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Eduardo Hochschild, the chairman of gold and silver miner Hochschild Mining, has sold a 3.1 per cent stake in company, following a 29 per cent surge in its shares this year.

Mr. Hochschild sold 15.5m shares at a price of 270p raising £41.9m, broker JP Morgan Securities said in a statement. After the sale he will own 51 per cent of the company and “intends to retain a controlling shareholding in the company for the foreseeable future.”

Hochschild Mining reported this month that it swung to a pretax profit last year, helped by a rise in gold and silver prices last year. It was the first full year of production from its Immaculada mine.

Shares in Hochschild Mining fell by 6.3 per cent yesterday to 273.5p.

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