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LONDON - Hochschild Mining PLC paid $39.2 million to governments across four countries in 2024, according to the company’s annual payments to governments report released Thursday.
The London-listed precious metals mining company made payments across Peru, Argentina, Brazil, and Chile related to its mineral extraction activities. The largest portion went to Peru, where the company paid $24.3 million, primarily in taxes.
In Argentina, where Hochschild operates the San Jose mine, the company paid $8.8 million, with the majority ($7.1 million) in royalties to the Santa Cruz Provincial Mining Authority.
Brazilian operations at the Mara Rosa mine resulted in $5.7 million in payments, split between taxes ($3.8 million) and royalties ($1.9 million) to federal authorities.
Chile received the smallest amount at $473,000, entirely in license fees related to the Volcan project.
The report breaks down payments by government department and project. Of the total payments, taxes accounted for $27.7 million, royalties $9 million, and license fees $2.5 million.
Hochschild’s largest single payment was $23.5 million in taxes to Peru’s National Tax Administration Superintendency through its subsidiary Compañía Minera Ares S.A.C.
The company prepared the report in accordance with the UK’s Report on Payments to Governments Regulations 2014, which requires large UK-incorporated companies involved in extractive industries to disclose such payments. The report excludes payments below £86,000 to any government.
This disclosure is part of Hochschild’s compliance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules in the United Kingdom (TADAWUL:4280), according to the company’s statement.
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