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Conga Mine Project: Buenaventura, Newmont to invest $4 billion in Peru mine
LIMA, July 27, 2011 (Reuters)
* Conga mine largest mining investment in Peru's' history
* Mine to produce at least 580,000 ounces of gold in 5 yrs
(Adds quotes from chief executive)
Peruvian miner Buenaventura and
U.S.-based Newmont said on Wednesday they would pour up to $4.8
billion into the Conga gold and copper mine, a sign of
confidence the day before leftist President-elect Ollanta
Humala takes office.
Buenaventura (BVN.N: Quote) estimated a capital cost for the
project of between $4 billion and $4.8 billion, the largest
investment in a mining project in Peru's history and about 3
percent of the country's gross domestic product. Newmont
(NEM.N: Quote) said its attributable capital costs were between $2
billion and $2.4 billion.
The mine's initial production is expected in late 2014 or
early 2015. It is seen producing between 580,000 and 680,000
ounces of gold and 155 to 235 million lbs of copper in its
first five years of operation in northern Peru.
Peru is the world's No. 2 copper producer and the sixth
largest producer of gold. Some $50 billion are destined for
mining projects in the next decade.
Newmont had delayed moving forward with the project several
times since 2009 because of changes in the market and projected