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Thursday, February 22, 2024

Ashurst advises Alpayana on Los Quenuales mine acquisition in Peru

Ashurst has advised Peruvian mining company Alpayana on the acquisition of 100% of Compañía Minera Los Quenuales, a poly-metallic mining company in charge of the management of two mining units in the Lima region in Peru, from Glencore for $10 million

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Last August, Alpayana – formerly Minera Casapalca – signed a binding agreement to acquire 100% of the shares of Los Quenuales from Swiss Glencore PLC.

The transaction was authorised in December 2022 by the National Institute for the Defence of Competition and Protection of Intellectual Property (Indecopi). The whole due diligence process lasted more or less nine months before Indecopi had to intervene. It has taken a few months to define that there was no monopoly and the acquisition authorised.

Alpayana is a family-owned company that started a little over 30 years ago in the mining industry and was called Casapalca until about five years ago, when it changed its brand name to Alpayana (Huarochirí).

“We are looking to consolidate our position in the region as a benchmark in mining with high processes and very high safety and environmental standards,” said Fernando Arrienta, CEO of Alpayana.

Ashurst advised Alpayana with a cross-border team led in Spain by partner Andrés Alfonso, with counsel Tannia Rodríguez; and in London, by Projects partner Yann Alix and Tax partner Tim Gummer, with senior associate Shayaan Zaraq Bari and junior associate Luis de Freitas; and in Paris with projects associate Claudia Cicone.

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