Newmont Reopens Gold Mine in Argentina

Newmont, the biggest producer of gold globally, recently announced that it had once more commenced operations at the Cerro Negro mine in Argentina. This is after operations at the mine were suspended following the death of two workers on site.

In a statement, the Denver-based company’s general mine manager Marcelo Campos revealed that the organization’s plan to resume operations had been assessed by governmental authorities. Campos noted that the approval by the authorities reflected Newmonth’s commitment to operational excellence and security.

Capromisa, the provincial suppliers and services chamber, had raised concerns about the impact a continuous suspension would have on service providers as well as small- and medium-sized businesses. The chamber requested that the authorities hasten the inquiry into the deaths and expedite the administrative processes to facilitate the carrying on of operations.

The Cerro Negro gold mine is situated in the province of Santa Cruz, which is located in the southern region of Argentina. It sits 600 meters above sea level on the Patagonian plains in the south of Argentina. The mine is a six-hour drive southwest from Comodoro Rivadavia and a two-hour drive south from Perito Moreno, the closest community. It is one of the company’s central operations in South America, raking in more than $500 million from exports annually.

As a whole, the operation has some high-grade underground mines, namely Mariana Norte, Eureka and Mariana Central. This is in addition to having a pair of underground deposits — San Marcos and Emilia — that are currently being developed.

At the moment, the mine is going through a multimillion-dollar expansion that would extend its life to 2034. Its total production would also reach and exceed more than 350,000 ounces annually from this year onwards. In 2024 alone, the mine is expected to produce roughly 290,000 ounces of gold.

In a statement, the company revealed that it was committed to expanding this particular mining operation with the development of the Eastern and Marianas districts. Further, the asset is also comprised of five other deposits in late-stage evaluation. The complex also has other exploration targets and deposits, including a cyanide leach-processing facility that uses the Merrill-Crowe process to recover gold and an open-pit mine called the Vein Zone.

In addition to Argentina, Newmont also has operations in Suriname, where it owns an open-pit gold mine, Merian; the Dominican Republic, where it holds Pueblo Viejo; Mexico, where it holds the Peñasquito mine; and Peru, where it holds the Yanacocha mine.

Gold exploration companies such as Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) could uncover major gold deposits in other jurisdictions that big mining companies could look to acquire to add onto their pipelines.

NOTE TO INVESTORS: The latest news and updates relating to Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) are available in the company’s newsroom at http://ibn.fm/ELRRF

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