Barrick Gold Corp. Chairman Peter Munk said spinning off assets as part of a proposed merger with Newmont Mining Corp. would help reduce risk at a time when investors have become increasingly concerned about the hazards of operating in politically volatile countries.
Newmont Mining Corp. and Freeport- McMoRan Copper & Gold Inc. said they are still in talks with the government about resuming copper exports after the country granted approval for nine other companies.
Capital spending by the largest gold producers is increasing at a faster pace than earnings for a second straight year as the industry’s biggest mining projects are beset by delays and surging labor costs.
Peru will concentrate most of a 1 billion-sol ($394 million) government investment in reservoirs and water-treatment projects near Newmont Mining Corp.’s $5 billion Minas Conga gold project in a bid to defuse opposition to the mine, the National Water Authority chief said.
Newmont Mining Corp.’s suspended $4.8 billion Minas Conga gold mine development, the largest investment project in Peru, will be reviewed by international consultants for environmental effects, the government said.
Newmont Mining Corp. agreed to relocate waste dumpsites from its Minas Conga gold and copper project in Peru to meet conditions set by the government, Peru21 reported, citing unnamed government and mining industry officials.