Buenaventura Resumes Operations at the Orcopampa Mine
Buenaventura Resumes Operations at the Orcopampa Mine
LIMA, Peru, June 22 /PRNewswire-FirstCall/ -- Compania de Minas
Buenaventura S.A.A. ('the Company' or 'Buenaventura') (NYSE: BVN; Lima Stock
Exchange: BUE.LM), Peru's largest publicly traded precious metals mining
company, announced that the communities suspended the road blockade to access
the Orcopampa mine on June 19, 2009 at 16.00 hours and resumed operations on
June 20 at 00.00 hours.
The blockade began June 8, 2009 when several communities surrounding the
Orcopampa mine demanded direct negotiations with the Company not only
regarding community and environmental issues, but also labor claims.
The Communities and the Company agreed to negotiate both issues in two
independent tables: one, for labor issues, between the workers and its
contractor companies; and a second between the communities and the Company
with the participation of the local political authorities, with regards to the
communities' development issues to avoid similar disruptions going forward.
Company Description
Compania 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, Antapite, Julcani, Recuperada and Caraveli) and also has
controlling interests 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 19.22% in Sociedad
Minera Cerro Verde, an important Peruvian copper producer.
To request a printed version of the Company's 2008 annual report on Form
20-F contact the persons indicated below.
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 2008 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.
Contacts in Lima:
Roque Benavides / Carlos Galvez
Compania de Minas Buenaventura S.A.A.
Tel: (511) 419-2538 / 419-2540
Investor Relations: Daniel Dominguez
Tel: (511) 419-2536
Email: ddominguez@buenaventura.com.pe
Contacts in New York:
Maria Barona / Peter Majeski
i-advize Corporate Communications, Inc.
Tel: (212) 406-3690
Email: buenaventura@i-advize.com
SOURCE Compania de Minas Buenaventura S.A.A.
