Hochschild ups Peru stake £10m

South American precious metals producer Hochschild has doubled its interest in a gold and silver mining project in Peru, it said yesterday, paying $15m (£10m) for a 60 per cent controlling interest to joint venture partner International Minerals Corporation (IMZ). The London-listed firm also acquired a 3.2 per cent stake in IMZ through a private placing of shares for $20m. Hochschild has agreed to fund the first $100m of development costs in the Inmaculada project in Peru.