yanacocha gold mill construction completion



(Newmont Mining CorporationNYSE: NEM)191620022Franco-NevadaNormandyMining""2302703.521539.15

Newmont Mining Corporation (NYSE: NEM), based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia, New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Holdings include Battle Mountain Gold, Normandy Mining, and Franco-Nevada Corp. Newmont also has many joint venture relationships. As of December 31, 2006, Newmont produced approximately 5.9 million equity ounces of gold annually and held reserves of about 94 million of those equity ounces. Production in the Americas accounts for about 70% of the company's equity ounces, but even so, Newmont is the largest gold mining company in Australia. Newmont employs approximately 15,000 people worldwide. Other metals that the company mines include copper and silver.

Newmont Mining Corporation was founded in 1921 in New York by Colonel William Boyce Thompson as a holding company to invest in worldwide mineral, oil, and relations companies. The name Newmont was chosen by Thompson as a contraction of New York, and Montana, because, as one biographer put it, "he grew up in the latter and made his money in the former."

The company acquired interests overseas. For decades around the middle of the twentieth century Newmont had a controlling interest in the Tsumeb mine in Namibia and in the O'Okiep Copper Company in Namaqualand, South Africa.

Beginning in 1925, Newmont acquired interests in a Texas oil field. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana Gulf area and oil and gas production in the North Sea.

Newmont discovered dispersed gold at Carlin, Nevada in 1962 and began operating its first mill there in 1965 under the name Carlin Gold Mining Company. The "Carlin Trend" is the largest gold discovery in North America during the 20th century. In 1971, Newmont began using the heap leaching technology on sub-mill grade ores at Carlin. It was one of the first in the gold industry to use heap leaching. In 1986, the company's name was changed to Newmont Gold Company, and five million shares were sold publicly for US$47.5 million. Newmont Mining held a 90 percent interest.

A decade later, Newmont's assets were over US$1.9 billion and income from continuing operations reached US$338 million. In August 1987, Newmont became the target of a failed, unsolicited tender offer for control and dismemberment of the company.

After 1987, the company undertook major restructuring. This included the payment of a US$33 per share dividend to all shareholders for a total of US$2.2 billion, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests.

As a further step in the restructuring, the company moved its headquarters from New York City to Denver in February 1989. On January 1, 1994, Newmont Mining Corporation, and Newmont Gold Company combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production, and earnings of Newmont Gold's operations.

Newmont merged with Santa Fe Pacific Gold Corporation (a former Atchison, Topeka and Santa Fe Railway subsidiary, sold in preparation for the merger that produced the BNSF Railway[1]) to form North America's largest gold producer. And, in October 1998, Newmont Mining and Newmont Gold merged, with Newmont Mining acquiring the remaining shares of Newmont Gold that were outstanding at that time. On June 21, 2000, Newmont announced a merger with Battle Mountain Gold Company. The merger was completed in January 2001.

In February 2002, Newmont completed the acquisition of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited, making it the world's largest gold producer, at that time. Today, Newmont remains the only gold company in the Standard & Poor's 500 Index.

Newmont has been mining gold in Nevada since 1965. Nevada operations include Carlin, located west of the city of Elko on the geologic feature known as the Carlin Trend, the Twin Creeks mine, located approximately 15 miles (24 km) north of Golconda, the Lone Tree Complex near the town of Valmy, and the Midas mine near the town of the same name. Newmont also participates in the Turquoise Ridge joint venture with Barrick Gold, which utilizes mill capacity at Twin Creeks. The Phoenix gold/copper project, located 10 miles (16 km) south of Battle Mountain, commenced commercial production in the fourth quarter of 2006. The Leeville underground mine, located on the Carlin Trend northwest of the Carlin East underground mine, also commenced commercial production in the fourth quarter of 2006.

The properties of Minera Yanacocha S.R.L. (Yanacocha) are located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of Cajamarca, in Peru. Yanacocha began production in 1993. Newmont holds a 51.35% interest in Yanacocha with the remaining interest held by Compaia de Minas Buenaventura, S.A.A. (43.65%) and the International Finance Corporation (5%). Yanacochas mining rights consist of concessions granted by the Peruvian government to Yanacocha and a related entity. Yanacocha currently has two active open pit mines, Cerro Yanacocha and La Quinua. In addition, reclamation and/or backfilling activities at Carachugo, San Jose and Maqui Maqui are currently underway. Yanacocha has four leach pads and three processing facilities. Yanacochas gold sales for 2006 totaled 2.6 million ounces (1.3 million equity ounces).

Pajingo. Pajingo (100% owned) is an underground mine located approximately 93 miles (150 kilometers) southwest of Townsville, Queensland and 45 miles (72 kilometers) south of the local township of Charters Towers. In 2006, Pajingo sold 174,600 ounces of gold. The mine was sold off in late 2007.

