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Hochschild shrinks Lake Shore Gold holdings to 6 per cent

In a share sell-off worth $392.4 million, Hochschild Mining plc has reduced its stake in Lake Shore Gold from 35 per cent to six per cent.
Northern Ontario Business Staff

In a share sell-off worth $392.4 million, Hochschild Mining plc has reduced its stake in Lake Shore Gold from 35 per cent to six per cent.

Lake Shore Gold is approaching commercial production from its flagship Timmins Mine, located in the heart of the Timmins camp. Advanced exploration continues on its Thunder Creek and Bell Creek projects, also in the local camp.

“Since we identified the geological potential of Lake Shore Gold in 2007, we have supported the company in moving towards production and we are delighted with the progress achieved to date which provides us with a profitable return on investment,” said Hochschild Mining CEO Ignacio Bustamante in a release.

Hochschild will use the money to fund exploration and development of its projects in South America.

The transaction is slated to close Nov. 3.