Buenaventura is Peru’s largest publically traded precious metals mining company. Known as Compania de Minas Buenaventura S.A.A. it recently announced that its Board of Directors had approved full funding for the Conga Project located in Peru.
The project is said to have 5.2 million and 1.4 million ounces of gold in Reserves and Non-Reserve Mineralization. There is also 1.4 billion pounds of copper in reserves and non-reserve mineralization. There is scope for further reserves being unearthed by more exploration in the future.
Construction is set to begin immediately for the mine. The company is hoping that it will be able to begin initial production in late 2014 or early 2015. The capital costs for the project are believed to be in the league of $4.0 to $4.8 billion. Out of this $1.7 to $ 2.0 billion is attributed to Buenaventura the remaining is to come from international partners.
Mr. Roque Benavides, Buenaventura's Chairman and Chief Executive Office said that this was a very important decision in the history of Buenaventura, demonstrating the Company's commitment to continue investing in Peru. Furthermore, the Conga Project will be an opportunity for technological advancement in mining activity in Peru.
The company was listed on the Lima Stock Exchange in 1971 and it was listed in the New York Stock Exchange in 1996. Its sheer size makes it a vital player in the economy of Peru.