Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
As protests against the $4.8 billion Conga project in Peru resumed this week, Newmont Mining Corporation (NYSE: NEM) put together a strategic document outlining its community investment projects related to the gold-copper project.
The programs include efforts to advance health and education, critical infrastructure and economic development in the Conga project’s area of influence (pictured). The company remarked that implementation of the programs began four years ago and would continue over the life of the proposed mine.
Newmont has also commenced planning for 1,750 residents in seven villages to benefit from a new potable water system. International consultants were given 40 days to review Conga’s environmental permit, which was approved in 2010.
Last November, violent demonstrations halted work at the Conga mine, demanding Newmont Mining to stop construction work on the open-pit project. Project opponents and several officials have expressed concerns about the project’s impact on the environment, water supplies, health and livelihoods.
Residents in the northern city of Cajamarca which has more than 200,000 residents, led by the president of the region, said at the time that the new mine – adjacent to South America’s largest gold mine Yanacocha – will harm agriculture and livestock by relocating water supplies. Conga would be the biggest investment ever in Peru mining.
Details regarding the social investments can be found in the fact sheet released by Newmont Mining.
