Former Peru Prime Minister sells Hochschild shares

The former Prime Minister of Peru, Roberto Danino, who is non-executive deputy chairman at the precious metal miner Hochschild, sold nearly £2m of shares earlier this month, the company announced today.

Navajo International Holdings, an entity related to Danino, who was prime minister of the South American country from 2001 to 2002, sold 300,000 shares at about 625p a time. Hochschild made the announcement on the same day it reported that a strike at its main mine, which is in Argentina, had stopped production.

The shares closed down 17.5p at 612.5p after the news. The Argentine Mining Labour Association initiated the action at the San Jose silver and gold mine in Argentina due to a dispute over pay increases for contract workers, Hochschild said.

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"The company will keep the market informed of developments as they occur," it added.

The San Jose mine is 51%-owned by Hochschild, with the remainder belonging to Canada-listed Minera Andes. It accounted for half of Hochshild's production in the first quarter of this year. Hochschild also has operations in Peru and Mexico.