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11/13/09

Yanacocha: A nice catch by Reuters

Reuters is on the ball regarding Yanacocha and yesterday immediately noted a discrepancy between production estimates at South America's biggest gold mine for 2010. In the left corner we have Newmont (NEM) with upbeat estimates and in the right corner its JV partner at the mine, Buenaventura (BVN), with a negative outlook for production next year. Here's the excerpt from the note:

"This year, we're going to have something similar to 2008 production ... and for the next few years, we're going to maintain levels of around 1.8, 1.9 million ounces," Carlos Santa Cruz, Newmont's vice president of South American operations, told reporters.

His statement conflicts with one made last month by Roque Benavides, Buenaventura's chief executive, who said he expected to see production at Yanacocha falling roughly 25 percent to 1.5 million ounces in 2010, as lower ore grades are explored."


But hey...what's four hundred and forty two million dollars of gold between friends anyway, right?