Hochschild Mining will acquire International Minerals for its 40% interest in the companies’ joint-owned Pallancata silver mine and the Inmaculada gold-silver projects in Peru, to form a new Canadian company, according to officials.

Under the deal, SpinCo will emerge from Hochschild’s acquisitions of all issued and outstanding shares via a U.S. court-approved deal; each International Minerals shareholder will receive cash and common stock in the new public company, SpinCo.

International Minerals’ non-Peruvian assets will include remaining cash and receivables of $58 million with primarily Nevada-located subsidiaries and related liabilities. Following shareholder approval, the transaction is pending closure by Q4.

International Minerals’ CEO Stephen Kay hailed it a “win-win” situation "for both companies and their respective shareholders.”

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