"Mining giant Hochschild to fight Peruvian government's decision to scale back mines over environmental concerns", 23 November 2021

...[T]he Peruvian Government outlined plans to accelerate silver and gold mine closures in a bid to reduce the sector's environmental impact.

Ministers in Peru have stated that the decision, which would affect several large mines in the southern Ayacucho region, will bar existing mines from further expansion as well as blocking new projects.

Peruvian Prime Minister Mirtha Vasquez has also spoken about the move publicly, after first floating revisions to policy frameworks for mining in the name of sustainability in September.

The decision would affect Hochschild’s largest silver mine, Inmaculada, immediately, as well as its Pallancata mine It would also, in time, likely affect much of the company’s wider portfolio – it sources more than two-thirds of its silver and gold from Peru.

Hochschild published a statement on Monday morning, telling of how the firm had “not received any formal communication from the Peruvian government” and how it believes the decision is “illegal”. As such, the firm stated that it will “vigorously defend its rights to operate these mines using all available legal avenues”...

Peru’s wider mining industry has, historically, been linked to deforestation and mercury pollution. Hochschild denies that it is part of the problem...

...[T]he Peruvian Government is mulling higher taxes for mining firms...