Trafigura Beheer BVs mining group has agreed to sell its
98.68-percent stake in copper producer Compañia Minera
Condestable SA (CMC) to Southern Peaks Mining LP.
The sale is expected
to close in the next eight weeks, Netherlands-based Trafigura
said June 19.
"We are selling at an
optimum point in the life of the mines while securing the
offtake and will continue to provide essential services such as
HR and IT support during the transition period, so we have
every interest in contributing to Condestables future,"
Darryll Castle, chief executive officer of Trafiguras
mining group, said in a statement.
The company is
researching future investments and will continue to invest in
its two other projects in Peru, Catalina Huanca and Axulcocha,
a Trafigura spokesperson told AMM.
Peaks, which is owned by its management and Barclays Natural
Resource Investments, a division of Barclays Bank Plc, already
has three mining operations in Peru: Ariana, La Virenya and
"The acquisition of
CMC furthers our business plan of becoming a mid-tier South
American base metals producer," Southern Peaks chief executive
officer Adolfo Vera said in a statement. " CMC gives (Southern
Peaks) an additional producing asset and supplements (Southern
Peaks) existing reserve base."
CMC, which has been in
operation since 1995, employs 1,975 people processing 7,000
tonnes of copper per day.