Global copper miner Antofagasta has, through a wholly-owned subsidiary, entered into transactions to acquire a 19% interest in Compañía de Minas Buenaventura, which produces precious and base metals in Peru.
"Our investment demonstrates the significant potential we see in Buenaventura's asset portfolio. We are excited by the prospect of working together with Buenaventura to realise that potential, in a way that maximises value for Buenaventura and its stakeholders and is consistent with responsible and sustainable operation and engagement with communities, employees, customers, suppliers, regulators and other stakeholders," comments Antofagasta chairperson Jean-Paul Luksic.
Antofagasta's investment is in line with its strategy of prioritising exploration and investment in the Americas. The investment has been funded from internal funding sources.
Antofagasta and Buenaventura have also entered into discussions to develop a framework of collaboration for the benefit of Buenaventura and its stakeholders, including with respect to strategic, operational and financial matters, including a proposal for Antofagasta to be represented on the board of directors of Buenaventura.