Aclara completes demerger from Hochschild Mining
Aclara Resources (Aclara) has demerged from Hochschild Mining (Hochschild), following the listing of its shares on the Toronto Stock Exchange.
The company is a development-stage rare earth mineral resources company with half-a-million hectares of mining concessions across Chile.
It enjoyed gross proceeds of £35.4m from a successful initial public offering on Friday morning.
The announcement has been accompanied by a series of arrivals from Hochschild across Aclara’s senior team.
Ramon Barua has stepped down as Hochschild’s CFO to become Aclara’s new chief executive.
Sanjay Sarma also resigned from his role as non-executive director to join Aclara’s board.
Meanwhile, Eduardo Noriega has been appointed as Hochschild’s CFO.
He joined the miner in March 2007 and most recently served as head of group finance.
Hochschild has also confirmed that Eduardo Hochschild and Ignacio Bustamante have been appointed to the board of Aclara as chairman and non-executive director respectively.
Following the demerger, Hochschild’s shares are up 0.89 per cent on the main market.
The miner endured a wild journey on the stock market last month when the Peruvian government attempted to close two of its mines, before U-turning on the decision.