Newmont said on Tuesday it would defer making an investment decision about its Yanacocha Sulfides expansion project in Peru by at least two years.
Last year, the company deferred the decision deadline for the $2 billion project that is expected to extend the life of Newmont’s Yanacocha gold mine beyond 2040 to the second half of 2024.
The world’s biggest gold miner, which did not specify when it would make the decision, said the deferral would help it cut its expenditure by at least $300 million in 2024.
Newmont is in the process of acquiring Australia’s Newcrest Mining for $17.8 billion, which would lift the company’s gold output to nearly double that of its nearest rival, Barrick Gold.
(By Tanay Dhumal; Editing by Vinay Dwivedi)
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