Newmont’s Yanacocha Project: The Joint Venture Three Years Later

The Yanacocha project is the first foreign investment in Peruvian mining since Cuajone during 1976. Three years after the project began, it has become the largest producer of gold from heap-leach operations in the world and the top producer in Latin America. The success of Minera Yanacocha SA (MYSA) opens a new chapter in Peruvian mining with the exploitation of its widely spread gold deposits. And it has attracted the interest of foreign investors in Peru’s mineral resources. Construction began on Aug. 1, 1992. The first gold bar was poured on Aug. 7, 1993 from ore from the Carachugo Mine. During 1993, Minera Yanacocha produced 2.5 t (81,000 oz) of gold and 9.4 t (304,000 oz) during1994 (40% above budget). Production was expected to exceed 15.5 t (500,000oz) during 1995 with the start-up the Maqui Maqui Mine.