Buenaventura Mines Company reported that the construction of its gold project Saint Gabriel (Moquegua) presents an advance of 14% at the end of the third quarter of 2023.
In the first nine months of the year, the company has reported a net loss of US$28 million compared to the net loss of US$19.8 million in the same period of 2022.
The acquisition of assets during the quarter under analysis amounted to US$37.8 million, compared to US$15.5 million a year ago, explained by the US$22.4 million in developing the capex of San Gabriel, as well as US $8.2 million for development of the Yumpag mine.
Buenaventura reported that San Gabriel’s third-quarter capex was US$22.4 million (US$46.5 million as of September) and was primarily related to construction-related earthworks and water dam excavation.
The company has also invested an additional US$40 million in the project as advance payments for equipment manufacturing, mainly related to the processing plant, according to a report on the Energiminas portal.
Meanwhile, the bidding process for the underground mine ended during the third quarter. The hiring and mobilization of personnel is in process and contractors will begin field work during the fourth quarter.
For now, San Gabriel engineering is 90% complete; acquisition, 89% and construction, 14%, said Buenaventura. It is one of the projects that the Ministries of Economy and Finance (MEF) and Energy and Mines (Minem) seek to unblock as soon as possible.
Source: Larepublica
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