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Colombia could be on Peru road, says Newmont chief

Newmont Mining Corp is viewing Colombia “much like we saw Peru 20 years ago”, according to CEO Gary Goldberg, after the gold major recently opened an office in Medellin. It bought nearly 20% of Colombia gold-mine developer Continental Gold (TSX:CNL) last year for US$109 million.
Colombia could be on Peru road, says Newmont chief Colombia could be on Peru road, says Newmont chief Colombia could be on Peru road, says Newmont chief Colombia could be on Peru road, says Newmont chief Colombia could be on Peru road, says Newmont chief

Newmont's Gary Goldberg

Staff reporter

Speaking on a conference call, Goldberg said Newmont's latest deal to buy 50% interest of the Galore Creek copper-gold project in Canada did not necessarily reflect a "pivot towards safe jurisdictions" by the company. While Goldberg agreed with an analyst on the call that resource nationalism uncertainty in different parts of the world would be a factor weighed by Newmont in its assessment of investment opportunities, "we continue to go where the best assets and the best potential profile is".

"We've got a footprint that's in four jurisdictions that allows us to take a look at potential opportunities in all those four jurisdictions; Canada being one and we think this is a good [jurisdiction].

"We've just opened up [a Medellin office] in Colombia. We see that as a strategic toehold towards what we see as an improving situation there and something that looks good. Much like we saw with Peru 20 years ago, we see now with Colombia.

"So I wouldn't say we're rushing in any certain direction, we're going where it makes sense.

"I think our view is working alongside Teck [at Galore Creek] makes good sense there, too."

Denver-based Newmont operates South America's largest gold mine at Yanacocha in Peru, and also the Merian mine in Suriname.