Peru: Newmont plans to invest US $3 billion in gold-copper project Minas Conga

Isabel Guerra

Peru: Newmont Mining may invest US $3 billion in gold-copper project Minas CongaUS-based Newmont Mining Corporation plans to have its Peruvian gold-copper project Minas Conga to come into operations by 2014 or 2015, said its Executive Vice President, Guy Lansdown.

Minas Conga, located in Cajamarca region, which is expected to require an investment of approximately US $3 billion.

This is the current "star project" run by Buenaventura and Newmont Mining, and will be operated by its Peruvian unit Yanacocha.

Lansdown said that Minas Conga project has the potential to produce 650,000 ounces to 700,000 ounces of gold a year, with cash costs of $300 an ounce to $400 an ounce, and to also produce quantities of copper.

If the project goes to exploitation stage, Buenaventura and Newmont may join Chinese firms Minmetals and Jiangxi Copper Co., which currently are developing the Galeno copper project in Peru.

Newmont Mining Corporation, one of the world’s largest gold producers, has significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico.

In 2007, Newmont became the first gold company selected to be part of the Dow Jones Sustainability World Index.

Have news you’d like to see in LivinginPeru.com? Contribute an article, whether it’s translated or based on your own reporting. Contact editor@livinginperu.com.