Newmont Corporation has announced that it will acquire the remaining 5% interest in Yanacocha from Sumitomo Corporation for $48 million. The transaction is expected to close in the second quarter, making Newmont the exclusive owner-operator of this world-class asset.

This announcement follows an announcement in February 2022, in which Newmont acquired Buenaventura’s 43.65% interest in Minera Yanacocha.

“This transaction gives Newmont full equity ownership of the Yanacocha district where we are positioning the Sulfides project for profitable production and value generation for decades to come. We have deep knowledge of the asset and the value it brings to Newmont stakeholders,” said Newmont President and CEO Tom Palmer. “We are committed to continuing to be a catalyst for sustainable development in Peru and look forward to continuing to work closely with communities in the Cajamarca region and the Peruvian government.”

The acquisition of the Buenaventura and Sumitomo ownership positions is consistent with Newmont’s district consolidation strategy. Newmont continues to advance the Sulfides project, which is progressing toward a full-funds decision later this year. The Sulfides project will increase Newmont’s copper production, supporting the transition to a green economy, and will extend mine life for decades to come.

About Newmont

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.