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The stock traded at $12.50 apiece by market close Friday for a gain of over 25%, having reached a 52-week high of $12.73 earlier in the session. Its trading volume was over 19.3 million shares, more than ten times its daily average. The company’s market capitalization stood at roughly $3.2 billion.

After Buenaventura was informed of Antofagasta’s investment, the parties entered into discussions to develop a framework of collaboration for the benefit of Buenaventura and its stakeholders, including with respect to strategic, operational and financial matters, a company statement said.

Buenaventura — shortened for Compañía de Minas Buenaventura — is the largest publicly traded precious and base metals company in Peru with seven operating mines across the country. It also holds a 19.58% interest in Cerro Verde, one of the world’s largest copper mines, in a partnership with Freeport-McMorRan and Sumitomo.

UK-based Antofagasta operates four copper mines in Chile, Los Pelambres, Centinela, Antucoya and Zaldívar, two of which produce significant volumes of byproducts.

“Buenaventura looks forward to working with Antofagasta as a collaborative partner to grow the value of our business, including by leveraging their deep expertise and proven track record in responsibly developing and operating world-class copper assets,” Buenaventura chairman Roque Benavides said in a news release.

In a separate release, Antofagasta said its investment is “in line with its strategy of prioritizing exploration and investment in the Americas,” and it was funded from internal funding sources.

“Our investment demonstrates the significant potential we see in Buenaventura’s asset portfolio. We are excited by the prospect of working together with Buenaventura to realize that potential,” Antofagasta chairman Jean-Paul Luksic said.