Peru's Buenaventura Approves Full Funding For Minas Conga
July 27 2011 - 5:00PM
Dow Jones News
Peruvian precious metals mining company Compania de Minas
Buenaventura SAA (BVN, BUENAVC1.VL) approved full funding for its
43.65%-owned Minas Conga gold project.
Conga is Peru's largest gold project and located in Cajamarca
region.
The project has an estimated capital cost of $4.0 billion to
$4.8 billion, which includes $1.7 billion to $2.0 billion in
capital expenditures attributable to Buenaventura.
Initial production is expected to begin in late 2014 or early
2015. Average output during the first five years will be 580,000 to
680,000 ounces of gold and 155 million to 235 million pounds of
copper, Buenaventura said.
Newmont Mining Corp. (NEM) has a 51.35% stake in the project and
the World Bank's International Finance Corporation holds the
remainder.
-By Ryan Dube, Dow Jones Newswires; 51-1 9454 043 802;
peru@dowjones.com
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