Hochschild Mining is boosting its portfolio with the acquisition of longlife gold asset in a mining-friendly market, following its recent political difficulties in Peru. The mining company has reached a deal to buy Brazil-focused Amarillo Gold Corporation (Amarillo) for $105m (£79m), including a 100 per cent interest in its flagship Posse gold project in the state of Goias. It agreed to acquire all of Amarillo's shares in a cash offer, at the price of C$0.40 per share. Hochschild hares closed up 1.07 per cent yesterday afternoon.

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