Rubio Leguía Normand advised Newmont Corporation in the purchase, through its affiliate Newmont Second Capital Corporation, of the interests that Compañía de Minas Buenaventura S.A.A., through its affiliate Compañía Minera Condesa S.A., held in Minera Yanacocha S.R.L., which represent 43.65% of its capital stock, for a consideration of US$ 300 million, as well as contingent payments linked to the production of the sulfide project for up to US$ 100 million. This acquisition brings Newmont's total shareholding in Minera Yanacocha SRL, which operates one of the world's richest gold mines, to 95%.
In addition, Newmont Holdings ULC (an affiliate of Newmont Corporation) transferred its interest in Minera La Zanja S.R.L. to Compañía de Minas Buenaventura S.A.A. in exchange for royalties on future production from the La Zanja operation. Newmont Holdings ULC has also contributed US$45 million in favor of Compañía de Minas Buenaventura S.A.A. to cover the future costs of the La Zanja Mining Unit closure plan.
Through this transaction Newmont Corporation continues to advance its sulfide project, investing more than half a billion dollars through 2022.
Transaction value:
Cash payment: US$ 300 million
Contingent payment: up to US$ 100 million
Non-cash payment: Royalties
Contribution payment: US$ 45 million.
Closing date:
February 8, 2022