LIMA, SEPTEMBER 22 2021 Newmont’s Tom Palmer: "Going forward, Yanacocha will be a copper and gold mine"

The Yanacocha mining company will invest about USD 500 million in the advancement of its Yanacocha Sulfuros project in 2022 and will make a final investment decision for a total of USD 2.1 billion, towards the end of next year. If all goes well, this venture will extend Yanacocha’s useful life to 2040 and probably beyond.

This was stated by Tom Palmer, CEO of Newmont, during the central event at Heading to PERUMIN, organized by the Peruvian Institute of Mining Engineers (IIMP) that takes place from September 20 to 24 online and free of charge through its official website and social networks.

Palmer said that the initial investment of USD 500 million will be used to move forward with detailed engineering and long-term earthworks and the first phase of the project, if approved by Newmont’s board of directors, will focus on the Yanacocha Verde and Chaquicocha areas.

Yanacocha has provided Newmont and its joint venture partners with more than 40 million ounces of gold and 30 million ounces of silver. "It is one of the major gold deposits in the history of mining and is one of our world-class assets," said the senior executive.

He pointed out that in 2021 progress was made with the Yanacocha Sulfides project, transitioning to oxide leaching operations only, and focused on improving leaching times and maximizing recoveries.

"Due to COVID-19, we have decided to extend our decision to fully fund the project until the second half of 2022 and we will move forward with the project as the pandemic allows," he said.

Yanacocha’s Sulfides project gives it an opportunity to diversify its metals profile, but this time taking advantage of the copper resources hidden in the deposit. "Going forward, Yanacocha will be a copper and gold mine," Palmer said.

Newmont is 100 years old and has experience in exploration, mining development, operation and mine closure. It has 12 managed mines and 2 associated initiatives in Canada, the United States, Mexico, Argentina, Ghana, Suriname and Peru. It also has 9 world-class assets, each of which produces more than 500,000 ounces per year.

Newsletter PERUMIN 35

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