Buenaventura Announces Acquisition of 51% of Chucapaca Project
August 18 2014 - 7:11PM
Business Wire
Compañía de Minas Buenaventura S.A.A. (“Buenaventura”)
(NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest
publicly-traded, precious metals mining company announced the
acquisition of 51% of Canteras del Hallazgo S.A.C (49% held by
Buenaventura), owner of the Chucapaca project, from Minera Gold
Fields Peru S.A. (a subsidiary of Gold Fields Ltd, a globally
diversified producer of gold with operations in Australia, Ghana,
Peru and South Africa). At the conclusion of this transaction,
Buenaventura will control 100% of this project.
Mr. Roque Benavides, Chairman and CEO, stated: “Chucapaca, as an
underground mining project located in Peru, offers important
potential to continue growing in terms of gold resources and future
production. This acquisition fits perfectly with Buenaventura’s
expertise to develop underground mining operations that will permit
the maximization of shareholders’ value, adding precious metal
resources to our portfolio.”
The agreement considers a US$81 million cash payment and a 1.5%
net smelter return royalty on gold, silver and copper sales.
Buenaventura holds the right of first refusal if Minera Gold Fields
Peru S.A decides to sell these royalties.
As a consequence, Buenaventura is taking over 100% ownership of
Canteras del Hallazgo S.A.C.
Buenaventura is confident with regards to the strong potential
of high grade gold ore in Chucapaca, as is Gold Fields, who
requested a royalty payment to participate in the upside.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest,
publicly traded precious metals Company and a major holder of
mining rights in Peru. The Company is engaged in the mining,
processing, development and exploration of gold and silver and
other metals via wholly owned mines, as well as through its
participation in joint exploration projects.
Buenaventura currently operates several mines in Peru
(Orcopampa*, Uchucchacua*, Breapampa*, Mallay*, Julcani*, El
Brocal, La Zanja and Coimolache).
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership
with Newmont Mining Corporation), an important precious metal
producer; 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer and Canteras del Hallazgo S.A, owner the
Chucapaca project.
For a printed version of the Company’s 2013 Form 20-F, please
contact the persons indicated above, or download a PDF format file
from the Company’s web site.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as
defined in the U.S. Private Securities Litigation Reform Act of
1995) that involve risks and uncertainties, including those
concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and
expenses, results of exploration, the continued improving
efficiency of operations, prevailing market prices of gold, silver,
copper and other metals mined, the success of joint ventures,
estimates of future explorations, development and production,
subsidiaries’ plans for capital expenditures, estimates of reserves
and Peruvian political, economic, social and legal developments.
These forward-looking statements reflect the Company’s view with
respect to the Company’s, Yanacocha’s and Cerro Verde’s future
financial performance. Actual results could differ materially from
those projected in the forward-looking statements as a result of a
variety of factors discussed elsewhere in this Press Release
Lima:Compañía de Minas Buenaventura S.A.A.Carlos Galvez,
511-419-2540Chief Financial OfficerorDaniel Dominguez,
511-419-2591Director of Treasury and Investor
Relationsdaniel.dominguez@buenaventura.peorNew York:i-advize
Corporate CommunicationsMaria Barona / Rafael
Borja212-406-3691/3693buenaventura@i-advize.comorVisit our
website:http://www.buenaventura.com
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Apr 2023 to Apr 2024