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Newmont expects up to US$1.2B impairment in Q4 for Yanacocha gold mine closure

Newmont Mining Corp. expects to record a noncash impairment charge of between US$1 billion and US$1.2 billion for the fourth quarter due to increases in the mine closure costs for its Yanacocha gold mine in Peru.

The company operates the mine via Minera Yanacocha SRL, which is owned jointly with Compañía de Minas Buenaventura SAA and the International Finance Corp.

According to the Dec. 13 release, management expects to record an increase to the asset retirement obligation at Yanacocha of between US$400 million and US$500 million during the fourth quarter.

Newmont said the revised closure plan for Yanacocha may change in connection with its submission and review of the plan with Peruvian regulators, which is expected in the second half of 2017.