Buenaventura Receives Permission to Initiate Operations at La Zanja
Monday, August 9th, 2010
Compania de Minas Buenaventura S.A.A. (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today that Peru’s Energy and Mining Ministry granted the permits to initiate metallurgical operations at La Zanja.
La Zanja is 53% owned by Buenaventura, with the other 47% owned by Newmont.
The expected gold production is estimated to be over 100,000 ounces of gold per year.
Mr. Roque Benavides, Buenaventura’s Chief Executive Officer stated, “Buenaventura is extremely pleased to receive the go-ahead to initiate operations at La Zanja. The Company and its partners have worked hard with the local communities and Peruvian authorities to develop a project that will contribute to the sustainable development of the surrounding communities, while adding value to Buenaventura’s shareholders.”