LIMA, Peru, Feb. 27 /PRNewswire-FirstCall/ -- Compania de Minas Buenaventura S.A.A. ("the Company" or "Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced that its mining units at Orcopampa, Uchucchacua, Antapite and Caraveli were affected by a labor strike.
Unions from the aforementioned mining units are demanding "the exact amount of 2007 Workers' Participation on Profits".
In strict compliance with the Peruvian (CONASEV) and U.S. (SEC) regulation, the financial statements of the Company must be approved by the Board of Directors prior to making this information public. As announced previously, the Board meeting will be held on February 28, 2008.
Likewise, according to Peruvian law, the Company must issue its Tax Return statement in March in order to determine the "Workers' Participation on Profits".
It is important to mention that no other Company operations, located in Huancavelica, as well as the El Brocal subsidiary and the Cerro Verde and Yanacocha affiliates, have joined the strike.
Company Description
Compania de Minas Buenaventura S.A.A. is Peru's largest publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold, silver and other metals via wholly owned mines, as well as through its participation in joint exploration projects.
Buenaventura currently operates three mines in Peru and also has controlling interests in four mining companies, as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an important precious metal producer, and 18.50% in Sociedad Minera Cerro Verde, an important Peruvian copper producer.
To request a printed version of the Company's 2006 annual report on 20-F form contact the persons indicated above.
Cautionary Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding future mining or permitting activities. Where Buenaventura expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include those concerning the Company's, Yanacocha's and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical, legal and social developments. For a more detailed discussion of such risks and other factors, see the company's 2006 Annual Report on Form 20-F, which is on file with the Securities and Exchange Commission, as well as the company's other SEC filings. Buenaventura does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Contacts in Lima:
Roque Benavides / Carlos Galvez
Compania de Minas Buenaventura S.A.A.
Tel: (511) 419-2538 / 419-2540
Investor Relations: Daniel Dominguez
Tel: (511) 419-2536
Email:
