July 31, 2015 / 8:06 AM / 2 years ago

BUZZ-Antofagasta: Buys 50 pct stake in Barrick Chilean copper mine

** Copper miner Antofagasta down 1.9 pct after buying a 50 pct stake in Barrick Gold’s Zaldivar mine in Chile for $1 bln

** Antofagasta would become the operator of copper mine Zaldivar

** Stock second-largest loser on FTSE 100, hovering near 6-yr lows first seen on Monday, with a third of its 30 day avg volume having gone through in the first hour of trade

** Broader UK mining sector also down 0.69 pct

** Goldman Sachs cut PT on co to 490p from 500p, keep “sell” rating, citing the company’s valuation

** Co trades at 22.6x its earnings for the next 12 months, a 50 pct premium to the median of its peers, according to Thomson Reuters data (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)

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