Newmont Mining

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Friday, July 24, 2015

Colorado-based Newmont Mining, founded in 1921 and one of the world's largest gold producers, has regional operations of mining in Peru and Suriname.

In Peru, Newmont Mining owns a 51.35% interest in Minera Yanacocha, whose properties include the mining operations at Yanacocha and the Conga project.

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But mining in Peru is facing huge challenges. Newmont Mining suspended construction at Conga in late 2011 because of violent protests over water use. Since then, Minera Yanacocha has been working on reservoir projects at the site to quadruple the local water supply and has been considering different alternatives to be able to develop the Conga project.

Conga is one of the biggest investment projects in Peru's US$60bn mining portfolio. Average output over the first five years has been estimated at 650,000-750,000oz/y gold and 160M-210Mlb/y copper.

The Conga project, Peru (CREDIT: Newmont Mining)

In Peru, Newmont Mining also has a 46.94% interest in the La Zanja gold operation. Mining in Peru is crucial for the whole South American economy.

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