Tanami. The Tanami operations (100% owned) include The Granites treatment plant and associated mining operations, which are located in the Northern Territory approximately 342 miles (550 kilometers) northwest of Alice Springs, adjacent to the Tanami highway, and the Dead bullock Soak mining operations, approximately 25 miles (40 kilometers) west of The Granites. The Tanami operations have been wholly-owned since April 2003, when Newmont acquired the minority interests.

Kalgoorlie. The Kalgoorlie operations comprise the Fimiston open pit (commonly referred to as the Super Pit) and Mt. Charlotte underground mine at Kalgoorlie-Boulder, 373 miles (600 kilometers) east of Perth. The mines are managed by Kalgoorlie Consolidated Gold Mines Pty Ltd for the joint venture owners, Newmont and Barrick, each of which holds a 50% interest. The Super Pit is Australias largest gold mine in terms of gold production and annual mining volume. During 2006, the Kalgoorlie operations sold 332,200 equity ounces of gold.

Martha. The Martha operations (100% owned) are located within the town of Waihi, located approximately 68 miles (110 kilometers) southeast of Auckland, New Zealand. During 2006, production commenced at the Favona underground deposit. Production at the Martha open pit will cease in 2007. The operation sold 120,300 ounces of gold during 2006. The Martha mine does not currently pay royalties. Under new royalty arrangements, however, Newmont will pay 1% of gross revenues from gold and silver sales, or 5% of accounting profit, whichever is greater, at Favona.

Boddington. Boddington is a development project located 81 miles (130 kilometers) southeast of Perth in Western Australia. As of December 31, 2006 Boddington was owned by Newmont (66.67%) and AngloGold Ashanti Limited (33.33%). In March 2006, Newmont acquired Newcrest Mining Limiteds 22.22% interest in Boddington for $173.

Newmont operates the Batu Hijau mine on the island of Sumbawa in the Indonesian province of West Nusa Tenggara through its subsidiary company P.T. Newmont Nusa Tenggara which is a joint venture between Newmont, Sumitomo Corporation and P.T. Pukuafu Indah. In 2008 the Indonesian government threatened to terminate the contract of P.T. Newmont Nusa Tenggara after accusing it of failing to meet its divestment obligations. On April 1, 2009 international arbitrators and its partner sided with Newmont rejecting Jakarta's request to have their contract revoked, which would have forced the company to walk away from the property without any compensation, instead Newmont is forced to sell a 17% stake in an Indonesian subsidiary within 180 days.[2]

The Ahafo operation (100% owned) is located in the Brong Ahafo Region of Ghana, approximately 180 miles (290 kilometers) northwest of Accra. Ahafo poured its first gold on July 18, 2006 and commenced commercial production in August 2006. Ahafo sold 202,000 ounces of gold in 2006.

Newmont currently operates two open pits at Ahafo with total reserves contained in 15 pits. The process plant consists of a conventional mill and carbon-in-leach circuit. Ahafo reserves as of December 31, 2006, were 12.6 million equity ounces.

Newmont has one development project in Ghana, currently the subject of further optimization studies. The Akyem project is approximately 80 miles (125 kilometers) northwest of Accra. As of December 31, 2005, Newmont held an 85% interest in the Akyem project. The remaining 15% was held by Kenbert Mines Limited. In January 2006, Newmont acquired the remaining 15% interest, bringing its ownership to 100% of the Akyem project. In the second half of 2006, the Company deferred further development of Akyem, pending completion of permitting, resolution of country-wide power shortages and further engineering and optimization.

During 2006, Newmonts Canadian operations included two underground mines. Golden Giant (100% owned) is located approximately 25 miles (40 kilometers) east of Marathon, Ontario, Canada, and has been in production since 1985. Mining operations at Golden Giant were completed in December 2005 with remnant mining and milling production continuing throughout most of 2006. In 2006, Golden Giant sold 59,300 ounces of gold. Holloway is located approximately 35 miles (56 kilometers) east of Matheson, Ontario, and about 400 miles (644 kilometers) northeast of Golden Giant, and has been in production since 1996. In 2006, Holloway sold 26,000 ounces of gold. On November 6, 2006, Newmont completed the sale of the Holloway mine to St. Andrews Goldfields Ltd. resulting in a $13 pre-tax gain.

Newmont has a 44% interest in La Herradura, which is located in Mexicos Sonora desert. La Herradura is operated by Industriales Peoles (which owns the remaining 56% interest) and comprises an open pit operation with run-of-mine heap leach processing. La Herradura sold 79,200 equity ounces of gold in 2006.

