Newmont, the world’s biggest gold producer, plans to invest about $540-million at its Cerro Negro mine in Argentina, according to the government of the South American nation.
The project will extend the life of the mine in Santa Cruz province to 2034, the government said in an emailed statement Wednesday. Newmont didn’t immediately respond to messages left requesting comment.
Last year, Cerro Negro generated more than $500-million in exports, making it the most important mine in Santa Cruz. It’s comprised of three underground operating mines and two deposits being developed, as well as five other deposits.
While Argentina’s protectionist bent and politically volatile past still make it a tricky place to do business, the cash-strapped nation is looking at ways to boost the appeal of developing more of its vast deposits and attract more hard currency.