Project Progress
On September 13, 2025, Compañía de Minas Buenaventura reported significant progress at its flagship San Gabriel project, located in the district of Ichuña, Moquegua. The mine, which is currently about 90% complete, represents one of the few large-scale mining projects under construction in Peru. With a total investment exceeding US$500 million, San Gabriel is set to become a cornerstone of Buenaventura’s growth strategy and a signal that new gold production capacity is still being developed despite broader sector slowdowns.
Production Expectations
Once operational, San Gabriel is projected to produce around 120,000 ounces of gold annually, reinforcing Peru’s standing as a top global gold producer. Buenaventura has emphasized that the project incorporates modern technologies for ore processing and tailings management, alongside measures for water efficiency and environmental monitoring. By highlighting sustainability as part of its production model, the company aims to secure long-term operational stability and build stronger relations with local communities in Moquegua.
Sectoral and Regional Significance
The advancement of San Gabriel has national and regional implications. For Peru, the project demonstrates that the pipeline of new mines can still move forward, offering fresh employment and fiscal revenues at a time when investment in large projects has slowed. For Moquegua, the mine represents both an economic opportunity and a challenge: ensuring that benefits are distributed fairly while mitigating environmental and social risks. The project is being closely watched as a test case for how the Peruvian mining industry balances production goals with sustainability and community trust.