The Kori Kollo open pit mine is on a high plain in northwestern Bolivia near Oruro, on government mining concessions issued to a Bolivian corporation, Empresa Minera Inti Raymi S.A. (Inti Raymi), in which Newmont has an 88% interest. The remaining 12% is owned by Mrs. Beatriz Rocabado. Inti Raymi owns and operates the mine. The mill was closed in October 2003 and production continued from residual leaching. In 2005, additional material from the stockpiles and Lla Llagua pit were placed on the existing leach pad and ore from the Kori Chaca pit was processed on a new leach pad. In 2006, the mine sold 113,300 equity ounces of gold.

Newmont owns 80% of Minahasa and the remaining 20% interest is a carried interest held by P.T. Tanjung Serapung, an unrelated Indonesian company. Minahasa is located on the island of Sulawesi, approximately 1,500 miles (2,414 kilometers) northeast of Jakarta. Mining was completed in late 2001 and gold production was completed in 2004.

major mines & projects | yanacocha mine

major mines & projects | yanacocha mine

Yanacocha is an epithermal type deposit of high sulfidation hosted in volcanic rock formations. Gold is associated with ironoxides and pyrite. The Yanacocha property consists of the following open pit mines: the La Quinua Complex, Cerro Yanacocha, the Carachugo Complex and Maqui Maqui.The Yanacocha gold district is a 10x4km zone of altered rocks within a belt of tertiary volcanics that extends the whole length of Peru. Andesitic domes and dome complexes have been silicified and leached by epithermal gold-bearing solutions in at least nine distinct deposits. The mineralised sequences, which can also contain significant amounts of silver, are flanked by extensive argillitic alteration, and subsequent events have created siliceous breccia pipes with localised high gold grades.

The Yanacocha property began production in 1993 and consists of the following open pit mines: the La Quinua Complex, the Yanacocha Complex, the Carachugo Complex.The La Quinua Complex is currently mining material from the La Quinua Sur and the Tapado Oeste Layback and is scheduled to finish mining operations in 2021.The Yanacocha Complex mines material from the Yanacocha Layback and Yanacocha Pinos, which are scheduled to finish mining operations in 2021. The Yanacocha Complex began operations in 1997 and has had limited mining operations in recent years.The Carachugo leach pad processes oxide material from the Quecher Main project, which is a new open pit within the existing footprint of Yanacocha. This project went into commercial production in October 2019 and will extend the life of the Yanacocha operation to 2027. Yanacochas available mining fleet consists of two shovels, four excavators, one loader and 31 haul trucks, each with 233-tonne payload.

Yanacocha has three processing concessions from Perus Ministry of Energy and Mines for its processing facilities: Cerro Yanacocha (La Quinua and Yanacocha leach pads, La Quinua and Yanacocha Norte gold recovery plants and Yanacocha Gold Mill), Yanacocha (Carachugo and Maqui Maqui leach pads and Pampa Larga gold recovery plant) and China Linda (non-metallic processing concessions). Yanacochas gold processing plants are located adjacent to the solution storage ponds and are used to process goldbearing solutions from Yanacochas leach pads through a network of solution-pumping facilities. The Yanacocha Gold Mill processes high-grade gold ore to produce a gold-bearing solution for treatment at the La Quinua processing plant. The Yanacocha Gold Mill processes between 5.5 and 6.0 million tonnes per year.

two newmont development projects nearing completion

two newmont development projects nearing completion

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The two gold development projects that US-based miner Newmont Goldcorp has earmarked up to $150-million for this year, are nearing completion and will reach commercial production before the end of 2019.

The Ahafo mill expansion, in Ghana, and the Quecher Main project, in Peru, will both achieve commercial production in the fourth quarter, Newmont Goldcorp affirmed in its first-quarter results announcement on Thursday.

The Ahafo mill expansion, which will require between $35-million and $45-million in 2019, will increase the average gold production of Ahafo by between 75000 oz/y and 100000 oz/y in the first five years, starting in 2020.

Together with the recently completed Subika underground project, the Ahafo mill expansion will improve production to between 550000 oz/y and 650000 oz/y for the first five years of production 2020 to 2024.

In total, Newmont Goldcorp will spend $390-million on development capital in 2019 and other projects include investments in the Tanami power project, in Australia and the TRJV third shaft in North America, as well as expenditures to advance studies for future projects.

The Tanami power station project was completed in March and entailed the installation of two power stations, a 66 kV interconnected power line and a 450 km natural gas pipeline. The projects total capital cost was $245-million.

Edited by: Creamer Media Reporter EMAIL THIS ARTICLE SAVE THIS ARTICLE ARTICLE ENQUIRY To subscribe email [email protected] or click here To advertise email [email protected] or click here

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