Published on 11 Sep 2023 on Zacks via Yahoo Finance

Buenaventura (BVN) Gets Environmental Approval for Yumpag

Compañía de Minas Buenaventura S.A.A. BVN announced that it received an Environmental Impact Assessment approval by the Peruvian Environmental Certification authority    for its Yumpag project.The Yumpag project receiving this approval is an important step in the process of taking the project to its production phase. Buenaventura will further apply for the necessary authorizations to start the exploitation of the deposit and submit a request to the Peruvian Ministry of Energy and Mines.The company will announce the project’s reserve and resource findings at its Investor Day in early December. The company maintains the target of production initiation at Yumpag in the fourth quarter of 2023, subject to final permitting and the approval required to operate.Previously, Buenaventura announced that on Aug 28, 2023, it submitted the Updated Mine Plan to the Peruvian Ministry of Energy and Mines for its fully-owned Uchucchacua mine. This marks a step toward restarting operations at the mine that has been suspended since October 2021.With the resumption of operations at the Uchucchacua processing facility, Buenaventura will also be able to conduct metallurgical testing on up to 124,600 tons of ore from the Yumpag project's pilot stope.Buenaventura expects the Uchucchacua mine and the Yumpag project to yield between 2.3 million and 2.8 million ounces of silver in 2023.

Price Performance

Shares of Buenaventura have gained 31.7% in the past year against the industry’s 6.5% decline.