By Adriano Marchese


Newmont Corp. said Thursday it will delay its investment decision for a sulfide project in Peru to the second half of 2024 following a review of the scope and schedule.

The dual-listed gold miner said it will continue to advance engineering and long-lead procurement activities to de-risk the Yanacocha project.

For the delay, the company cites "unprecedented and evolving" market conditions, including Russia's war in Ukraine, inflation rates, the higher cost of commodities and raw materials, prolonged supply chain disruptions as well as challenging labor markets.

Newmont said it will continue to manage the operations, while also finding opportunities for enhancement, which include the construction of two water treatment plants expected to cost an initial $350 million over the next two years.

Heading up the project will be newly-appointed Chief Development Officer Dean Gehring, a 30-year mining industry veteran. Mr. Gehring was previously Newmont's executive vice president and chief technology officer.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

09-15-22 0947ET