Mine
Newmont invests in Cerro Negro gold mine in Argentina
Seetao 2023-06-07 16:53
  • Newmont's investment is expected to increase production at the Cerro Negro mine to more than 350,000 ounces beginning in 2024
  • The gold mine consists of three underground operating mines and two deposits
Reading this article requires
3 Minute

Newmont will invest $540 million to expand the Cerro Negro gold mine in Santa Cruz province, Argentina, extending its life to 2034. The investment is expected to increase its production to more than 350,000 ounces from 2024 and provide room for further exploration and further expansion.

The Cerro Negro Gold Mine consists of three underground operating mines, Eureka, Mariana Norte and Mariana Central. The business also includes two deposits currently under development, as well as five other deposits in late-stage evaluation development.

In 2022, exports from Argentine mines exceeded $500 million. In a statement, Newmont said it remains committed to expanding its Cerro Negro mining operations in Argentina and developing the Mariana Islands and the eastern region.

Future development capital costs, excluding projects it has already committed to, are estimated at $350 million and $450 million. Argentina's political turmoil has made it a difficult place to do business and is looking for ways to improve deposits and attract currency.

Last month, Newmont signed a binding plan execution deed to acquire Australian gold miner Newcrest Mining for an enterprise value of $19.26 billion. The agreement follows an exclusivity covenant between the two companies that allows Newmont to exclusively conduct confirmatory due diligence.Editor/XingWentao

Comment

Related articles

Mine

CREC won the bid for projects in the Democratic Republic of Congo and Serbia

01-05

Mine

Signing of the Silicon Resource Industry Base Project in Luodian County, Guizhou

11-21

Mine

1.5 million tons/year mining and beneficiation project started

10-26

Mine

Leo Lithium signed an equity investment agreement with China Ganfeng

09-15

Mine

Shanxi Dongfeng Coal Mine Production Capacity Increase Approval

09-14

Mine

Inner Mongolia Abandoned Mine Ecological Restoration Project Commences

09-12

Collect
Comment
Share

Retrieve password

Get verification code
Sure