Name of the Project
Yanacocha sulphides project.

Location
About 800 km north-east of Lima, in Peru.

Project Owner/s
Gold miner Newmont Corporation.

Project Description
The project is part of a planned expansion of Newmont's Yanacocha gold mine, which will extend the life of Yanacocha beyond 2040.

The project will develop the first phase of sulphide deposits at Yanacocha and an integrated processing circuit, including an autoclave to process gold, copper and silver feedstock. The project is expected to add 500 000 gold equivalent ounces a year.

The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha’s operations beyond 2040, with the second and third phases having the potential to extend the life of the project for many decades.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Construction for the project is yet to start, although Newmont is not expecting to extract metal until 2026.

Latest Developments
Newmont will defer the full-funds investment decision for the Yanacocha project for at least two years to advance its portfolio optimisation strategy.

The deferral forms part of the portfolio optimisation as part of the proposed acquisition of Australia-based Newcrest Mining, and will result in a reduction in development capital expenditure, including an estimated $300-million included in Newmont’s outlook for 2024.

The deferral follows an analysis led by chief development officer for Peru, Dean Gehring, who evaluated the project economics over the past nine months amid high global inflation and market volatility.

Gehring's focus will now shift from leading the Yanacocha operation and sulphides project to leading integration planning for Newmont’s proposed acquisition of Newcrest.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Newmont Corporation media contact Courtney Boone, tel +1 303 837 5159 or email courtney.boone@newmont.com.
Newmont Corporation investor contact Eric Colby, tel +1 303 837 5724 or email eric.colby@newmont.com.