LIMA, Sept 15 (Reuters) - Peruvian precious metals miner Buenaventura expects its Tambomayo mine to produce its first bar of gold in November and reach full output at the end of this year or the start of next, the company said late on Wednesday.
Renzo Macher, Tambomayo’s project manager, told reporters on the sidelines of a mining conference that the underground mine should produce at least 120,000 ounces of gold next year.
Tambomayo, which cost $320 million to develop, has reserves to remain productive for five years, but Macher said Buenaventura is conducting explorations that could extend its life by decades.
Buenaventura has a 43.65 percent stake in Peru’s biggest gold mine Yanacocha, where reserves have been dwindling. Tambomayo is one of several smaller mines that the company has been opening to keep production up. (Reporting By Mitra Taj; Editing by Phil Berlowitz)