Hochschild Mining director raises £3.7m

Hochschild Mining deputy chairman Roberto Danino has generated £3.7m from share disposals in September.

The latest reported disposal raised nearly £367,000. He sold 97,288 shares at 377.02p each. Danino owns the shares via a related party called Navajo International Holdings Ltd. The remaining shareholding is 725,000 shares.

Danino is a former Prime Minister of Peru and the company's former ambassador to the US. He has also held a senior position at the World Bank. Either side of these jobs he has worked for Hochschild Mining. He originally joined Hochschild in 1995.

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Hochschild, which floated on the London Stock Exchange in 2006, operates mines in South and North America. The focus is gold and silver.

Last week, Hochschild received an encouraging scoping study and an upgrade of reserves for the Inmaculada gold-silver project in southern Peru. Inmaculada is owned 30% by Hochschild and 70% by IMZ.

Measured and Indicated mineral resources are now estimated at 3.8mt at an average grade of 4.3 g/t gold and 129 g/t silver respectively, suggesting the mine contains approximately 532,000 ounces of gold and 15.8m ounces of silver or 796,000 ounces of gold equivalent.

This new M&I resource estimate represents a 245% increase in gold ounces and 225% increase in silver ounces compared to the previous resource estimate.

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Petrofac Ltd. (PFC) Director name: Mr Maroun SemaanAmount sold: 2,025,000 @ 1,385.83p Value: £28,063,058

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Hochschild Mining (HOC) Director name: Mr Roberto DainoAmount sold: 97,288 @ 377.02p Value: £366,795