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When Roque Benavides, CEO of Compañía Minera Buenaventura, Peru's largest precious metals miner says, "We are a company on the move", it's easy to discern a tinge of pride in his voice.
After all, his company has brought four projects online in the last two years. That s no easy feat for a mining company in Peru, where simmering social conflicts pose a constant threat to newly proposed projects as well as extraction operations that are already up and running.
A recent spate of disputes between mining companies and local communities include protests over pollution, water shortages and employee benefits and wages.
"Despite this context, Buenaventura is not only advancing projects but also increasing its exploration thanks to its favorable exploratory policies, reserves and relationship with the communities," said Hector Collantes, mining analyst at Banco de Credito del Peru, the country's largest bank.
Indeed, Buenaventura - which is engaged in the mining, processing, development and exploration of gold, silver and other metals - has been busy of late. Last year, Buenaventura initiated operations at its gold and silver openpit mine Coimolache, which is part of theTantahuatay project, in which Buenaventura holds a 40 percent stake. And in 2010, Buenaventura brought online La Zanja, an open-pit gold and silver mine owned by Buenaventura (53 percent) and U.S.-based Newmont Mining (47 percent), after years of delays.
This year, Buenaventura is scheduled to start operations at its polymetallic project MaIlay and its gold and silver mine, Breapampa. Buenaventura currently operates 10 mines in Peru and holds a minority stake of 43 percent in Yanacocha, one of the largest gold mines in Latin America, as well as a 19 percent stake in Cerro Verde, one of Peru's most important copper producers. "It's important to note that mining projects in Peru are getting developed - that there aren't just confrontations," says Benavides. "We have been able to...