Peru Buenaventura Moving Forward With La Zanja Gold Mine -CFO
January 20 2009 - 12:50PM
Dow Jones News
Peruvian precious metals mining company Compania de Minas
Buenaventura SAA (BVN) will begin construction on gold mine La
Zanja as early as the first quarter of this year, despite global
economic turmoil, chief financial officer Carlos Galvez said
Tuesday.
Galvez told Dow Jones Newswires that the company is awaiting
final permits from the Peruvian government to start construction on
the gold mine in the northern Cajamarca department and that global
financial turmoil won't deter the project.
"We're hoping for the first quarter," Galvez said. "The problem
is getting the permits."
He added that production is scheduled to begin in 2010 at La
Zanja, in which Buenaventura holds a 53% stake and Denver-based
Newmont Mining Corp. (NEM) holds 47%.
The mine is expected produce 100,000 ounces of gold each
year.
Galvez said global financial turmoil won't delay La Zanja or
other smaller projects, such as Tantahuatay.
"We've prepared," Galvez said. "There will be no problem to
manage these projects."
Buenaventura has a number of operating mines in Peru, as well as
a 43.65% stake in Minera Yanacocha, South America's largest gold
mine.
-By Leslie Josephs; Dow Jones Newswires; 511-211-2689;
peru@dowjones.com -
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