Newmont To Defer Full-funds Investment For Yanacocha Sulfides Project In Peru For At Least Two Years
(RTTNews) - Newmont Corp. (NEM, NGT.TO) announced Tuesday it will defer the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years to advance its portfolio optimization strategy designed to maximize returns for shareholders and create long-term value for other stakeholders.
The decision positions Newmont to prioritize other value-accretive opportunities and support its disciplined capital allocation strategy, which balances steady reinvestment in the business, maintaining financial strength and flexibility and providing leading returns to shareholders.
The deferral of the full-funds investment decision results in a reduction of development capital expenditures, including an estimated $300 million included in Newmont's outlook for 2024.
The decision to defer the project is based on a robust analysis led by Dean Gehring, Chief Development Officer - Peru, over the last nine months to further maximize the project's economics in a period of high global inflation and market volatility.
Dean Gehring will now shift his focus from leading the Yanacocha operation and Sulfides project to leading integration planning for Newmont's proposed acquisition of Newcrest.
In this role as Chief Integration Officer, Dean will lead key activities required for a safe and smooth integration, while setting up the organization for ongoing success.
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