Buenaventura (NYSE:BVN) will speed up construction of its San Gabriel gold and silver project in Peru, with a production start date no later than 2024, Reuters reported on Wednesday.
The Peruvian miner recently announced the start of construction of San Gabriel, aiming to reach annual output of 120K-150 oz of gold in 3-4 years.
Buenaventura (BVN) President Roque Benavides tols Reuters that after the sale of the company’s stake in the Yanacocha gold mine to Newmont, its priority is to raise production and optimize current operations.
Benavides said he expects investment in San Gabriel to reach $100M this year, en route to an anticipated $400M-$500M.
The $970M Trapiche copper project in the Andes region will be developed later, the president also said.
Peru’s political uncertainty is “not helping” Buenaventura (BVN), Fun Trading says but suggests buying the shares below $8.40, in an analysis posted recently on Seeking Alpha.