its Peruvian operations and developed the Inmaculada gold and silver mine in Peru, its largest operation.
More recently, the company acquired the Mara Rosa project which will be Hochschild’s first operation in Brazil when begins operations in the first half of 2024.
“We also achieved significant exploration success over the last decade at all our operations in Peru and Argentina,” chairman Eduardo Hochschild said in the statement. “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 (Modified Environment Impact Assessment) permit.”
Hochschild, which has been hit by protests and a civil unrest in Peru since November, has also faced delays in securing a permit for its flagship Inmaculada mine.
Bustamante will assume the role of Appian Capital Advisory’s head of Base Metals, based in London, on August 28, the investment firm said in a separate statement.
Landin has been with Hochschild for 15 years, overseeing the development of both Inmaculada and Mara Rosa mines.
