Peruvian miner Compania de Minas Buenaventura SAA (BVN, BUENAVC1.VL) said Friday a decision on whether to double or triple copper production at the Sociedad Minera Cerro Verde SA (CVERDEC1.Vl) mine will be taken in the next few weeks.

The Cerro Verde mine is majority controlled by Freeport-McMoRan Copper & Gold Inc. (FCX), while Buenaventura has a 19.26% share.

Total copper production at Cerro in 2010 was 302,711 metric tons, virtually flat compared to 2009, said Buenaventura in its fourth-quarter report.

On a conference call Buenaventura said the Cerro Verde production decision would depend on financial and water usage issues, among others. It described Cerro Verde as a "huge resource."

Buenaventura also repeated its 2011 forecast that gold production at the huge Minera Yanacocha SRL mine would reach 1.3 million to 1.4 million ounces, but suggested this could be "closer to" 1.5 million ounces.

Buenaventura has a 43.65% stake in Minera Yanacocha, South America's largest gold mine, while Newmont Mining Corp. (NEM) has a 51.35% stake, and the International Finance Corp has a 5.0% stake.

The company also said it plans to invest about $200 million in 2011 and 2012.

On Thursday Buenaventura said its fourth-quarter net income totaled $222.8 million, or $0.88 per share, up from $210.4 million, or $0.83 per share, in the same quarter a year earlier.

-By Sophie Kevany, Dow Jones Newswires; 51(1)-989 038 043; sophie.kevany@dowjones.com
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