Buenaventura is expecting its San Gabriel gold and silver project to be in production no later than 2024, Reuters reported chief executive Roque Benavides as saying.

Benavides was speaking at a mining forum in Lima.

"San Gabriel is the first thing, we are investing a significant amount this year and hope to start production around 2023 or 2024," Benavides said.

Buenaventura plans to spend US$100 million on the mining project in 2022, with total expenditures ranging between US$400 million and US$500 million.

The company began construction on the project after receiving all required permits in late March.

San Gabriel is expected to produce between 120,000 and 150,000 ounces of gold at peak production.

Buenaventura will focus on the development of the Trapiche project, also in Peru, at a later time, Reuters reported Benavides as saying.

San Gabriel is wholly owned by Buenaventura, and will be an underground gold and silver project. The project contains measured and indicated resources of 7.7 million tonnes at 5.7 g/t of gold for 1.4 million ounces. Inferred resources contain 5.3 million tonnes at 4.6 g/t of gold for 0.8 million ounces.