Work on Minas Conga mine remains on hold, Newmont-led group says

|About: Newmont Mining Corporation ... (NEM)|By:, SA News Editor

Peru's Minera Yanacocha, run by Newmont Mining (NEM), says work on the giant Minas Conga copper and gold mine in Peru remains on hold, despite recent reports the stalled project could soon be under way again.

The $5B project has been suspended since late 2011 following widespread and sometimes violent protests in the Cajamarca district in northern Peru; since then, the company has worked on building reservoirs to improve water supplies, the focal point of protesters who said the mine would hurt water quality.

NEM owns a 51.35% stake in Minera Yanacocha, while Compania de Minas Buenaventura (BVN) A has a 43.65% stake.