DENVER--(BUSINESS WIRE)-- Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) welcomed Sumitomo Corporation (Sumitomo) as a new and valued partner in Minera Yanacocha SRL (Yanacocha) following its purchase of a five percent stake in the partnership. Newmont, Buenaventura and Sumitomo completed the transaction today in which Sumitomo paid $48 million for the ownership interest in Yanacocha. In December 2017, Yanacocha repurchased the International Finance Corporation’s (IFC) five percent stake which it held since 1992 when it provided debt financing for construction of the operation.

As a result of the transaction, Newmont and Buenaventura’s ownership interests in Yanacocha will revert to 51.35 percent and 43.65 percent, respectively, the proportion held prior to the repurchase of the IFC’s ownership stake in December. The transaction is structured as a new share issuance to Sumitomo, with the payment going towards Yanacocha’s cash balances.

“Sumitomo brings mining expertise, high performance standards, and a shared commitment to extending profitable and responsible production at Yanacocha,” said Randy Engel, Executive Vice President, Strategic Development. “We had a long and productive partnership with Sumitomo at Batu Hijau in Indonesia, and we look forward to working with them and Buenaventura to advance the next generation of profitable production at Yanacocha.”

In October, Newmont’s Board of Directors approved full funding for Quecher Main which is expected to extend Yanacocha’s oxide mine life to 2027. Quecher Main also will serve as a bridge to future growth options, including development of Yanacocha’s extensive sulfide deposits. If approved, the sulfides project could extend Yanacocha’s operational life through 2039.

Sumitomo also is currently partnered with Buenaventura at Freeport’s Cerro Verde copper mine in southern Peru.

About Newmont

Newmont is a leading gold and copper producer. The Company’s operations are primarily in the United States, Australia, Ghana, Peru and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015, 2016 and 2017. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.

About Yanacocha

Yanacocha is South America's largest gold mine, located in the province and department of Cajamarca, approximately 800 kilometers northeast of Lima, Peru. The operation is a joint venture between Newmont Mining Corporation (51.35%), Minas Buenaventura (43.65%) and Sumitomo Corporation (5%). Yanacocha has been in production since 1993, directly and indirectly supporting thousands of well-paying jobs and contributing nearly $3 billion in taxes and royalties. In addition, Yanacocha has invested more than $640 million in economic, social and infrastructure development in the Cajamarca region for water facilities, education, health care, agricultural support, and small business development and training.