LIMA, Oct 20 (Reuters) - Peruvian miner Buenaventura has scaled back plans for its Chucapaca gold project since taking full control of the deposit from Gold Fields earlier this year, the company told Reuters on Monday.
Buenaventura will now invest $700 million in the project instead of an earlier estimate of $2 billion, and expects annual output of between 200,000 and 300,000 ounces of gold per year, down from an earlier projection of some 500,000 ounces, chief executive Roque Benavides said in an interview.
Buenaventura bought former partner Gold Fields’ 51 percent stake in Chucapaca in August, and now plans to develop it as an underground mine instead of open pit.
The precious metals miner, Peru’s biggest, expects to post a net profit this year after registering a $102 million loss in 2013, Benavides said. (Reporting by Teresa Cespedes and Mitra Taj)