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Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or the "Company") (NYSE:BVN, Lima Stock Exchange: BUE.LM))))), Peru's largest publicly-traded precious metals mining company, today announced that it has reached a definitive agreement to sell 100% of Contacto Corredores De Seguros S.A. ("Contacto"), the Company's risk and insurance brokerage, to Howden Holdco Perú S.A.C., a subsidiary of Howden Broking Group Limited, for US$ 33.7 million dollars in cash, as well as an additional variable cost with an approximate cap of US$ 1.6 million dollars subject to closing certain conditions.
"I am very pleased to enter into this transaction with Howden," said Leandro Garcia, CEO of Buenaventura. "This sale of a non-core asset reflects our continued success in strengthening Buenaventura's balance sheet while further increasing our Company's liquidity ratio. Sale proceeds will primarily be used to accelerate Buenaventura's deleveraging and to support financing of the San Gabriel and Yumpag projects."
Howden will continue to act as Buenaventura's insurance broker, enabling Buenaventura to maintain its relationship with an important market leader, ensuring Buenaventura maintains the current level of quality service and expertise for its employees.
Posted In: BVN
