Minera Yanacocha is expected to produce around 1.6 million ounces of gold this year, Compania de Minas Buenaventura SAA (BVN) Chief Executive Roque Benavides said Wednesday.

"This year there will be a bit less production," Benavides told reporters. "If I'm not wrong, it will be 1.6 million ounces for this year."

Gold production in 2008 was 1,810,338 ounces, an increase of nearly 16% when compared with the 1,563,670 ounces reported in 2007.

First-quarter gold output was 470,000 ounces, down 11% from the same quarter last year, mainly due to lower output from the leaching pads.

Yanacocha is run by Newmont Mining Corp. (NEM), which has a 51.35% stake, while Compania de Minas Buenaventura holds a 43.65% share.

The International Finance Corp. has a 5.0% stake.

-By Robert Kozak, Dow Jones Newswires; 51-1-99927-7269; peru@dowjones.com