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Thursday, 12th February 2009 (1821 views)

Hochschild Mining has announced that it has made an offer for its joint venture partner Minera Andes.

The company has submitted a bid that exceeds an existing deal agreed between Minera Andes and one of its directors.

Hochschild has offered to purchase Minera Andes or its interest in the San Jose mine in Argentina for more than the C$40 million (£22.7 million) already on the table from Robert McEwen.

On February 6th 2009, the company made a series of proposals to the special committee of the Minera Andes board of directors.

In a statement, Hochschild Mining revealed that it has suggested that it would acquire all of the outstanding common shares of Minera Andes through a share transaction or purchase the firm's 49 per cent ownership interest in San Jose for a cash consideration equal to $70 million (£49 million).

Precious metals producer Hochschild is the joint venture partner of Minera Andes at the San Jose project and operates in the Americas with three wholly-owned mines in Peru and three joint venture operations in Argentina, Mexico and Peru.

 

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