Posted in | Copper | Mining Business

Minera Andes and Hochschild Mining Settle Argentinian Copper Dispute

Minera Andes Incorporated TSX: MAI and US OTC: MNEAF) and Hochschild Mining (LSE: HOC) have ended their lawsuit over the copper joint venture in San Juan province, Argentina.

The British company Hochschild Mining had sued Minera Andes this March accusing the Toronto based Minera Andes of undue delay in refusing to execute the formal loan agreement documents for three years.

The joint venture was owned 49% by the Canadian company Minera Andes and 51% by the British Hochschild Mining. The companies have finished financing and revised shareholder loan agreements for the joint venture as per a statement from Minera Andes issued on Monday.

Rob McEwen the Chairman and CEO if Minera Andes said that they had worked closely with Hochschild Mining's new management to accomplish this favourable resolution. He also said that they looked forward to working with them on building the value of the jointly owned San Jose Mine and increasing the exploration of the large property.

Besides ending the lawsuit the partner companies have also agreed to use all free cash flow from the mine to wind up debt retirement. Half of which will be allotted to servicing shareholder loans to their companies.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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