Compañia de Minas Buenaventura (NYSE: BVN) today announced that the San Gabriel gold mine project has received the Government of Peru’s approval of all required permits, enabling Buenaventura to immediately commence construction.
The company said that initial works are expected to be completed by the end of 2022, enabling the appropriate workforce increase required for the construction of broader infrastructure such as waste dumps, tailings dumps, a processing plant, among others.
Buenaventura added that San Gabriel will almost double the company’s current gold production starting in 2025 and will contribute between 120k – 150k gold ounces a year with a more than 10-year mine life.
CEO Leandro Garcia commented, “The San Gabriel project’s receipt of permits marks an important milestone enabling this important project to move forward, aligned with Buenaventura’s strategy to deliver growth projects and strengthen our precious metals portfolio.”
Buenaventura is Peru’s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. The company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects.
