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Peru Mining: The Social Factor

Social factors are key, but not enough, for the success of Peruvian mining company Buenaventura.

BY LISA K WING

 

LIMAThe recent go-ahead from the Peruvian government to mining company Buenaventura to initiate operations at its La Zanja gold project was an important milestone for the company, not only for the business, but more for what it represented, according to Roque Benavides, CEO of Buenaventura, the country’s largest precious metals producer.

 

“When fund managers ask me what keeps me up at night, I always say the social problems that we have to deal with,” says Benavides, who has been at the helm of the company since 2001. “For years we have been suffering from the high expectations of the communities in which we operate. They want immediate benefits, but it takes time. They are finally beginning to understand that.”

 

After years of negotiating with Peruvian authorities and working with local communities, Buenaventura...



Keywords: Banco de Crédito, El Brocal, La Zanja, Newmont, Standard & Poor’s

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