LIMA – The Japanese Sumitomo Corporation acquired a 5-percent share in Minera Yanacocha SRL, the largest gold mine in South America, with an investment of $48 million, US-based majority shareholder Newmont Mining in Lima reported on Wednesday.
Newmont Mining, Peru’s Buenaventura and Japan’s Sumitomo concluded on Wednesday the transaction in which the latter paid $48 million for a new issue of shares in Yanacocha.
In December 2017, Yanacocha repurchased the International Finance Corporation’s (IFC) 5 percent stake which it held since 1992 when it provided debt financing for construction of the operation, the company said.
With Sumitomo’s purchase, Newmont and Buenaventura’s ownership interests in Yanacocha will return to 51.35 percent and 43.65 percent, respectively.
“Sumitomo brings mining expertise, high performance standards, and a shared commitment to extending profitable and responsible production at Yanacocha,” said Randy Engel, Executive Vice President, Strategic Development.