Peru: Yanacocha to extend Cajamarca mining operations until 2027

10:20 | Cajamarca (Cajamarca region), Apr. 27.

Yanacocha —a mining company mainly owned by Newmont Mining Corporation and Buenaventura— will expand its operations in northern Cajamarca region until 2027 through Quecher Main project —a gold and copper deposit located within existing work sites.

Quecher Main will entail an investment of at least US$300 million and create 350 skilled and unskilled jobs, Senior Director for External Relations at Newmont Peru Raul Farfan affirmed.

The project is currently working on the creation of heap leach pads, whose construction is being handled by local companies. Plus, commercial production is expected to start next year.

Quecher Main will increase production by between 100,000 ounces and 150,000 ounces of gold starting 2020. The Yanacocha gold production has averaged 500,000 ounces per year since 2016, and this figure will remain unchanged thru 2019.

Farfan explained the company's priority at this moment is to get this project off the ground. 

Additionally, he said the initiative will have a significant impact because it involves local companies and workforce in Cajamarca districts of La Encañada and Los Baños del Inca.

Conga project

On the other hand, Newmont representative in Peru referred to Conga mining project, saying it is not within the production and construction line. 

"The project has been suspended since 2011, and its reactivation depends on two factors: social acceptance and the economic issue," he stated.

"If we wanted to develop Conga, we would have to review the economic impact since the project was designed at a time when metal values and prices were different," Farfan underlined.


Published: 4/27/2018