Simpson Thacher, EY advise Alxar on mining acquisition in Peru

Simpson Thacher acted for Alxar, a subsidiary Chile´s Copec, on the acquisition of 40% of Cumbres Andinas in Peru. EY advised Alxar on the Peruvian tax aspects of the deal.

Empresas Copec is a Chilean diversified industrial holding company that is engaged in several industries, including fuels, forestry and fishing. Alxar is Copec’s mining subsidiary.

Cumbres Andinas is owned by Grupo Breca, a Peruvian holding company, which will retain 60% stake in Cumbres Andinas through Minsur. Minsur is a mining company part of Breca. 

Cumbres Andinas owns Marcobre, which controls the Mina Justa copper mining project located in Ica, Peru. The transaction, valued at $168 million according to media reports, is subject to customary regulatory approvals.

Partners David Williams and Rob Holo led the team at Simpson Thacher & Bartlett which advised Alxar on NY law. 

A team at EY in Peru, led by Fernando Tori, Claudia Plasencia and Edwin Sarmiento, provided tax counsel to Alxar.