Between 2001 and 2006, the Group opened exploration offices and identified a number of projects and prospects in Peru, Argentina, Mexico and Chile and entered into various joint venture agreements with mining partners, notably those relating to San Jose and Pallancata and Inmaculada.
In 2006, the Group listed on the London Stock Exchange (IPO Prospectus) and raised proceeds of $515 million. In June 2007 the Group opened its first operation in Argentina, San Jose, and subsequently opened the Moris mine in Mexico in August 2007. In September 2007, production commenced at the Pallancata mine in southern Peru.
In April 2010 Ignacio Bustamante was appointed Chief Executive Officer of Hochschild Mining plc and Ramon Barúa, Chief Financial Officer. The Company subsequently changed its strategic focus to growth through exploration, and in 2011, the exploration budget was increased by 40% to $70 million and again in 2012, to a record $90 million. Also noteworthy in 2010 was the sale of the Company’s stake in Lake Shore Gold Corp with a 34% gain on the original average purchase price.
In 2010 the Company increased its stake in the Inmaculada Advanced Project to a controlling 60%. In January 2012, the Company announced the successful completion of feasibility studies on the Inmaculada and Crespo Advanced Projects, which are expected to contribute an average attributable annual production of 10 million silver equivalent ounces, increasing current production levels by 50%.
In November 2012 the Company announced the acquisition of Andina Minerals Inc which owns the Volcan Gold Deposit in the prolific Maricunga gold belt in Chile, as well as a 49% interest in Hochschild’s Encrucijada Company Maker project close to Dorado, and a 50% share in Pampa Buenos Aires, a gold and silver property in Northern Chile.
In December 2013, the Company completed the acquisition of the remaining 40% stake in the Pallancata mine and Inmaculada Advanced Project.
In September 2015, the Company announced commercial production at the Inmaculada mine, its largest operation to date.
Read more on the Volcan Gold Deposit in our Exploration section.