Shares in Hochschild fall sharply on the back of the Peruvian Government’s efforts to close and block extensions of the company’s Pallancata and Inmaculada mines over environmental concerns. The company released a statement explaining that they had heard via media reports that Government officials of Peru had met with local authorities to minute certain environmental complaints in respect of Hochschild’s mining activities in the region of southern Ayacucho. In addition to the complaints received, it is has been reported that the Peruvian Government have indicated that they will no longer grant approvals to facilitate further mining exploration activities in relation to the mining activities at the Pallancata and Inmaculada mines. Despite Hochschild not receiving any formal communication from the Peruvian Government, the company’s shares listed on the London Stock Exchange were down nearly 60% in the early morning trading on Monday, 22 November 2021.
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