{"id":147,"date":"2021-11-22T19:46:02","date_gmt":"2021-11-22T19:46:02","guid":{"rendered":"https:\/\/econyq.com\/news\/?p=147"},"modified":"2021-11-22T19:46:02","modified_gmt":"2021-11-22T19:46:02","slug":"uks-hochschild-fights-perus-plans-to-close-mines-over-environmental-impact","status":"publish","type":"post","link":"http:\/\/dev-econyq.com\/news\/uks-hochschild-fights-perus-plans-to-close-mines-over-environmental-impact\/","title":{"rendered":"UK\u2019s Hochschild fights Peru\u2019s plans to close mines over environmental impact"},"content":{"rendered":"

The UK metals company Hochschild\u00a0Mining<\/a>\u00a0is to fight plans by Peru\u2019s government to hasten the closure of several mines in the southern Ayacucho region because of concerns over their environmental impact.<\/p>\n

The\u00a0London-listed mining company<\/a>\u00a0has promised to \u201cvigorously defend\u201d its plan to continue mining gold and silver from two mines \u2013 Pallancata and Inmaculada \u2013 which it claims operate under the \u201chighest environmental standards\u201d.<\/p>\n

\n

Ignacio Bustamante, the Hochschild chief executive, said he was \u201csurprised\u201d by the \u201cillegal nature\u201d of the government\u2019s planned action and would \u201cvigorously defend its rights to operate these mines using all available legal avenues\u201d.<\/p>\n

Shares in Hochschild plunged nearly 40% on Monday morning, wiping more than \u00a3300m off the value of the company, after the Peruvian prime minister, Mirtha V\u00e1squez, told local media over the weekend that four mines in the southern Ayacucho region would be barred from further expansion, and would be closed \u201cas soon as possible\u201d. They closed down 27%, the lowest since April 2020.<\/p>\n

Hochschild said it had \u201cnot received any formal communication from the government regarding this matter\u201d.<\/p>\n

The plan could have severe consequences for Lima-headquartered Hochschild, which sources more than two-thirds of its gold and silver from its Peruvian mines.<\/p>\n

The announcement is likely to raise hackles throughout the mining sector in Peru, the world\u2019s second largest producer of copper, which includes UK miners\u00a0Anglo American<\/a>, Newmont,\u00a0Glencore<\/a>\u00a0and Freeport-McMoRan. Peru\u2019s mines are also operated by China\u2019s MMG and Chinalco alongside local producers such as Buenaventura.<\/p>\n

Peru\u2019s mining industry has been linked to a string of environmental issues in recent years including\u00a0deforestation<\/a>,\u00a0pollution<\/a>\u00a0and the\u00a0mistreatment of environmental activists<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

London-listed firm says it will \u2018vigorously defend\u2019 plan to continue mining gold and silver<\/p>\n","protected":false},"author":1,"featured_media":148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","entry"],"_links":{"self":[{"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/posts\/147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/comments?post=147"}],"version-history":[{"count":1,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/posts\/147\/revisions"}],"predecessor-version":[{"id":149,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/posts\/147\/revisions\/149"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/media\/148"}],"wp:attachment":[{"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/media?parent=147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/categories?post=147"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/dev-econyq.com\/news\/wp-json\/wp\/v2\/tags?post=147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}