Gold Fields to allocate US$30mn to 2025-26 Peru exploration
Wed Jan 29 2025
South Africa’s Gold Fields, which operates the Cerro Corona gold mine in Peru’s Cajamarca region, will allocate US$30mn in 2025-26 to exploration in the Andean country.
“Our focus is on three action areas: brownfield exploration near Cerro Corona, greenfield exploration in up to three regions –Cajamarca, Moquegua, and Ancash – and possible acquisitions. We’re not closed to the opportunity of a joint venture with a company that needs our experience,” Paul Gómez, technical VP for the Americas at Gold Fields, said in an interview with Peru’s mining engineers’ college IIMP.
The exploration budget is US$15mn for each year, or double the amount invested in previous years. The budget for operating and maintenance capex this year will be US$150mn. Capex assigned to additional projects and works will be US$50-60mn.
Last October, Gold Fields received approval from environmental certifier Senace to extend Cerro Corona’s useful life until 2030. At the end of 2024, the company presented a US$44.1mn plan for the work required at the site, namely in the tailings and water system, concentrator and crushing circuit areas, among others.
“The concept of the extension is to start a high grading process until 2025, and then from 2026 to 2030 low-grade stocks accumulated in previous years will be reprocessed. They have grades sufficient to maintain production at more than 100,000oz/y,” said Gómez.
According to the executive, Cerro Corona produced less than 200,000oz of gold in 2024 but the figure was within the planned range given that the pre-closure stage has begun.
The company also expects to begin construction of five projects this year, four of them water and sanitation, through the Works for Taxes (OxI) mechanism.
Gold Fields has already built three projects through the mechanism that involves financing public infrastructure projects instead of making tax payments.
“The largest project will impact up to 18,000 people,” Gómez added.
Source: https://www.bnamericas.com/