Buenaventura Announces Closing of Transaction to Divest Its Chaupiloma Royalty Company to Franco-Nevada for $210 Million
Buenaventura Mining Company Inc. (BVN)
Last buenaventura mining company inc. earnings: 2/20 06:47 pm
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Source: Business Wire
Proceeds will strengthen balance sheet, enhancing shareholder returns LIMA, Peru--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced that it has closed a transaction to sell to a subsidiary of Franco-Nevada Corporation 100% of Chaupiloma Dos de Cajamarca (“Chaupiloma”), Buenaventura’s subsidiary that owns 1.8% net smelter return royalty on all minerals (the “Royalty”) covering Newmont Corporation’s Yanacocha mine and adjacent mineral properties located in Peru.Under the terms of the definitive agreement, consideration for the Royalty consists of $210 million paid to Buenaventura in cash upon closing, as well as a contingent payment of $15 million in Franco-Nevada common shares, payable upon achievement of certain conditions as described below."Today's announcement represents another critical step forward, aligned with our str
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