Newmont to acquire remaining stake in Yanacocha gold mine
Newmont announced Tuesday that it will acquire the remaining 5% interest in Yanacocha from Sumitomo for $48 million. Newmont said that this transaction is expected to close in the second quarter, making the company the exclusive owner-operator of this world-class asset.
This announcement follows an announcement in February 2022, in which Newmont acquired Buenaventura’s 43.65% interest in Minera Yanacocha.
“This transaction gives Newmont full equity ownership of the Yanacocha district where we are positioning the Sulfides project for profitable production and value generation for decades to come. We have deep knowledge of the asset and the value it brings to Newmont stakeholders,” said President and CEO Tom Palmer.
Newmont added it continues to advance the Sulfides project, which is progressing toward a full-funds decision later this year.
The Sulfides project will increase Newmont’s copper production, supporting the transition to a green economy, and will extend mine life for decades to come.
Yanacocha is South America’s largest gold mine, located in the province and department of Cajamarca, approximately 800 kilometers northeast of Lima, Peru. Yanacocha’s operations are situated between 3,500 and 4,100 meters above sea level with development activities in four primary basins.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. Newmont is the only gold producer listed in the S&P 500 Index. The company was founded in 1921 and has been publicly traded since 1925.
