Brazil-based company Votorantim increased its participation in Peruvian mining company Milpo and became the main shareholder, after purchasing another 16.4% of common shares in a public tender, in a operation worth approximately US $420.5 million, according to sources from the stock market.
Votorantim Metais acquired 163 million Milpo shares at S7.26 each one, a price higher that the 6.45 registered in June.
Milpo currently operates mines Cerro Lindo, El Porvenir and Chapi in Peru, mine Ivan in Chile, according to Reuters.
There was no any Votorantim spokesperson available to comment on the matter.
Votorantim also controls the zinc refinery Cajamarquilla in Peru, where it has invested some US $500 million recently, aiming to double its production capacity.
Brazilian companies, including giants Vale and Petrobras, have been increasing their investments in Peru, one of the world’s fastest-growing economies.
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