Minera Yanacocha to decide on US$2.1bn gold project

Minera Yanacocha, the Peruvian arm of Newmont, is hopeful that infrastructure construction decisions can be made before the end of 2021, concerning its US$2.1bn Yanacocha Sulfuros gold asset.

The Chief Executive Officers of Newmont Thomas Palmer said this at a conference recently held with the firm’s investors.

The company is now looking to initiate deliberations with the newly inducted Pedro Castillo government, which took office on the 28th of July.

Yanacocha Sulfuros, at the Yanacocha mine, is Peru’s primary gold project and is expected to begin operations by 2025. Yanacocha was once renowned as Latin America’s biggest gold mining operation and first started operating in 1993.

Palmer has said the mining firm is hopeful that this new government will be made up of individuals and leaders who acknowledge the potential locked up in Yanacocha and the contribution it can make to the Peruvian economy.

Newmont projects that Yanacocha Sulfuros will produce 500,000 gold equivalent ounces yearly at a price of US$700-800/oz between the start of operation and 2030.

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