Antofagasta, via a wholly owned subsidiary, has entered into transactions to acquire approximately 19% of the outstanding shares of Peruvian publicly traded precious and base metals company Compañía de Minas Buenaventura (Buenaventura).

The investment was made using internal funding sources.

In a statement, Antofagasta said that the move is aligned with the company’s strategy of prioritising exploration and investment in the Americas.

The parties have already entered into discussions to devise a framework of collaboration to benefit Buenaventura and its stakeholders.

Antofagasta chairman Jean-Paul Luksic 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.”

In a separate statement, Buenaventura also confirmed the transaction.

Buenaventura Chairman of the Board Roque Benavides said: “Buenaventura looks forward to working with Antofagasta as a collaborative partner to grow the value of our business, including by leveraging their deep expertise and proven track record in responsibly developing and operating world-class copper assets.”

Buenaventura is engaged in the exploration, mining development, processing and trading of gold, silver and other base metals.

Currently, the company operates multiple mines in Peru.

In August this year, Buenaventura submitted the updated mine plan for its fully owned Uchucchacua silver, lead, and zinc mine in Peru.