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Yanacocha Gold Mine

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by

Herb Ronson

on 10 February 2013

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Transcript of Yanacocha Gold Mine

Yanacocha Gold Mine Peru Advantages Disadvantages Images Location The Yanacocha gold mine is situated in North Peru, approximately 30 kilometres north of the Inca town of Cajamarca. Facts Considered to be one of the largest gold mines in the world, next to the Grasberg Gold Mine in Indonesia, the Muruntau Gold Mine in Uzbekistan, and the Carlin-Nevada Complex Mine in Nevada. Yanacocha is part owned by the American company Newmont Mining, and part owned by the Peruvian company Buenaventurda. Newmont Mining also own and/or run mines in Australia, Africa and Canada. Yanacocha's gold production rate was at its peak in 2005, having produced 3,316,933 ounces that year. Since then the mine's production rate has fallen to less than half. The mine produced just 1.3 million ounce in 2011. This huge drop in output is considered to be atrributed to the amount of local protest against the mine. Around the area of Yanacocha there are also large reserves of copper, which is also mined by Newmont. Since Yanacocha gold mine has become partly owned by Newmont Mining, the wealthy American company has invested $8m annually in community development for the surrounding towns that have been affected by the mine. The Newont Mining company has said that the Yanacocha mine ( positioned in an LEDC ), under their management, has created over 1,600 jobs for surrounding towns. Peruvians who have been able to get a job at the mine earn twice as much ( if not more ) than if they were to work in their small communities. These high salary jobs have improved the lives of many who live nearby and have driven the economic development considerably. Locals to the mine have said that they were never consulted about the mining project before it was set up in the early 1990's. The main water supply for the surrounding communities that runs down from the mountains has been contaminated by heavy metal sediments ( including cyanide which the mine uses to extract the gold ) that have got into the water from the mine's waste. The fish and river plant life are being killed. Local towns have grouped together and attempted protest against the mine, but have resulted in violent conflicts with the police. In 2000, mercury from the mine was spilled along a 40km length of road. The spill wasn't reported until the next day, and hundreds of people had to be treated for mercury poisoning.
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