Peru's Alpayana Buys Into Canada in $98M Mining Deal

Key Facts

—The deal. Peruvian miner Alpayana is investing about C$140 million ($98.4m) for a near-twenty-percent stake in Canada’s Magna Mining.

—The mechanics. Alpayana buys 62.2 million shares at C$2.25 each in a private placement, becoming Magna’s largest shareholder.

—The first. It is Alpayana’s first move into Canada, extending a group with four decades of underground mining in Peru and Mexico.

—The target. Magna operates in the Sudbury Basin of Ontario, one of the world’s oldest nickel and copper districts.