by Laura Superneau
US-based gold miner Newmont Mining (NYSE: NEM) expects to do a "Doorway 4" firmness during Q4 on growth at the Minas Conga deposits east of its 51.3% owned Yanacocha gold mine in Peru, overseer VP and CFO Russell Ball said Thursday.
A Exit 4 firmness refers to a construction firmness predicated on approvals and permits from the Peruvian regulation, Ball said during a webcast elocution at the CBIC Excellent Markets 2010 Whistler Institutional Investor Talk.
Newmont hopes to shut permits by December and move into construction, assuming take meals concurrence.
"We see this as the next production at Yanacocha," Ball said, adding that US$260mn has been approved to move onward the conjure up. Totality first-rate requirements have been estimated at US$2.5bn-3.4bn.
The chief executive also said that Newmont has been in talks with Anglo American (LSE: AAL) and Chinese companies on tenable infrastructure synergies, such as on a harbour or vigour inventory.
"In Peru we are starting to significantly induct in the extended stipulations" with delineation of sulfide resources underneath the oxide ore, which could later unfold mine mortal, he said.
At end-2008, Newmont's division of Minas Conga reserves amounted to 6.1Moz gold and 1.62Blb (736,634t) of copper. Minas Conga accounted for about half of Yanacocha's unconditional gold reserves.
Minas Conga could start setting as presently as 2014-15 and would have an beginning mine human being of more than 20 years. Usual productivity over the first five years would be 650,000-750,000oz/y gold and 160M-210Mlb/y copper at readies costs of US$300-400/oz and US$0.95-1.25, mutatis mutandis.
Peruvian miner Buenaventura (NYSE: BVN) owns 43.7% of Yanacocha and Minas Conga, while the Times a deliver Bank's Intercontinental Money Corporation holds the rest.
Source: Newmont sees Q4 construction decision at Minas Conga, Peru, Mining ...