Trafigura’s Mining Group completes sale of mining asset
26 July 2013 - Today, Southern Peaks Mining LP ("SPM") has successfully completed the acquisition of Trafigura's Mining Group's 98.68% stake in Compañia Minera Condestable SA ("CMC"). CMC is one of the top ten copper producers in Peru, currently producing over 85,000 tons of copper concentrate a year.
"CMC gives SPM an additional producing asset that supplements our existing reserve base," said Adolfo Vera, CEO of SPM. "We're looking forward to working with the employees and local community to ensure that CMC operates successfully far into the future."
Southern Peaks Mining is a Peru-based private company with a portfolio of operating and near-operating base metal assets in the country.
"We're delighted to have completed the sale to Southern Peaks Mining and look forward to our on-going relationship through our off-take agreement," said Darryll Castle, CEO Trafigura Mining Group. Trafigura's Mining Group was established in 2012 to oversee Trafigura's mining assets in Latin America, Europe, Asia and Africa that support and enhance the company's trading activities.
Notes to Editors
About Southern Peaks Mining Southern Peaks Mining LP is a Peru-based mining company that owns a portfolio of small- to medium-sized base and precious metals assets in Peru. Southern Peaks Mining is led by an experienced Peruvian management team with a strong track record of developing and operating mining assets in Latin America. The company is actively seeking further acquisition targets and development partners, with a focus in Peru but also elsewhere in Latin America.
The Trafigura Group is one of the world's leading international commodity traders, specialising in the oil, minerals and metals markets, with 81 offices in 56 countries in six continents.
The Group's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ferrous and non-ferrous ores and concentrates. It is the world's second largest privately owned non-ferrous and oil trading company.
Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in recent years, growing turnover from USD18 billion in 2004 to USD120.4 billion in 2012.