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Antofagasta PLC on Friday said it has acquired a minority stake in Compania de Minas Buenaventura SAA, an operator of mining projects in Peru. Chile-focused Antofagasta said it acquired a 19% stake in Buenaventura through the secondary market. Buenaventura is Peru’s largest, publicly traded precious and base metals company, the FTSE 100-listed copper miner explained. ‘After Buenaventura was informed of Antofagasta’s investment, the parties 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. Antofagasta looks forward to working with Buenaventura to provide opportunities to deliver value to stakeholders for both companies. ‘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 shares were 0.4% lower at 1,625.50 pence each in London on Friday afternoon. In New York on Friday morning, Buenaventura shares shot-up 13% to $11.26 each, giving it a market capitalisation of $2.55 billion. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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