en.Wedoany.com Reported - Peruvian mining company Newmont plans to extend the operational life of the Yanacocha mine to 2031, a change driven by rising gold prices, market shifts, and new technologies that utilize remaining ore. Fernando Cabanillas, Newmont's Country Manager for Peru, announced the plan during the "Newmont: 2026-2027 Strategic Opportunities" conference organized by the Australia-Peru Chamber of Commerce (APCCI).
During his speech, Cabanillas stated that the company's current strategic focus is on maintaining its leading position in gold production while driving growth in its copper business. He said: "Newmont's path is to continue leading in gold, but to grow in copper." Yanacocha has been operating for over 32 years. After Newmont became the mine's 100% owner in 2022, the company revised its strategy to adapt to new market conditions.
Cabanillas explained that rising gold prices, existing permits, and a stable relationship with the Cajamarca region have allowed the company to postpone the final mine closure. He said: "The decision is to continue operating. We need to go back to those stopes we abandoned years ago because it wasn't profitable to intervene in them then, but now it is." As a result of this decision, Yanacocha's production plan, initially set until 2027, was extended to 2029, and is now expected to be extended to 2031. This is achieved by utilizing remaining ore and applying Injection Leaching technology, a patented Newmont method for improving recovery rates from residual ore.
The executive made it clear that the continuity of operations does not change the company's commitment to a gradual and responsible mine closure. Within this framework, Newmont is building two new acid water treatment plants, with the construction phase ending this year and becoming operational next year. The construction phase exceeded initial expectations, creating over 7,000 jobs with a strong focus on local suppliers and workers. Currently, 80% of Yanacocha's workforce comes from Cajamarca, compared to 25% fifteen years ago.
Another key point of the speech was the "Agua para Cajamarca" (Water for Cajamarca) program, an initiative promoted by Newmont since 2012 alongside authorities, academia, and other institutions to bridge the region's water gap. Cabanillas explained that the main challenge in Cajamarca is not resource availability, but the infrastructure to manage it. "The problem is not a lack of water; the problem is the lack of infrastructure to manage water resources." The program includes gray infrastructure projects (such as tube wells and the future Chonta Dam) and green infrastructure based on nature-based solutions.
Finally, Cabanillas stated that one of the company's main lessons in Cajamarca is that the continuity of mining activities depends on joint efforts with various local stakeholders. He emphasized the need to strengthen the execution capacity of regional and local governments to improve public investment execution. "Private investment must bring public investment. There must be a synergy to achieve sustainable development in the region."
