Compañia de Minas Beunaventura

Compañia de Minas Beunaventura is the biggest Peruvian-based miner engaged in the exploration, mining, and processing of precious metals such as silver and gold. The company’s shares are listed under the ticker BVN on the NYSE while BUEv.LM is the ticker on the Lima Stock Exchange. In 2008, the company reported consolidated earnings of $153,283. The total net income was $153.3. As of December, 2008, Compania de Minas Beunaventura had 1342 common shareholders, with 38.97 percent of the shareholders residing in the country and 61.03 percent residing abroad.

The company was incorporated in 1953 and its shares were first listed on the Lima Stock Exchange in 1971. The first merger took place in 1979 when Buenaventura incorporated Sociedad Minera el Brocal, engaged in the extraction of silver, lead, and zinc. In 1983, the mining giant continued its expansion with the acquisition of the Peruvian based electric company Consorcio Energético de Huancavelica. The company acquired the 17 percent of the copper mining complex Minera Cerra Verde in 1996.

The company exploits mining deposits throughout the country: Antapite, Shila Paula, Recuperada, and other locations. The Pozo Rico mining site holds silver deposit which contains zinc, lead and manganese. The Orocampa mine in the Castilla province delivers gold and silver as by-product. In 2006, the total production of gold reached close to 255 thousand ounces. The Uchucchacua mine holds zinc, lead, and silver deposit. The annual production of silver is at 9.9 million Oz. The Antapite operation produces gold and silver. The annual output of gold reaches 0.13 million ounces. Shila Paula is situated in Pillune and Alcalde and contains gold and silver. Julcani in Angaraes is an underground mine and potential operation containing copper, zinc, silver, gold, and lead. In the Hallazgo area, the company explores veins with silver, zing, and led mineralization.

Compañia de Minas Beunaventura also explores La Zanja deposit of gold and silver oxide, the Trapiche deposit of copper and molybdenum, and the Hantahuatay deposit of gold and silver. The company plans to start construction in Trapiche in 2010.

Buenaventura is also engaged in projects that promote local development through participation in projects which aim at reforestation, construction of damns, irrigation systems, and canals, soil management as well as water related projects. During the past decade, Compañia de Minas Beunaventura has invested over $1.3 million in Castilla to improve its potential for creation, design, and implementation of various community projects. Buenaventura invested over $500 thousand in Oyon for fish farming and pastures development programs and for the building of a Higher Institute of Technology. Cooperative relationships with various social players in the areas of operation facilitate the successful completion of projects. Compañia de Minas Beunaventura has established cooperative bonds with local and regional authorities, rural peasant communities, non-governmental organizations and base organizations such as mother’s club, daily glass of milk program, and others.