Report: Community support for Newmont's Conga project may be growing

|By:, SA News Editor

With all the problems gold miners faced this year, the pushback many received from those living near the mines probably ranked low on the list, but signs are emerging that some communities are reassessing their opposition, especially as they weigh the costs to their economies.

For example, local opposition to the Minas Conga project in Peru, a joint venture between Newmont Mining (NEM) and Buenaventura (BVN), could be dissipating, WSJ reports.

Yet J.P. Morgan's John Bridges sees NEM revisiting its decision on Minas Conga only in 2015 after Peru's electoral cycle is over; the project needs $5B in capital investments, and NEM likely would not restart it with gold trading at $1,200/oz.