May 14, 2012 / 11:41 PM / 7 years ago

UPDATE 1-Hochschild Mining announces $425 mln Peru investment

LIMA, May 14 (Reuters) - Hochschild Mining will invest $425 million in two projects in Peru over the next two years, its executive chairman said on Monday.

The investment will go to argentiferous projects Inmaculada and Crespo, near the company’s Arcata and Pallancata mines in southern Peru.

“We hope to have both in production by the end of 2013 or the beginning of 2014 with an investment of $425 million,” said Executive Chairman Eduardo Hochschild during the International Gold Symposium in Lima.

Inmaculada will produce around 10 million ounces of silver equivalent per year while Crespo will produce 2.3 ounces of the precious metal, according to Hochschild Mining’s Web site.

Hochschild said the company, which also runs the San Jose mine in Argentina, maintains previous estimates for silver output.

Hochschild Mining will likely produce 20 million ounces of silver this year, less than last year’s 22.6 million ounces.

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