2023-06-20 11:49:12 ET
Newmont ( NYSE: NEM ) -2% in Tuesday's trading after saying it will defer making an investment decision on its Yanacocha Sulfides expansion project in Peru by at least two years, as it seeks to prioritize other value accretive opportunities.
Newmont ( NEM ) said the deferral will result in a reduction of development capital spending, including an estimated $300M included in the miner's outlook for 2024.
The company said the deferral decision is based on an analysis led by Dean Gehring, its chief development officer for Peru, over the last nine months, whose focus now will shift to leading integration planning for Newmont's ( NEM ) proposed acquisition of Newcrest Mining.
Newmont ( NEM ) previously said the Yanacocha expansion project would add an average of 525K gold equivalent oz/year to its production.
More on Newmont:
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- Analysis: Newcrest Deal: Solidifying Newmont's Position As The Largest Gold Producer
- Stock price return: Down 11.5% YTD, down 34% in the past 12 months
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Newmont to delay Peru mine investment decision by at least two years