Hochschild Mining, the Peruvian silver and gold miner, on Wednesday raised its stake in Canada’s Lake Shore Gold and said it eventually planned to buy the whole company.
In January the London-listed group paid C$64.6m (£13.2m) for a 19.99 per cent stake in Lake Shore, which is looking for gold in Canada. Hochschild said on Wednesday that it had agreed to buy a further 15 per cent and had reduced the standstill agreement – preventing Hochschild from taking full control of Lake Shore – from five years to two years. After November 2010, Hochschild would be free to increase its stake above 40 per cent.
