Jump to navigation

Subscribe Follow Magazine

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Hard Assets          

Market Data

more >>

We Asked Traders

Top things I learned about life while day trading millions

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

A Saudi-Iran oil war could break up OPEC
Advertisement
more Volatility>>

Volatility

Implied vs. Realized Volatility & the VIX
more Financials>>

Financials

Making drones work for you
more Financials>>

Financials

Perspective: S&P 500 short side off highs

Check out Resource Investor - Polls on LockerDome on LockerDome

Anti-mining demonstrators destroy Buenaventura's La Zanja camp

By Emily Russell

November 18, 2004 • Reprints

SANTIAGO (BNAmericas) -- Anti-mining demonstrators have destroyed the exploration camp at Peruvian precious metals company Buenaventura's (NYSE: BVN) La Zanja gold project, including the physical log of mineral samples, company CFO Carlos Galv'ez told BNamericas.

An initially peaceful demonstration by 350 people against mine development on November 16 turned violent after four hours with the destruction of four vehicles, tents, computers and electronic equipment supplying electricity, he said.

Demonstrators began attacking locals working at the camp in northern Cajamarca department with stones and rounds from firearms at around 6pm and, after meeting no resistance, destroyed the camp and left at about 10pm, said the CFO.

Two days later, the dead body of a local with gunshot wounds was found at a village 8km from the site, he said.

"We don't know whether the round came from firearms held by the police or demonstrators," said Galv'ez.

Buenaventura is in the midst of holding workshops with local communities on La Zanja, part of the environment impact study approval process. The company plans to build a 100,000oz heap-leach, open-pit mine at La Zanja for US$35mn, with production start-up originally slated for the second half of 2005.

"As a result of the level of sensitivity to mining in Cajamarca department, we are being especially careful not only to meet legal formalities but to contact all possible stakeholders in the project," said Galv'ez.

The company has even held meetings with farmers in neighboring Lambayeque department over the possible impact of the mine on water used for irrigation there, he said.

The company, along with its JV partner US miner Newmont (NYSE: NEM), has also been continuing exploration of La Zanja and conducting infrastructure work, such as road building in the area.

Galv'ez said Buenaventura would have to revise the form in which the company handled its work at La Zanja in the future but did not elaborate. A criminal investigation is currently underway.

Buenaventura holds 53% and Newmont 47% of La Zanja. Earlier this month, other demontrations forced the two miners to abandon exploration of the Cerro Quilish JV, part of their Yanacocha gold mine, also in Cajamarca.

About the Author

Related Articles
Indian silver takes a tumble
Gold still under pressure from dollar
Indian gold imports decline
Gold jewelry exports from India more than double this year
Precious metals have a long way to go
Previous
NorNickel Plays Curious Game at Gold Fields AGM
Next
Congo Recovery Bodes Well for Banro
Related Terms
Gold 7715mining 3077electricity 700Newmont 127Buenaventura 27electronic equipment 9Carlos Galv'ez 1

Subscribe Follow Magazine

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images