2023-06-01 11:10:24 ET
Gold miner Newmont ( NYSE: NEM ) plans to invest $540M at its Cerro Negro mine in Argentina to extend the life of the mine to 2034, the government told Bloomberg on Wednesday.
Cerro Negro, which is comprised of three underground operating mines and two deposits being developed as well as five other deposits, generated more than $500M in exports in 2022.
While Argentina's political volatility has made it a tricky place to do business, the cash-strapped country is seeking ways to improve the appeal of developing more of its vast deposits and attract more hard currency, Bloomberg wrote.
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Newmont to spend $540M to extend life of Argentina mine, government says