Antofagasta buys 19% stake in Peru's Buenaventura

(Sharecast News) - Chilean copper miner Antofagasta said on Friday that it has bought a 19% stake in Peruvian metals company Buenaventura for an undisclosed sum. Buenaventura is Peru's largest, publicly-traded precious and base metals company and a major holder of mining rights in Peru.

Antofagasta said the investment is in line with its strategy of prioritising exploration and investment in the Americas.

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."