Buenaventura to begin gold production at San Gabriel project in November

Buenaventura, one of Peru’s largest mining firms, expects to begin gold production in November at its $750 million San Gabriel project, CEO Leandro Garcia said on Tuesday.

Construction of the mine, located in the southern Moquegua region, is 80% complete, Garcia said, adding that initial start-up tests will begin in July while the company awaits its operating license.

San Gabriel is expected to produce between 100,000 and 120,000 ounces of gold annually, Garcia told Reuters on the sidelines of a mining convention.

The mine has a projected lifespan of 14 years, including a closure plan starting in the seventh year, he said.

Buenaventura, which operates several gold and silver mines across Peru, produced about 3.4 million fine gold grams in 2024, a 12.6% decline from the previous year, according to data from Peru’s energy and mines ministry.

(By Marco Aquino; Editing by Brendan O’Boyle)