Newmont to Acquire Remaining Stake in Yanacocha
Newmont Corp. has announced that it will acquire the remaining 5 percent interest in Yanacocha from Sumitomo Corporation for $48 million. The transaction is expected to close in the second quarter, making Newmont the exclusive owner-operator of the project.
This announcement follows an announcement in February 2022, in which Newmont acquired Buenaventura’s 43.65 percent interest in Minera Yanacocha.
“This transaction gives Newmont full equity ownership of the Yanacocha district where we are positioning the Sulfides project for profitable production and value generation for decades to come. We have deep knowledge of the asset and the value it brings to Newmont stakeholders,” said Newmont President and CEO Tom Palmer. “We are committed to continuing to be a catalyst for sustainable development in Peru and look forward to continuing to work closely with communities in the Cajamarca region and the Peruvian government.”
The acquisition of the Buenaventura and Sumitomo ownership positions is consistent with Newmont’s district consolidation strategy. Newmont continues to advance the Sulfides project, which is progressing toward a full-funds decision later this year. The Sulfides project will increase Newmont’s copper production, supporting the transition to a green economy, and will extend mine life for decades to come.