The two companies jointly own the Coimolache mining company in Peru, and are both junior partners in large mines in Peru controlled by U.S.-based companies.
Buenaventura Mining News
Buenaventura’s U.S. shares have surged 63 percent in the past two years, the most among peers.
Rio Tinto, Teck Resources, Hudbay were among copper miners interested in $2 billion Michiquillay project in Peru.
Community protests had forced the firm to halt output at Uchucchacua last week.
Production at Buenaventura's Uchucchacua (NYSE:BVN) silver-lead-zinc mine in Peru has been disrupted since Tuesday due to a dispute with the Oyon, an Andean people.
Companies have until Nov. 2 to sign up for the auction and the winner will be announced on Dec. 20
Peru is auctioning off the $2 billion Michiquillay copper project in the northern region of Cajamarca on November 15.
Acuña and her family claim the company used violence and threats to try to evict her from her home and so make way for its $5 billion gold and copper Conga project.
The massive project is expected to process close to 80,000 tonnes of copper ore a day.
The company plans to locate the installation next to its existing Rio Seco manganese plant in the Peruvian province of Huaral.
The Peruvian giant is focusing on extending the working life of the Yanacocha gold mine
The company has removed its massive gold and copper project Peru from its list of reserves in its annual filing with the U.S. Securities and Exchange Commission (SEC).
The former president says lack of immediate benefits for communities has driven mining opposition causing the country to lose billions worth of gold and copper projects.
The future of the proposed $5 billion Conga copper and gold project in Peru remains in limbo as its main opponent was recently re-elected governor of the region where the project is situated.
Jailed Gregorio Santos is set to win the re-election in the country’s gold-rich Cajamarca region, casting fresh doubts on the future of the long-delayed copper and gold project.
The Peruvian firm will develop the deposit as an underground mine, instead of as an open-pit project.
Cajamarca region governor Gregorio Santos was ordered to jail for 14 months amid a corruption probe. Supporters claim he is being target of political repression for opposing Newmont's mine.
Combined estimate investment exceeds $13 billion, says the government.
Last year alone there were 149 conflicts involving mines in the country.
Contract security guard was freed early Friday.
After meeting with locals, authorities said the company is likely to gain a social license to restart operations in 2014.
Cajamarca’s governor also said Newmont’s local partner has made no progress in terms of gaining support from surrounding communities.
Decision follows an inspection that showed the company did not have all the necessary land permits.
Government has sent additional police forces to watch over the protestors, as previous manifestations have turned violent in the past.
The new round of demonstrations come after a top official for the Conga project, CEO Roque Benavides of Buenaventura, said water from one of the main water sources for locals, would be transferred to a reservoir later this year.