Buenaventura Announces Three-Day Work Stoppage at the Uchucchacua Mine
November 02 2017 - 10:15PM
Business Wire
Compañia 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, today
announced that members of the local Oyon community have adopted a
more aggressive negotiating position related to Buenaventura’s use
of lands by its Uchucchacua mine. This act does not acknowledge an
agreement previously established between the Oyon community and
Buenaventura, which was signed in the 1970s.
Threats by community leaders resulted in a work stoppage in
Uchucchacua´s production which began on Tuesday, October 31, 2017,
the date on which the plant’s scheduled Planned Preventive
Maintenance (PPM) had concluded.
The Ministry of Energy and Mines Social Affairs Office today
confirmed its agreement to establish a task force (“mesa de
trabajo”), with the participation of other public offices,
including representatives from the Prime Minister’s office, in an
effort to end the conflict to resume negotiations.
Company DescriptionCompañía 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*, Uchucchacua*, Mallay*, Julcani*, Tambomayo*, El
Brocal, La Zanja and Coimolache) and is developing the San Gabriel
Project.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership
with Newmont Mining Corporation), an important precious metal
producer and 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer.
For a printed version of the Company’s 2016 Form 20-F, please
contact the persons indicated above, or download a PDF format file
from the Company’s web site.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking StatementsThis press release may
contain forward-looking information (as defined in the U.S. Private
Securities Litigation Reform Act of 1995) that involve risks and
uncertainties, including 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, copper 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,
economic, social and legal developments. These forward-looking
statements reflect the Company’s view with respect to the
Company’s, Yanacocha’s and Cerro Verde’s future financial
performance. Actual results could differ materially from those
projected in the forward-looking statements as a result of a
variety of factors discussed elsewhere in this Press Release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171102006928/en/
For Compañia de Minas Buenaventura S.A.A.In Lima:Carlos Galvez,
511-419-2540Chief Financial OfficerorRodrigo Echecopar, 511-419
2591Investor Relations
Coordinatorrodrigo.echecopar@buenaventura.peorIn NY:Barbara Cano,
646-452 2334barbara.cano@mbsvalue.comCompany Website:
www.buenaventura.com
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