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 Corporation    NEM

NEWMONT MINING CORPORATION (NEM)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

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 CEST

--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
Stocks mentioned in the article
ChangeLast1st jan.
COMPANIA DE MINAS BUENAVENTURA SAA --End-of-day quote.
NEWMONT MINING CORPORATION 1.19% 37.46 Delayed Quote.-0.16%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NEWMONT MINING CORPORATION
06/21NEWMONT MINING : Japanese firm buys 5 percent share in Peru's Yanacocha gold min..
AQ
06/20NEWMONT MINING : Welcomes Sumitomo as Valued Partner at Yanacocha
BU
06/20NEWMONT MINING : Announces Second Quarter 2018 Earnings Call
BU
06/12TAHOE RESOURCES : names board member James Voorhees as new chief executive
AQ
06/11NEWMONT MINING : Goldstrike Resources and Newmont Mining Commence Drilling On Pl..
AQ
06/06NEWMONT MINING CORPORATION : Ex-dividend day for
FA
06/04NEWMONT MINING : Buese joins Williams board
AQ
06/01MAVERIX METALS : to Acquire Significant Royalty Portfolio through Strategic Part..
AQ
06/01NEWMONT MINING CORPORATION : Report
CO
05/29BRIXTON METALS CEO : Advancing Ontario and Montana Assets Towards Maiden Resourc..
AQ
More news
News from SeekingAlpha
06/21Sumitomo buys 5% stake in Newmont-Buenaventura gold mine 
06/15Gold futures tumble to 2018 low on trade worries, higher dollar 
06/13Why Harry Dent's $400 Forecast For Gold Is Wrong... Price Is Heading Up Much .. 
06/12Newmont Mining upgraded, Barrick Gold downgraded at Morgan Stanley 
06/07BIG GOLD : Definitely Not A Growth Sector 
Financials ($)
Sales 2018 7 515 M
EBIT 2018 1 410 M
Net income 2018 752 M
Debt 2018 431 M
Yield 2018 1,36%
P/E ratio 2018 25,37
P/E ratio 2019 22,42
EV / Sales 2018 2,72x
EV / Sales 2019 2,53x
Capitalization 19 984 M
Chart NEWMONT MINING CORPORATION
Duration : Period :
Newmont Mining Corporation Technical Analysis Chart | NEM | US6516391066 | 4-Traders
Technical analysis trends NEWMONT MINING CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 44,6 $
Spread / Average Target 19%
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 CORPORATION-0.16%19 984
BARRICK GOLD CORP-5.94%15 258
NEWCREST MINING LIMITED-6.49%12 165
AGNICO EAGLE MINES LTD1.07%10 477
POLYUS PAO--.--%8 221
SHANDONG GOLD MINING-21.81%6 963