Peru - They Initiate the operations in the gold-mine Hill Crowns

The Peruvian branch of the giant South African Gold Fields initiated today his operations in the gold-mine and copper Closed Crown, in the northern department of Cajamarca, with a projection of investment for 800 million dollars until 2023.

Gold Fields - The Top controlled by the giant South African, inaugurated today the process plant of the mining project Closed Crown, what supposes the beginning of the stage of operations of the mine.

The mining project Closed Crown, located to 3.900 meters high, began in 2006 and demanded more than 550 million dollars from the beginning up to his putting in operation, informed today the Andean state agency.

The executive president of Gold Fields of South Africa, Nick Holland, announced that the company, the fourth world producer of gold, will invest a few “250 millions more in what stays of life of the mine, for which one waits be of a horizon of 15 years”.

In Hill It Crowns developments will be realized to open slash of a deposit of copper and gold; also, the prosecution of the mineral will be realized by means of a system of grinding and flotation in a concentrating plant of big capacity.

It is anticipated that the initial production of the mine will be 356.000 ounces during the first 12 months of operation, although the annual average will be 375.000 ounces, in accordance with Andean.

For the National Society of Mining, Oil and Energy (SNMPE), the Hill contribution Crowns, along with other small projects, it would allow that Peru upturn in the golden production, that last year fell down in 16 per cent due principally to the minors resulted from Mine-layer Yanacocha in Cajamarca.

The executive of Gold Fields emphasized during the ceremony that “the very stable macroeconomic and political environment that it presents, added to the vast geologic resources and his mining tradition and to the ethics of his people, they do of Peru a very attractive destination” for the investments of the company.

From his part, the Peruvian president, Alan García, emphasized from the Hill operations Crown that “this act (…) is the demonstration of the productive, financial and economic fortitude of Peru, which they must turn in a country refuge of the good investment”.

In addition to the president García, the ceremony also was provided with the presence of the minister of Energy and Mines, Juan Valdivia; conferees, regional and local authorities.

Peru is the fifth golden producer in the world, and the first one of Latin America, with a 170 tons production in 2007, according to the annual report Gold Survey 2008, which Mineral Gold Field Services publishes, of England.

03-10-2008 EFE