LIMA, Peru, Dec. 9, 2002 (PRIMEZONE) -- Compania de Minas Buenaventura S.A.A. ("Buenaventura") (NYSE:BVN) (Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, today announced that it has joined Quadrem, the global eMarketplace connection for many of the world's largest resource companies.
Quadrem will benefit Buenaventura by providing a global eMarketplace linking the Company with various suppliers and customers. Quadrem is revolutionizing supply-chain processes by offering unrivalled benefits for sellers and buyers alike. Many of the world's leading resource companies, and their supply partners, are integrating this Internet-based electronic transaction platform to implement their long-term e-commerce strategies.
Buenaventura's Chief Financial Officer, Mr. Carlos Galvez, who leads eBusiness and global sourcing strategies stated: "After careful analysis of several options, both regional and global, we have decided to embrace Quadrem's approach to electronic commerce. The value we expect will come from the robust range of tools Quadrem is able to provide, plus the important fact that the supplier community is already there, transacting with other mining companies in Peru and elsewhere -- this intangible is very strategic and valuable for us."
"We hope that Buenaventura is the first of what we expect will be many new buyers joining the eMarketplace and looking to leverage Quadrem's global platform, broad supplier community and industrial-strength functionality," said Ray Castelli, Senior Vice President, Strategy and Business Development for Quadrem. "We expect the recruitment of new buyers to gain rapid momentum as they learn more about Quadrem's early successes and those of our customer base."
"Buenaventura had the advantage of watching Quadrem's progress through their minority ownership of Yanacocha, South America's largest gold mine and, through Newmont, an existing Quadrem customer. Now they want to extend these benefits across their organization," said Julio Morales, Quadrem Regional Vice President for South America West.
Buenaventura is Peru's largest precious metals mining company and a major holder of mining rights in Peru. The company focuses on exploration and production through its wholly-owned mines, as well as through participation in joint exploration projects. Buenaventura currently operates three mines in Peru, has controlling interests in two mining companies which own three mines in Peru and has minority interests in several other mining companies in Peru. The Company has a 43.65% ownership interest in Minera Yanacocha S.A., Latin America's largest producer of gold. Buenaventura is listed on the Lima Stock Exchange and the New York Stock Exchange.