Peru approves Buenaventura silver mine with $144 million investment

Peru’s government on Wednesday said it had authorized Buenaventura, one of the Andean nation’s largest precious metals producers, to exploit a new silver mine with an investment of at least $114 million.

The Yumpag silver project was approved to mine 1,000 metric tons per day, which will allow it to produce an estimated 6.5 to 7.2 million ounces of silver (184 to 204 tons) by 2024, the country’s energy and mines ministry said in a statement.

Buenaventura said it would start a first phase of explorations “in the short-term” funded with $84 million while at least $30 million would contribute to a second phase.

(By Marco Aquino; Editing by Steven Grattan)