Peru's Buenaventura suspends production at its Uchucchacua mine
(Kitco News) - Compañia de Minas Buenaventura (NYSE: BVN), Peru's largest publicly-traded precious metals mining company, today announced that the company has submitted a request to the Peruvian minister for mines and energy for the temporary suspension of mining and ore processing activities at its Uchucchacua mine.
According to the company's statement, operations were previously suspended due to a local community strike initiated on September 13, 2021, announced by the Company on September 21, 2021.
Buenaventura said it has requested an extended suspension of operations as it has identified an important opportunity to meaningfully improve efficiency and profitability at its Uchucchacua operations.
"Mining and ore processing activities will therefore be suspended until the company's related goals and objectives have been fully achieved," the company added.
Temporary suspension of operations therefore enables the company to focus on its underground exploration strategy, optimizing the current reserve exploitation sequence with a gradual operations re-start.
Compañía de Minas Buenaventura is Peru's largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. The company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru.