After an extensive review of the Yanacocha Sulfides project scope and schedule, Newmont revised the project timeline. The company cited unprecedented and evolving market conditions, including the continued war in Ukraine, record inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, and competitive labor markets.

A 30-year mining industry veteran, Gehring brings extensive global leadership experience to the role, having previously managed operations and projects in the United States, Canada, Indonesia, Suriname and Peru, including as the head of Newmont’s South America region.

Newmont said it will continue to manage the Yanacocha operations responsibly while also finding opportunities to enhance operations, including the construction of two water treatment plants, with an anticipated initial spend of around $350 million over the next two years.

The company said it will continue advanced engineering and long-lead procurement activities to de-risk the project seeking a profitable and predictable path forward for the Sulfides project. Following an investment decision anticipated in the second half of 2024, the project is expected to be developed over a three-year period, adding average annual production of approximately 525,000 gold equivalent oz/