Newmont completes fourth project for the year
The world’s largest gold miner, Newmont Goldcorp, has brought its fourth project for the year into operation, with Quecher Main at Yanacocha, Peru, hitting commercial production.
The project was completed at a cost of about $275-million, which the mining major said on Thursday was below its initial estimate. It was also completed ahead of schedule.
Quecher Main will extend Yanacocha’s mine life to 2027, contributing an average of 200 000 oz/y from 2020 through 2024, at all-in sustaining costs of between $900/oz and $1 000/oz.
The project is expected to generate an internal rate of return of approximately 15% at a $1 200/oz gold price.
“The project takes advantage of Yanacocha’s existing infrastructure to add profitable production from remaining oxide ores while also serving as a bridge to future growth opportunities, including Yanacocha’s extensive sulphide deposits,” said president and CEO Tom Palmer.
The project included development of the Quecher Main pit, two smaller oxide deposits and a heap leach pad.
Yanacocha, a joint venture between Newmont Goldcorp (51.35%), Minas Buenaventura (43.65%) and Sumitomo (5%), began commercial production in 1993 and has since produced about 38-million ounces of gold from openpit oxide and transitional ores processed at Yanacocha’s gold mill and leach pad.
This year, Newmont Goldcorp completed the Ahafo mill expansion, in Ghana, the new Borden all-electric mine in Canada and the Tanami power station project, in Australia.
Last week, Newmont Goldcorp approved the Tanami Expansion 2 project, in Australia, which will improve the mine’s cost profile and extend its operating life beyond 2040.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation