Hochschild Mining to Sell Shares to Buy $280M Silver Project

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Hochschild Mining Plc plans to sell shares to buy out a Peruvian silver project for $280 million, a purchase that gives them full ownership of the Pallancata and Inmaculada mines, reports Bloomberg.

“Hochschild is seeking to stem a decline in silver output, which is set to drop for a third straight year. The company has slumped 65 percent in London trading in 2013 after prices for silver and gold — haven assets — sank on prospects for a U.S. economic recovery. Net income tumbled 63 percent last year.”

US platinum bar saw the biggest price decline of the day, dropping 1.1 percent on Tuesday, October 1. The price of Japanese platinum bar fell 1.0 percent. The price of Chinese platinum bar held steady.

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Japanese palladium bar saw its price rise 0.9 percent. US palladium bar fell 0.7 percent on Tuesday. Chinese palladium bar held its value on Tuesday.

Indian gold bullion finished the day down 0.9 percent. US gold bullion closed 0.6 percent lower. Japanese gold bullion prices saw a 0.1 percent decline. The price of Chinese gold bullion remained essentially flat.

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Indian silver ended the day after the 0.5 percent drop yesterday. The price of Japanese silver declined 0.4 percent. The price of US silver fell 0.3 percent. The price of Chinese silver was essentially unchanged.