Official: Stalled Peru mine costs $2 million aday

AP News
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Posted: Jan 12, 2012 11:21 AM
Official: Stalled Peru mine costs $2 million aday

A top company official says the suspension of Peru's biggest mining project due to protests is costing about $2 million a day.

Greenwood Village, Colo.-based Newmont Mining Corp. Regional Vice President Carlos Santa Cruz also told international media Thursday that roughly $800 million has now been invested in the Conga gold- and copper-mining project.

Production at the $4.8 billion project was to have begun by early 2015 but has been stalled since November.

Protesters backed by the regional governor say they fear the mine will harm their water supplies.

Santa Cruz said Newmont, the mine's majority owner, is still waiting on Peru's government to convene a panel of international experts to evaluate Conga's environmental impact statement.