Conga Conflict

Reporting on the conflict between the mega mining project Conga and the people of Cajamarca, Peru

Yanacocha hopes to amplify Conga, says Benavides

Peru’s Yanacocha eyeing alternatives to develop Minas Conga
By Juan Andres Abarca – Tuesday, March 24, 2015
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Peruvian mining company Yanacocha, the JV between US-basedNewmont Mining and local mining company Buenaventura, is considering different alternatives to develop its postponed US$4.8bnMinas Conga gold-copper deposit.

The company is considering developing the troubled project along with neighboring deposits, like Michiquillay or Galeno, said Buenaventura CEO Roque Benavides in an interview with local financial daily Gestión.

The JV partners are expected to discuss their alternatives in the coming days, Benavides said. The executive added that as it currently stands, there is no chance of moving forward with Minas Conga.

The Michiquillay project was controlled by Anglo American but the company pulled out in December. The government is currently looking for a new operator. Galeno is owned by China Minmetals.

The three deposits are located in northern Cajamarca department, where mining is heavily opposed by local authorities.

Newmont suspended construction at Conga in late 2011 due to violent protests over water use. Since then, Minera Yanacocha has been working on reservoir projects at the site to quadruple the local water supply.

Conga is one of the biggest investment projects in Peru’s US$60bn mining portfolio. Average output over the first five years has been estimated at 650,000-750,000oz/y gold and 160M-210Mlb/y (72,575-95,254t) copper.


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This entry was posted on March 25, 2015 by in External article and tagged , , , , , , , , , .
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