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Message: South America's Top Projects

South America's Top Projects

posted on May 30, 2008 01:25PM


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FACTBOX-South America's top gold mines and projects

 May 30 (Reuters) - Funeral bells may have sounded for two
important Latin American gold projects after mineral-rich
Venezuela warned it will not issue permits in a forest reserve.
[ID:nN30426590]
 Below are key facts on the top gold projects and mines in
the region.
 * The largest gold mine in Latin America is Newmont Mining
Corp's (NEM.N: Quote, Profile, Research) Yanacocha pit in Peru. It produces around 1.8
million ounces a year, and aims to increase output to 2 million
ounces with an expansion project. In 2007, Newmont reported
14.2 million ounces of reserves at Yanacocha.
 * Also in Peru, Barrick Gold (ABX.TO: Quote, Profile, Research) operates the Laguna
Norte mine, which produces 1.1 million ounces a year and has
reserves of 8.7 million ounces.
 * Big projects in the pipeline include Barrick's Pascua
Lama prospect in Chile, expected to churn out 750,000 ounces of
gold from its 18 million ounce reserve. The project is
currently waiting for government permits to begin
construction.
 * In Brazil, Kinross (K.TO: Quote, Profile, Research) operates the Paracatu mine
which is currently undergoing expansion. The 18 million ounce
site is expected to produce about 550,000 ounces a year from
2008.
 * Xtrata's (XTA.L: Quote, Profile, Research) La Alumbrera mini in Argentina produces
about 630,000 ounces of gold each year, along with copper.
 * The left-wing governments of Venezuela and Ecuador are
both wary of foreign miners and have been raising hurdles in
their paths. In Ecuador, Aurelian (ARU.TO: Quote, Profile, Research) resources 13.7
million ounce Condor project halted drilling last month and
laid off workers after the government suspended exploration
projects for six months in April.
 * Venezuela says it will not issue environmental permits
for projects in its giant Imataca Forest Reserve, close to the
Amazon. The move hits Crystallex's (KRY.TO: Quote, Profile, Research) 14 million ounce
Las Cristinas project, which was set to produce 250,000 ounces
per year from 2010.
 * Also affected by the Imataca ruling is Gold Reserves
(GRZ.TO: Quote, Profile, Research) Brisas project, with 11.8 million ounces of reserves.
(Reporting by Frank Jack Daniel; Editing by Marguerita Choy)



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