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Buenaventura's Conga gold project will not restart in near future

Cia. de Minas Buenaventura SAA has no plans to restart its US$5 billion Conga gold project in Peru anytime soon, Reuters reported Aug. 10, citing CEO Victor Gobitz.

Operations at Conga were halted following local protests over land rights and environmental concerns in 2011, and declining gold prices ultimately led to the decision that the site was not financially viable.

Gobitz is not ruling out the idea of a restart, which could be part of plans to develop multiple gold projects in Peru's Cajamarca region.

Meanwhile, the company is prioritizing plans to extend the mine life of the Yanacocha gold project with majority owner Newmont Mining Corp. through 2025. The companies intend to mine copper sulfides using existing infrastructure at the site.