Buenaventura to pay US$4.3mn for Golden Minerals' Peru exploration properties
Bnamericas Published: Thursday, February 14, 2013
Peruvian precious metals miner Buenaventura (NYSE: BVN) has entered into an agreement with US-based Golden Minerals (Amex: AUMN, TSX: AUM) to buy US$4.3mn worth of Golden''s exploration properties in the South American country. Buenaventura has completed US$3.5mn of the transaction, while the remaining US$800,000 is conditioned upon the receipt of third party consent by February 28, Golden said in a release. Golden sold the remaining exploration properties in Peru for US$500,000 to an unspecified third party in November. Golden Minerals announced last year its intent to monetize a "substantial portion of its exploration portfolio," and has now closed its Peruvian exploration office. The company also operates the Velardeña mine in Mexico and has the US$108mn El Quevar project in Argentina. Buenaventura operates six mines in Peru and has controlling interests in mining companies Cedimin and El Brocal. The company also owns 43.7% of Yanacocha, Latin America''s largest gold mine, and 19.2% of copper producer Cerro Verde.
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