San Gabriel Gold Mine to Commence Production in 2024

SEATTLE (Scrap Monster): Buenaventura- the leading Peruvian precious metals miner announced that it will speed up the construction activities at its San Gabriel gold and silver project, so as to commence production no later than 2024. Recently, the company had started construction of the mine. It aims to reach annual production of 120,000-150,000 ounces of gold in the next three to four years.

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According to Roque Banavides, President, Buenaventura, the company has been focusing on boosting production and optimising operations at its existing mines, after the recent sale of its stake in the Yanacocha gold mine to Newmont Mining. The company plans big investment in San Gabriel this year. The planned investment at the mine during the current year is estimated at around $100 million, he said. It must be noted that the total capital expenditure for the project is estimated to be between $400 and $430 million.

The company stated that the development of the the Trapiche copper project in the Apurimac region in Peru’s Andes will be undertaken at a later stage. As per estimates by the Peru’s Energy and Mines Ministry, the project involves a total investment of approximately $970 million.

Buenaventura had received Peru government’s approval of all required permits for the San Gabriel project in end-March this year.