Compañía de Minas Buenaventura, Peru’s largest publicly traded precious metals mining company, acquired 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) for $81 million. Buenaventura will now control 100% of the project.

“Chucapaca, as an underground mining project located in Peru, offers important potential to continue growing in terms of gold resources and future production,” said Roque Benavides, chairman and CEO. “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.”

Compañía de Minas Buenaventura currently operates mines in Orcopampa, Uchucchacua, Breapampa, Mallay, Julcani, El Brocal, La Zanja and Coimolache, and owns 43.65% of Minera Yanacocha S.R.L with Newmont Mining Corp., 19.58% of Peruvian copper producer Sociedad Minera Cerro Verde; and Chucapaca project-owner Canteras del Hallazgo S.A.