Friday, 17th December 2004 (3113 views)

The manager of Newmont Mining has claimed that the company is close to meeting its gold target for the Yanacocha mine for this year.

According to Bloomberg, the site is based in northern Peru and is the second largest gold mine in the world.

Production at the mine made up nearly half of the 171.6 metric tonnes of gold produced in Peru last year.

The general manager of Yanacocha, Brant Hinze said: "We had a tough first half, but the second half has been encouraging. We will be very close, or possibly meet our 3 million-ounce target.'

Newmont spent $30 million on exploration during 2004 and is planning to invest a similar amount next year.

 

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