Initial production figures for the Minera Yanacocha mine in northwestern Peru have been announced.
The mine is 38%-owned and managed by Newmont Mining (NYSE) and will produce about 220,000 oz. gold per year. Production for 1993 is expected to be 60,000 oz.
Current production is from three open pits where oxidized ore is processed in a dump leaching operation.
Reserves total 1.3 million oz. and startup costs were US$45 million. The mine sits on a 63,000-acre property.
Newmont has a 65% interest in a nearby block of claims covering 500,000 acres.
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