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Friday, 1st August 2008 (947 views)

Minera Yanacocha SRL has announced its gold mill has started gold production.

Between April and June this year the mine in Peru produced 77,416 ounces of gold.

The company said the mine had produced 442,000 ounces of gold for the second quarter of 2008 in comparison to 303,000 ounces of gold produced during the same quarter last year.

"That was mainly due to an increase of tons placed on leaching pads, and to higher grade ore, among other factors," said Minera Yanacocha.

Yanacocha is the second largest mine in Latin America and is managed by the Newmont Mining Corporation which has a 51.35 per cent stake.

Of the remaining interest, the Peruvian mining firm Compania de Minas Buenaventura SAA (BVN) holds 43.65 per cent and the International Finance Corporation has five per cent.

The site is located in the Andes Mountains, 375 miles from Lima and 30 miles north of Cajamarca.

 

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