Rio2 Limited has secured nearly USD 140 million to acquire the Condestable copper mine in Peru as part of its strategy to diversify into copper production.

Target Information

Rio2 Limited, a Canadian mining company, has secured approximately CAD 191.1 million (equivalent to about USD 138 million) in expanded financing to facilitate the acquisition of the Condestable copper mine, located in the Mala district of the Lima region, Peru. This mine represents a strategic addition to Rio2's portfolio, marking a significant step towards expanding their operations in Latin America.

The acquisition involves a total payment of USD 217 million, incorporating initial and deferred payments, with the enterprise value of the transaction reaching approximately USD 241 million when including assumed net debt. Rio2's strategy is to transition from a gold-focused miner to a diversified production company by integrating copper into its offerings, with the Condestable mine being the primary source of copper production.

Industry Overview in Peru

The mining sector is one of the key pillars of Peru's economy, accounting for a significant portion of the country's exports and economic growth. In recent years, Per