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DENVER, Jan. 6, 2012 /PRNewswire/ -- Newmont Mining Corporation (NYSE: NEM) today outlined a number of community investment programs - developed in conjunction with local communities - that have been implemented or are under development in the Conga project's area of influence in Peru. The programs, which are in addition to the numerous social investments Yanacocha has made over the last two decades, include efforts to advance health and education, critical infrastructure and economic development in Peru's Cajamarca region. Implementation of the programs began four years ago and would continue over the life of the proposed mine. Details regarding the social investments can be found in the fact sheet released today by the company.
In addition to community investment programs, Conga is expected to generate more than US$2 billion in taxes over the life of the operation, half of which would be directed to the Cajamarca region through the mining canon. And while the project would replace four lagoons with four engineered reservoirs, downstream users would benefit from a reliable, year-round water supply, something they don't currently have due to the lagoons not continuously overflowing into the natural streams during the dry season. The reservoirs would increase existing water storage capacity from 1.4 million cubic meters to 3.2 million cubic meters, providing water to downstream users 12 months a year.
"Conga's community investment programs were designed by the local communities to address long-standing needs that they themselves identified as issues," said Richard O'Brien, Newmont's President and Chief Executive Officer. "Although many of these programs are still in their early stages, we've already seen tangible results including reductions in malnutrition, school drop-out rates and grade repetition. After the Conga project is built and starts generating revenues, we expect to see even greater improvements in community health, education, nutrition, infrastructure and economic development."
To date, Conga's community investment programs have resulted in:
In 2008, the Conga Project Team, in cooperation with the Asociacion Los Andes de Cajamarca, engaged 32 of the project's neighboring communities to identify opportunities for sustainable local development. In 2009, Community Development Committees (CODECOs), comprising and led by local citizens, created the "2015 Community Vision," which set targets for improvements in social, economic and community development.
In addition to the social, economic and infrastructure benefits expected from tax revenues, Conga's initial social investment plans that will be implemented once the project is developed, include:
Prior to the suspension of construction activities at Conga, more than 6,800 people were employed, with the overwhelming majority coming from the local communities. In 2011, the Conga Project entered into contracts worth more than US$50 million with more than 60 local contractors.
More information about the Conga project, including a fact sheet on Conga's water protection plan, can be found online at http://www.newmont.com/south-america.
Background on Conga's Environmental Impact Assessment
Conga's Environmental Impact Assessment has already undergone extensive reviews by 12 government agencies and was approved by the Ministry of Energy and Mines in 2010 following a three-year, public EIA process. The environmental and social studies in Conga's EIA spanned up to 13 years and the public engagement process included 13,000 people from the region. The EIA process was transparent and open to anyone who wanted to participate, provide input or raise issues. Conga's reservoirs would more than double the current water storage capacity of the four lakes in question from 1.4 million cubic meters to 3.2 million cubic meters and provide a reliable, year-round water supply to downstream users, something they don't currently have as a result of the dry season.
Founded in 1921 and publicly traded since 1925, Newmont is one of the largest gold companies in the world. Headquartered in Colorado, the Company has more than 35,000 employees and contractors, with the majority working at core operations in the United States, Australia, Peru, Indonesia and Ghana. Newmont is the only gold company listed in the S&P 500 index and in 2007 became the first gold company selected to be part of the Dow Jones Sustainability World Index. Newmont's industry leading performance is reflected through high standards in environmental management, health and safety for its employees and creating value and opportunity for host communities and shareholders.
Newmont Mining Corporation
Newmont Mining Corporation