Antofagasta plc ("Antofagasta") announces that through a wholly owned subsidiary, it has entered into transactions in the secondary market to acquire beneficial ownership of approximately 19% of the outstanding shares of Compañía de Minas Buenaventura S.A.A. (“Buenaventura”). Buenaventura is Peru’s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru.

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.

Jean-Paul Luksic, Chairman of Antofagasta, said: “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.” see & read more on
https://www.antofagasta.co.uk/investors/news/2023/antofagasta-announces-investment-in-compa%C3%B1%C3%ADa-de-minas-buenaventura-saa/