Peru Mining

[Lone Clone]

Buenaventura Announces Three-Day Work Stoppage at the Uchucchacua Mine

https://finance.yahoo.com/news/buenaventura-announces-three-day-stoppage-021500922.html

Business WireNovember 2, 2017

LIMA, Peru--(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 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*, 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 Statements
This 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.



View source version on businesswire.com: http://www.businesswire.com/news/home/20171102006928/en/