NYSE-listed Newmont Mining has sold a stake in its Yanacocha gold mine in Peru to Japan’s Sumitomo Corp for $48 million. The Japanese company bought 5% of the shares in the mine.
"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%)," Newmont said in a statement.
The US company says it is a leading gold and copper producer with operations located predominantly in the US, Australia, Ghana, Peru and Suriname.