Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) shares rose 5% in early trading on Wednesday after it announced it had completed the sale of its former Arcata mine and the Azuca project to Sierra Caraz for an undisclosed sum.
The move is part of Hochschild’s strategy to focus on its key assets in Peru - Inmaculada and the Pallancata-Royropata project - as well as its operations in Brazil and Argentina.
Arcata, a silver-dominant underground mine in Arequipa, Peru, was in production from 1964 until 2019 when it was placed under care and maintenance. The Azuca project, located 60km away, is also a silver-focused asset.
Sierra Caraz is linked to Sierra Sun Precious Metals, a private group with mining operations in Peru.
In early trading, the stock was up 9.44p at 193.44p.