Japan's Sumitomo says to buy 5-pct stake in Peruvian gold mine [Reuters]
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Source: Reuters
Japan's Sumitomo says to buy 5-pct stake in Peruvian gold mine | Reuters Reuters Staff 2 Min Read TOKYO, June 21 (Reuters) - Japanese trading house Sumitomo Corp on Thursday said it had agreed to buy a 5-percent stake in the Yanacocha gold mine in Peru for $48 million, as it looks to boost its assets in the metals sector. Yanacocha, which has been in production since 1993, was Peru’s largest gold mine until output began falling in recent years. But Sumitomo said in a statement that the mine had “substantial future growth options” as it also contains copper deposits, and that the its life could be extended until 2039. After Sumitomo’s investment, the mine will be 51.35-percent owned by U.S. company Newmont Mining, with 43.65 percent held by Peruvian miner Buenaventura SAA. That will be down from the current 54.05 and 45.95 percent respectively. Sumitomo said the mine had extensive sulphide gold and copper deposits located under the oxide gold deposit currently in production. “The feasi
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