Compañía de Minas Buenaventura S.A.A. ('Buenaventura? or 'the Company?)
(NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru′s largest publicly-traded
precious metals mining company announced today that Minera Yanacocha
S.R.L. (Peruvian gold producer held by Buenaventura 43.65%, Newmont
51.35% and the IFC 5%) , in agreement with the government of Peru, has
suspended construction activities at the Conga project (or the
'Project?) in Peru for the safety of employees and community members.
During the past month, the Conga project has experienced intermittent
work stoppages as a result of ongoing protests in the region. Beginning
in October 2011, anti-mining activists expressed concerns about
perceived impacts of the Project on the local water supply. The Conga
Environmental Impact Assessment was approved in 2010 after extensive
review by the Peruvian government, which included significant engagement
and consultation with local communities.
Buenaventura considers this a prudent decision in order to reestablish
law and order in the Cajamarca Region that is under social unrest. The
Company believed that Conga is a feasible mineral deposit and that the
well being of the people in Cajamarca moving forward will depend on the
development of this and other mineral deposits in the Region.
Buenaventura believes that Yanacocha should continue working hard to
develop the social acceptance of the project.
Mr. Roque Benavides, Buenaventura′s Chief Executive Officer, said:
'Suspending construction activities in Conga does not mean that we do
not believe in the project. We think this is the best thing we can do
for the people in Cajamarca and for the country. Buenaventura is
committed to Peru and ?will keep on working enthusiastically to develop
new projects with a better social and environmental understanding in
Peru.'
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru′s largest, publicly-traded
precious metals company and a major holder of mining rights in Peru. The
Company is engaged in the mining, processing, development and
exploration of gold and silver and other metals via wholly owned mines
as well as through its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru (Orcopampa, La
Zanja, Uchucchacua, Antapite, Julcani and Recuperada), has controlling
interest in two mining companies (CEDIMIN and El Brocal), as well as a
minority interest in several other mining companies in Peru. The Company
owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont
Mining Corporation), an important precious metal producer, and 19.3% in
Sociedad Minera Cerro Verde, an important Peruvian copper producer.
To request a printed version of the Company′s 2010 annual report on Form
20-F, contact the persons indicated above.
Cautionary Statement
This news release contains 'forward-looking statements? within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, that are
intended to be covered by the safe harbor created by such sections. Such
forward-looking statements include, without limitation, statements
regarding future mining or permitting activities. Where Buenaventura
expresses or implies an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, forward-looking statements
are subject to risks, uncertainties and other factors, which could cause
actual results to differ materially from future results expressed,
projected or implied by such forward-looking statements. Such risks
include those concerning the Company′s, Yanacocha′s and Cerro Verde ?s
costs and expenses, results of exploration, the continued improving
efficiency of operations, prevailing market prices of gold, silver and
other metals mined, the success of joint ventures, estimates of future
explorations, development and production, subsidiaries′ plans for
capital expenditures, estimates of reserves and Peruvian political,
economical, legal and social developments. For a more detailed
discussion of such risks and other factors, see the company′s 2006
Annual Report on Form 20-F, which is on file with the Securities and
Exchange Commission, as well as the company′s other SEC filings.
Buenaventura does not undertake any obligation to release publicly
revisions to any 'forward-looking statement,? to reflect events or
circumstances after the date of this news release, or to reflect the
occurrence of unanticipated events, except as may be required under
applicable securities laws.
