The company has removed its massive gold and copper project Peru from its list of reserves in its annual filing with the U.S. Securities and Exchange Commission (SEC).
Buenaventura Mining News
The former president says lack of immediate benefits for communities has driven mining opposition causing the country to lose billions worth of gold and copper projects.
The future of the proposed $5 billion Conga copper and gold project in Peru remains in limbo as its main opponent was recently re-elected governor of the region where the project is situated.
Jailed Gregorio Santos is set to win the re-election in the country’s gold-rich Cajamarca region, casting fresh doubts on the future of the long-delayed copper and gold project.
The Peruvian firm will develop the deposit as an underground mine, instead of as an open-pit project.
Cajamarca region governor Gregorio Santos was ordered to jail for 14 months amid a corruption probe. Supporters claim he is being target of political repression for opposing Newmont's mine.
Combined estimate investment exceeds $13 billion, says the government.
Last year alone there were 149 conflicts involving mines in the country.
Contract security guard was freed early Friday.
After meeting with locals, authorities said the company is likely to gain a social license to restart operations in 2014.
Cajamarca’s governor also said Newmont’s local partner has made no progress in terms of gaining support from surrounding communities.
Decision follows an inspection that showed the company did not have all the necessary land permits.
Government has sent additional police forces to watch over the protestors, as previous manifestations have turned violent in the past.
The new round of demonstrations come after a top official for the Conga project, CEO Roque Benavides of Buenaventura, said water from one of the main water sources for locals, would be transferred to a reservoir later this year.
Peru's ombudsman office warned about the renewed unrest in the Cajamarca region, where Newmont has its now halted $4.8 billion gold-copper Conga project.
Miner may reallocate capital to development alternatives in Australia, Ghana, Indonesia and Nevada.
Group claims project continues to advance despite being officially deemed as “suspended.”
Newmont's subsidiary Yanacocha said it is evaluating new projects in the region.
First Conga, now a new pit at South America's biggest gold mine is blocked.
The gold-copper project, set to begin production in early 2015, continues to be on hold because of social pressure.
Peru's Minister of Energy and Mines Jorge Merino announced the country is expected to attract mining investment projects worth $10 billion in 2013.
Peru's government is considering resuming talks with opponents of the $4.8 billion Minas Conga copper and gold mining project in the northern region of Cajamarca, Environment Minister, Manuel Pulgar Vidal, said in a TV interview on Sunday night.
The Peruvian government confirmed it will end Monday a state of emergency imposed in early July in the country’s northern region, where violent protests against Newmont Mining's (NYSE:NEM) controversial $4.8 billion Conga project left five dead and dozens injured.
Newmont Mining's (NYSE:NEM) $4.8 billion copper-gold project in Cajamarca Peru remains as one of the company’s priorities, but further development will be done on a very measured basis, told MINING.com the company’s head of communications, Omar Jabara.
The Peruvian government has thrown in the towel on Newmont Mining's (NYSE:NEM) controversial Conga mine as the nation's prime minister announced Monday evening the $4.8 billion copper-gold project is now on the back burner.