Thursday, 22nd March 2007 (2196 views)

Newmont Mining Corporation has announced that it is to reverse its recent downward production trend in South America with a recovery predicted for this year.

Yesterday Carlos Santa Cruz, the vice president of the firm, spoke at an international Latin American investment summit and said that Yanacocha, its mine, would gradually recover to 2 million ounces a year in production within the next five years.

This would begin with around 1.6 million ounces being produced this year at the mine, which is South America's number one gold mine.

Up until now it has been lower grade ore and lagging production projects which have dragged output levels down. Output fell from 3.3 million in 2005 to 2.6 million in 2006.

Now a large-scale gold processing plant is touted as the investment which will turn Yanacocha's fortunes around. The development of the Chaquicocha mining project and the Conga mining project should also boost Yanacocha.

Newmont Mining Corporation is a leading gold producer with operations on five continents and about 28,000 employees.

 

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