BUENOS AIRES (miningweekly.com) – Peruvian mining group Minas Buenaventura plans to start exploring for gold in Chile for the first time.
The 70-year old company will partner on the project with another mining firm, Emol (El Mercurio Online) reported.
“Our strategy is to expand out of Peru, searching for metals, and one of our strongest options is Chile, one of the countries that has a mining history and a stable economy,” Roque Benavides, Buenaventura GM and son of the firm's founder, told the newspaper.
The company will spend an initial $20-million on exploration in Chile, and will also continue working to progress projects in Mexico and Peru, he said.
Argentina had been viewed as a possibility, but the group does not have plans to expand into the country at the moment, Benavides said.
“It is an option, but we have not been able to reach an agreement; the economic and political stability in Argentina is not the same as in Chile.
“And Argentina has an almost nonexistent mining tradition,” he added.
Benavides also suggested that Chilean investors should consider Peru as a mining destination.
“People in Peru feel there has been progress and development in the country as a whole, I am very optimistic of what may come”, he told Chilean media.
In 2010, Minas Buenaventura earned $662,9-million.