Buenaventura Announces Contractors Strike at Uchucchacua Mine

Buenaventura Announces Contractors Strike at Uchucchacua Mine

LIMA, Peru--(BUSINESS WIRE)-- Compañía de Minas Buenaventura S.A.A. ("Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly traded, precious metals mining company announced today that the Uchucchacua contractors began a strike yesterday.

The cited reason for the strike is for obtaining special economic benefits.


The Company would like to point out that annual negotiations between the Contractors with their Unions were closed in January.

The Peruvian Ministry of Labor has denied the proceeding of the strike at this time.

The Company will update accordingly as any developments occur.

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious metals Company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines, as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa*, Poracota*, Uchucchacua*, Breapampa*, Mallay*, Antapite*, Julcani*, Recuperada*, El Brocal, La Zanja, Coimolache and CEDIMIN*).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca project.

For a printed version of the Company's 2011 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company's web site.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's, Yanacocha's and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company's, Yanacocha's and Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.



Contacts in Lima:
Compañia de Minas Buenaventura S.A.A.
Roque Benavides / Carlos Galvez, (511) 419-2538 / 419-2540
or
Daniel Dominguez, (511) 419-2591
Investor Relations
daniel.dominguez@buenaventura.pe
or
Contact in New York:
i-advize Corporate Communications, Inc.
Maria Barona / Rafael Borja, 212-406-3691 /3693
buenaventura@i-advize.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article Buenaventura Announces Contractors Strike at Uchucchacua Mine originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

Income Investing

Grow your nest-egg.

View Course »

What is Short Selling?

Make a profit when stocks prices fall.

View Course »

Add a Comment

*0 / 3000 Character Maximum