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Market: LSE
Sector: General Mining
Epic: HOC
News: Latest news
Web Site: Hochschild Mining
Other Articles: 17-03-201005-03-201020-01-2010 
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Hochschild Mining

Hochschild Mining

Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild currently operates five underground epithermal vein mines, four located in southern Peru and one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has over sixteen long-term prospects throughout the Americas. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits.

Wednesday, March 17, 2010

Hochschild Mining files suit against Minera Andes seeking repayment of San José mine project loan

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Hochschild Mining (LSE: HOC) has filed suit against Minera Andes Inc (TSX: MAI; OTC: MNEAF) of Alberta, Canada and its subsidiary Minera Andes SA in the New York State Supreme Court, asking that Minera Andes be required to execute formal loan agreement documents for the $65m project financing loan which was provided by Hochschild to the San José gold and silver project in Argentina.

The company said that the lawsuit has no impact on the running of the Hochschild-operated San José mine. 

The San José mine initiated operations in 2007 with a plant capacity of 265ktpa (thousand tonnes per annum), and following a successful expansion in 2008, it doubled plant capacity to 530ktpa. In 2009, the mine produced approximately 5 million ounces of silver and 77,000 ounces of gold.

The complaint alleges that Minera Andes and its unit have unduly delayed the execution of formal loan documents and repayment of the loan by the co-venture entity, known as Minera Santa Cruz. Hochschild said it has made repeated attempts to finalize the formal loan agreement documents, but the suit alleges that Minera Andes and its unit have made demands which were never contemplated by the original letter agreements.

The mine, a co-venture between Hochschild and Minera Andes, has been in operation since June 2007.  Under the terms of agreements between the parties, executed in October 2006, Hochschild alone provided the full amount of the project financing, totalling $65m in instalments between October 2006 and July 2007.

The lawsuit lists several separate causes of action.

It seeks a decree by the court requiring Minera Andes and its unit to execute formal loan agreement documents with Hochschild, consistent with the previous agreements between the two companies. It asks that both entities be enjoined from further interference in the repayment of the project finance loan. It asks the court to order payment to Hochschild of benefits derived by Minera Andes and its unit as a result of the loan. And it also requests an order declaring that other shareholder loans are subordinate to the project finance loan.

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