Buenaventura and Newmont may invest US $3 billion in Conga gold-copper project

Isabel Guerra

Buenaventura and Newmont may invest US $3 billion in Conga gold-copper projectBuenaventura and Newmont Mining are evaluating the possibility of investing up to US $3 billion in Minas Conga project, said Buenaventura’s Chief Executive Roque Benavides adding that they are also considering potential synergies with China Minmetals and Jiangxi.

Conga is one of the most important gold and copper projects of Buenaventura and Newmont Mining, and will be operated by its Peruvian unit Yanacocha.

“We are talking about an investment near to US $2.5 or US $3 billion,” said Benavides, during the Reuters’ Forum about Investment in Latin America.

The executive also said that Buenaventura, the main producer of precious metals in Peru, is planning to expand operations to other Latin American countries like Mexico, Argentina and Chile.

He estimates that Buenaventura may produce 450,000 ounces of gold, taking into account only its direct operations.

Minas Conga is 51.35% owned by Newmont Mining, and 43.7% by Buenaventura.

Buenaventura, which has a large number of operating mines in Peru, owns 43.70% of Yanacocha shares, while Newmont Mining owns 51.35%.

Yanacocha is considered the largest gold mine in South America.

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