Roque Benavides, president of the Buenaventura Mines Company, confirmed that the San Gabriel gold project, located in the province of Sánchez Cerro, in Moquegua, will begin gold production during 2025.
Already in December of last year, the executive had advanced plans to accelerate the construction of the Moqueguana mine in 2024. This ratification occurs within the framework of the Symposium – XV International Mining Meeting organized by the National Society of Mining, Petroleum and Energy (SNMPE).
During the block “Trends in the World Precious Metals Market”, Benavides indicated that said project has a lifespan of 10 years, so it estimates producing between 250,000 and 300,000 ounces of gold per year. In this way, San Gabriel joins other mining units that already have a presence in the Moquegua region, such as Quellaveco and Cuajone.
“This is a new challenge. “We are targeting gold production in a new area that has the potential to continue exploring and identifying new operating opportunities in the southern part of the country, which will mean a very important contribution to the region and the country,” he stated.
San Gabriel and the world gold market
At another time, Benavides, together with Tom Palmer, president and CEO of Newmont, referred to the current situation of the global market for precious metals, such as gold and silver.
In this regard, Palmer maintained that metals and mining companies are at the center of mega trends that impact society, such as decarbonization, geopolitics and technology.
In that sense, Phillips Baker, president of The Silver Institute, reported that today there is a dynamic of emerging markets that directly influence the price of gold, highlighting for example that 35% of its general demand comes from the West, while there are banks from the East such as Shanghai (China) that are emerging in this market.
Finally, Joseph Cavatoni, Chief North American Market Strategist at the World Gold Council, noted that over the past 12 years, mining units around the world are estimated to have produced close to 12 million ounces of silver. He also highlighted Peru’s participation in the global gold market.
Source: Larepublica
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