Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Newmont Mining Corp    NEM

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Peru Activists: Newmont's Minas Conga Project Remains Unfeasible

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/23/2012 | 06:50pm CET

--Mine opponents say Newmont's Minas Conga remains unfeasible

--Opponents of project are evaluating new round of protests

--President Ollanta Humala backs mine project, but urges changes

By Ryan Dube

Of

Opponents of Newmont Mining Corp.'s (>> Newmont Mining Corporation) $4.8 billion Minas Conga copper and gold project in Peru continue to reject the enterprise despite efforts by the government to decrease its impact on the environment and improve its social benefits.

On Friday, President Ollanta Humala said that the company must carry out a number of changes to the project, which was suspended in November, before it can proceed. The changes include increasing the supply of water, creating a fund for social programs and providing large-scale employment to local residents.

The changes were recommended in a review of Minas Conga's environmental impact study by three international consultants that were hired by the government. The review, which was released last week, is intended to resolve concerns about the project's impact on the environment.

Minera Yanacocha, the company developing Minas Conga, has said it is evaluating the recommendations. Newmont has a 51.35% interest in Yanacocha, while Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL) has a 43.65% stake in Yanacocha. The International Finance Corp. has a minority stake.

Marco Arana, a former Catholic priest and one of the main opponents of Minas Conga, said that Humala's speech showed "good intentions," but opponents still reject the project.

"There is no possibility that this project can go ahead over the next few years without creating a grave social conflict," Arana told Dow Jones Newswires on Monday.

He said that authorities from throughout northern Peru's Cajamarca region, where Minas Conga is located, are meeting to discuss Humala's proposed changes. "But without a doubt they still reject the viability of the project," Arana said.

Arana added that a new round of protests in Cajamarca may be announced this week.

Prime Minister Oscar Valdes said that the government will inform residents in Cajamarca about the proposed changes to Minas Conga. "We don't work for Marco Arana. We work for all of Peru," Valdes told reporters on Monday.

Meanwhile, another strong critic of Conga, anti-mining activist Wilfredo Saavedra, also continues to reject the project. "Ollanta Humala has shown his true face as a loyal servant of the multinationals," said Saavedra in televised comments.

Gregorio Santos, the president of Cajamarca's regional government, who has also been a staunch opponent of Minas Conga, was not immediately available for comments.

Yanacocha hopes to have production up and running at Minas Conga by the end of 2014 or early 2015. Average annual output during the first five years is seen at 580,000 to 680,000 ounces of gold and 155 million to 235 million pounds of copper.

Peru is one of the world's largest producers of copper, gold, silver, zinc, tin and other minerals.

-By Ryan Dube, Dow Jones Newswires; 51-945 043 802; [email protected]

(MORE TO FOLLOW) Dow Jones Newswires

04-23-12 1249ET

Stocks mentioned in the article : Newmont Mining Corporation
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NEWMONT MINING CORP
11/09 NEWMONT MINING : Early Warning Report Filed Pursuant to National Instrument 62-1..
11/08 LUMINA GOLD : Announces Updated Cangrejos Inferred Mineral Resource Contained Go..
11/02 NEWMONT MINING : Declares Quarterly Dividend of $0.075 Per Share
10/30 Fremont Gold Ltd. Acquires 3,250 Hectare Prospective Property Package on the ..
10/27 NEWMONT MINING : Declares Quarterly Dividend of $0.075 Per Share
10/26 NEWMONT MINING CORP : Newmont Mining Corporation to Host Earnings Call
10/26 NEWMONT MINING : DE/ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION..
10/26 NEWMONT MINING : tops Street 3Q forecasts
10/26 NEWMONT MINING CORP /DE/ : Results of Operations and Financial Condition, Financ..
10/26 NEWMONT MINING : Announces Third Quarter 2017 Results
More news
News from SeekingAlpha
11/17 Gold nears $1,300/oz. amid U.S. tax reform uncertainty
11/14 Interested In Relatively Safe Options On Gold? Consider Big Gold Miners
11/10 COMMODITIES EXPERIMENT PART 1 : Gold On The Ceiling
11/10 GDX : Expect Long-Term Rallies
11/10 NEWMONT MINING : A Pause, Then A Rally?
Financials ($)
Sales 2017 7 322 M
EBIT 2017 1 348 M
Net income 2017 654 M
Debt 2017 858 M
Yield 2017 0,67%
P/E ratio 2017 29,40
P/E ratio 2018 26,26
EV / Sales 2017 2,77x
EV / Sales 2018 2,62x
Capitalization 19 397 M
Chart NEWMONT MINING CORP
Duration : Period :
Newmont Mining Corp Technical Analysis Chart | NEM | US6516391066 | 4-Traders
Technical analysis trends NEWMONT MINING CORP
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 42,2 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Gary J. Goldberg President, Chief Executive Officer & Director
Noreen Doyle Independent Non-Executive Chairman
Tom Palmer Chief Operating Officer & Executive Vice President
Nancy K. Buese Chief Financial Officer & Executive Vice President
James Zetwick Chief Information Officer & Vice President
Sector and Competitors
1st jan.Capitalization (M$)
NEWMONT MINING CORP6.28%19 397
SAUDI ARABIAN MINING COMPANY (MA'ADEN)--.--%16 826
BARRICK GOLD CORP-17.39%16 177
NEWCREST MINING LIMITED16.89%13 700
POLYUS PAO--.--%11 403
AGNICO EAGLE MINES LTD0.87%10 210