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Buenaventura receives permits for San Gabriel mine project in Peru

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Global Mining Review,

Buenaventura has announced that the San Gabriel mine project has received the Government of Peru’s approval of all required permits.

Compañia de Minas Buenaventura S.A.A. has announced that the San Gabriel mine project has received the Government of Peru’s approval of all required permits, enabling Buenaventura to immediately commence mining project construction, development, and exploitation immediately.

Buenaventura has begun upon permit confirmation the initial construction of related infrastructure for mine site civil earthworks, for the maintenance of the electric transmission lines, and of mining site housing facilities for approximately 2000 workers. 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.

Total CAPEX for the San Gabriel project is estimated to be between US$ 400 million – US$430 million, subject to potential increases related to diesel, explosive, steel, consumable, and of other costs due to inflation. The company expects to invest between US$100 million – US$110 million in CAPEX during 2022 and US$200 million in 2023 related to the San Gabriel project, with the remaining balance invested during 2024.

Leandro Garcia, Buenaventura’s CEO, comments:

“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. San Gabriel will almost double Buenaventura’s current gold production, starting in 2025, and will contribute between 120 000 – 150 000 oz of gold per year, with a more than 10-year LOM.

“The San Gabriel Mine Project also contributes important economic and social benefits for our local communities. Receipt of all relevant permits demonstrates local community support of the project, reflected in the important agreements we have reached and signed together to ensure our project’s safe, environmentally responsible, and socially favourable success.”

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