Peruvian miner Buenaventura sees Antofagasta as ally in copper growth plans

8th January 2024

By: Bloomberg


Font size: - +

After a few weeks digesting Antofagasta’s surprise entry into its shareholder register, Buenaventura sees the new investor as an ally in its copper growth plans rather than a rival eying control of the Peruvian firm.

Buenaventura shares have surged 50% since mid-December when Antofagasta unveiled a 19% stake. That makes Antofagasta the biggest shareholder after the combined holdings of members of the Benavides clan that founded the Peruvian miner. Some investors have speculated that the firm controlled by Chile’s richest family may look to take over Buenaventura at some point.

“In the little conversation that’s taken place, there’s an amiability,” said chairman Roque Benavides, adding he has a personal relationship with his opposite number at the Chilean firm, Jean-Paul Luksic. “They participate as qualified shareholders. Nothing more than that.”

Antofagasta has indicated that the main reason for its investment is to gain exposure to Buenaventura’s copper assets, he said. The stake also opens the door to gaining a boardroom presence, a proposal that will be considered at a March shareholders meeting.

While the Lima-based company is known mainly for its precious metal mines, it also owns 20% of the giant Cerro Verde copper mine operated by Freeport-McMoRan and its pipeline of projects includes the Trapiche copper deposit, for which it may seek an equity partner. That partner could be Antofagasta, although such an arrangement would mean the London-listed firm would have to abstain from boardroom voting, Benavides said.

Antofagasta has stumbled with its previous efforts to build a presence outside of Chile — namely in Pakistan and the US. It’s looking at Peru to help grow its production profile at a time when the copper market is expected to tighten with mines getting harder to build and demand accelerating in the transition away from fossil fuels.

“Copper shines as brightly as gold in these times,” Benavides said.

Edited by Bloomberg


The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?