Newmont Expects Steady Production at Peru Gold Mine

15 November 2009 (Last Updated November 15th, 2009 18:30)

US-based Newmont Mining says it expects steady production of 1.8 million to 1.9 million ounces of gold at Peru-based Yanacocha gold mine over the next few years. The Yanacocha gold mine, jointly operated by Newmont and Peruvian miner Buenaventura, has posted sales of 1.8 million ounces

US-based Newmont Mining says it expects steady production of 1.8 million to 1.9 million ounces of gold at Peru-based Yanacocha gold mine over the next few years.

The Yanacocha gold mine, jointly operated by Newmont and Peruvian miner Buenaventura, has posted sales of 1.8 million ounces of gold in 2008, according to Reuters.

Newmont's vice-president of South American operations Carlos Santa Cruz said in 2009 production levels would be similar to that of 2008, and for the next few years production levels would remain at 1.8 million to 1.9 million ounces.

The vice-president's statement differs from a statement made by Buenaventura's chief executive Roque Benavides last month, who said he expected Yanacocha's production levels to decline 25% to 1.5 million ounces in 2010, as lower ore grades are explored.