Antofagasta PLC/FI Amends 13D, Signals Continued Buenaventura Stake

TL;DR

**Antofagasta and Luksic group confirm major stake in Buenaventura, signaling potential strategic moves.**

AI Summary

Antofagasta PLC/FI, a major mining company, has filed an amendment to its Schedule 13D, indicating a significant ownership stake in Buenaventura Mining Company Inc. as of January 24, 2024. This filing reveals that Antofagasta, along with a group including Jean-Paul Luksic and several investment entities, holds a substantial position in Buenaventura. This matters to investors because it signals a major player's continued interest and potential influence over Buenaventura's future strategic decisions, which could impact the stock's performance.

Why It Matters

This filing confirms a significant, potentially influential, ownership position by Antofagasta PLC/FI and its associated group in Buenaventura, which could lead to strategic shifts or corporate actions impacting shareholder value.

Risk Assessment

Risk Level: medium — The involvement of a large, influential shareholder group can lead to significant corporate changes, which could be positive or negative for existing shareholders.

Analyst Insight

Investors should monitor future filings from Antofagasta PLC/FI regarding Buenaventura for any indications of activist intent or strategic proposals, as a large shareholder group can significantly influence corporate governance and direction.

Key Numbers

• 204448104 — CUSIP Number (identifies the class of securities (ADSs of Buenaventura Mining Company Inc.))
• January 24, 2024 — Date of Event (the date requiring the filing of this amendment)

Key Players & Entities

• Antofagasta PLC/FI (company) — the reporting person filing the SC 13D/A
• Buenaventura Mining Company Inc. (company) — the subject company (issuer) of the securities
• Jean-Paul Luksic (person) — a group member associated with the filing
• ANDEAN LFMA INVESTMENT LTD (company) — a group member associated with the filing
• AUREBERG ESTABLISHMENT (company) — a group member associated with the filing
• E. ABAROA FOUNDATION (company) — a group member associated with the filing
• KUPFERBERG ESTABLISHMENT (company) — a group member associated with the filing
• METALINVEST ESTABLISHMENT (company) — a group member associated with the filing
• SEVERE STUDERE FOUNDATION (company) — a group member associated with the filing

Forward-Looking Statements

• Antofagasta PLC/FI and its group will seek to influence Buenaventura's operational or strategic direction. (Buenaventura Mining Company Inc.) — medium confidence, target: 12-24 months
• The significant stake held by Antofagasta PLC/FI could lead to increased M&A speculation around Buenaventura. (Buenaventura Mining Company Inc.) — medium confidence, target: 6-18 months

FAQ

Filing Documents

• d69894dsc13da.htm (SC 13D/A) — 138KB
• d69894dex994.htm (EX-99.4) — 4KB
• 0001193125-24-015531.txt ( ) — 144KB

Purpose of the

Item 4. Purpose of the Transaction

of the Original Schedule 13D is hereby amended and supplemented as follows

Item 4 of the Original Schedule 13D is hereby amended and supplemented as follows: As previously disclosed, since December 12, 2023, the Reporting Persons and the Issuer have engaged in discussions on a proposal by the Reporting Persons for Antofagasta to be represented on the Board. On January 22 and 23, 2024, representatives of the Reporting Persons and the Issuer met to discuss such proposal and the Issuer indicated that it intended to hold a Board meeting to vote on calling a general shareholders meeting for shareholders of the Issuer to vote on an amendment to the bylaws of the Issuer (the Bylaws ) that would increase the size of the Board from seven to nine members (the Board Size Amendment ). The Issuer publicly filed a Hecho de Importancia on January 24, 2024 with the Superintendencia del Mercado de Valores in Peru (the HI ), stating that earlier that day the Board agreed to call a general shareholders meeting on February 22, 2024 for shareholders of the Issuer to vote on the Board Size Amendment, that, if approved, would subsequently make it possible to propose to the general shareholders meeting the appointment of two directors nominated by Antofagasta. The Issuer stated in the HI that it considers that Antofagastas contribution to the Board would add value to its composition, considering its experience and knowledge in the mining sector. The Reporting Persons have not signed a written agreement with respect to the foregoing matters.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

of the Original Schedule 13D is hereby amended and supplemented as follows

Item 6 of the Original Schedule 13D is hereby amended and supplemented as follows: The Issuer filed a Hecho de Importancia on January 24, 2024 with the Superintendencia del Mercado de Valores in Peru. The Reporting Persons are not a party to such Hecho de Importancia , but understand the matters disclosed therein reflect the Issuers Boards agreement to call a general shareholders meeting for the approval of an amendment to the Issuers Bylaws expanding the size of the Board that, if approved, would subsequently make it possible to propose to the general shareholders meeting the appointment of two directors nominated by Antofagasta. A copy of such Hecho de Importancia is attached as Exhibit 4 to this Schedule 13D and is incorporated by reference herein.

Material to be Filed as Exhibits

Item 7. Material to be Filed as Exhibits

of the Original Schedule 13D is hereby amended to add the following Exhibit

Item 7 of the Original Schedule 13D is hereby amended to add the following Exhibit: 4. Hecho de Importancia publicly filed by the Issuer on January 24, 2024 with the Superintendencia del Mercado de Valores in Peru CUSIP No. 204448104 Page 11 of 12

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Date: January 25, 2024 ANTOFAGASTA PLC By: /s/ Iván Arriagada Name: Iván Arriagada Title: Chief Executive Officer By: /s/ Andrónico Luksic Lederer Name: Andrónico Luksic Lederer Title: Vice President of Development ANDEAN LFMA INVESTMENT LIMITED By: /s/ Iván Arriagada Name: Iván Arriagada Title: Authorised Signatory By: /s/ Andrónico Luksic Lederer Name: Andrónico Luksic Lederer Title: Authorised Signatory METALINVEST ESTABLISHMENT By: /s/ Davor Luksic Lederer Name: Davor Luksic Lederer Title: Director By: /s/ PERCURO Trust Establishment Name: PERCURO Trust Establishment Title: Director CUSIP No. 204448104 Page 12 of 12 KUPFERBERG ESTABLISHMENT By: /s/ Davor Luksic Lederer Name: Davor Luksic Lederer Title: Director By: /s/ PERCURO Trust Establishment Name: PERCURO Trust Establishment Title: Director AUREBERG ESTABLISHMENT By: /s/ Dr. Thomas Müller Name: Dr. Thomas Müller Title: Director By: /s/ PERCURO Trust Establishment Name: PERCURO Trust Establishment Title: Director E. ABAROA FOUNDATION By: /s/ Jean-Paul Luksic Fontbona Name: Jean-Paul Luksic Fontbona Title: Member of the Foundation Council By: /s/ Dr. Johannes Burger Name: Dr. Johannes Burger Title: Member of the Foundation Council SEVERE STUDERE FOUNDATION By: /s/ Jean-Paul Luksic Fontbona Name: Jean-Paul Luksic Fontbona Title: Member of the Foundation Council By: /s/ Dr. Mario König Name: Dr. Mario König Title: Member of the Foundation Council JEAN-PAUL LUKSIC By: /s/ Jean-Paul Luksic

View Full Filing

View this SC 13D/A filing on SEC EDGAR