Peru's Buenaventura suspends its Tajo Norte mine due to permitting delays

- Buenaventura , Peru's largest publicly-traded precious metals mining company, today announced it has submitted a notice to the Peruvian Ministry of Energy and Mines for the temporary suspension of mining activities at Colquijirca's Tajo Norte mine for up to three years.

In a statement, the company said that the partial temporary suspension of exploitation activities is due to a delay of Colquijirca's Modification of Environmental Impact Assessment approval. The company added that this delay was caused by various events, including administrative delays related to the Covid-19 pandemic, Peru's related 2020 state of emergency, as well as recent 2022 regulatory changes related to the processing of environmental assessments.

According to Buenaventura, regular mining operations will continue at the Marcapunta underground mine. The company also said it will maintain its focus on improving operating efficiency to remain"competitive" while mining activities at Tajo Norte are suspended. Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. The company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects.

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