Peru's Alpayana buys near-20% stake in Canada's Magna Mining in $98M deal
Peruvian miner Alpayana is investing about C$140 million ($98.4m) for a near-20% stake in Canada's Magna Mining, becoming its largest shareholder. The company buys 62.2 million shares at C$2.25 each in a private placement. It marks Alpayana's first move into Canada.
Peruvian mining group Alpayana said it will invest about C$140 million ($98.4 million) to acquire a near-20% stake in Canada's Magna Mining, making it the company's largest shareholder. The transaction extends a group with four decades of mining experience into a new market.
Under the deal, Alpayana is buying 62.2 million shares at C$2.25 each through a private placement. The investment gives the Peruvian firm a substantial foothold in a Canadian mining operation for the first time.
The move marks Alpayana's first entry into Canada. Analysts see growing interest from Latin American miners in North American assets as a sign of the increasing role of regional capital in the global mining sector.
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