Newmont Suspends Construction at the Conga Project in Agreement with the Government of Peru
DENVER, Nov. 30, 2011 /PRNewswire via COMTEX/ --
Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") announced today that, in agreement with the government of Peru, it has suspended construction activities at the Conga project (or the "Project") in Peru for the safety of employees and community members. During the past month, the Conga project and the near-by Yanacocha operations have experienced intermittent work stoppages as a result of ongoing protests in the region. Beginning in October 2011, anti-mining activists expressed concerns about perceived impacts of the Project on the local water supply. The Conga Environmental Impact Assessment was approved in 2010 after extensive review by the Peruvian government which included significant engagement and consultation with local communities.
Richard O'Brien, Newmont's President and Chief Executive Officer, said, "Newmont has nearly two decades of successful partnerships with the governments and communities at our Peruvian operations. We remain dedicated to the safety and security of our employees and host communities. We will continue to engage in peaceful dialogue with local community leaders and government representatives. We believe that the multi-year approval process followed by Yanacocha and the Peruvian government for the Conga project thoroughly considered impacts to the environment, including water resources in the region."
Mr. O'Brien added, "Should we be unable to continue with our current development plan at Conga, the scale and diversity of Newmont's global portfolio provides us with flexibility to reprioritize and reallocate capital to maintain focus on our strategic objectives through development alternatives in Nevada, Canada, Ghana, Indonesia and Suriname."
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, statements regarding the development and growth of the Company's projects, as well as allocation of capital to projects in the future. Expectations of future events are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to permitting, development, operations and expansion of the Company's projects being consistent with current expectations and political and social developments in which the Company operates being consistent with its current expectation. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ". Such risks include, but are not limited to, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2010 Annual Report on Form 10-K, filed on February 24, 2011, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE Newmont Mining Corporation