Gold Fields is betting on the development of Cerro Corona and exploration in Peru.

South African company Gold Fields has announced an investment of US$35 million aimed at improvements in the secondary crushing line and the development of water plants at the Cerro Corona gold and copper mine located in Cajamarca. This investment is part of a mine expansion plan, which has experienced a decrease in production in recent years. According to Gold Fields' Executive Vice President for the Americas Region, Luis Rivera, the ongoing optimization does not imply an increase in production, but will focus on processing the mineral stored over the past years. In 2023, Cerro Corona produced 240,000 equivalent ounces of gold, a figure that will be reduced by 20% this year, dropping to 200,000 ounces. Despite this situation, the company has completed feasibility studies to extend the mine's lifespan until 2030, with a proposal currently under review by the competent authority. It is expected that the ninth Amendment to the Environmental Impact Study, which extends the lifespan of Cerro Corona, will be approved in the second half of 2024. The mine life extension project involves an estimated investment between US$10 and US$20 million and includes converting the current pit into the next tailings dam. Once this transformation is completed, mining activities will cease to focus on processing the stored material. Gold Fields has also revealed that they are exploring new areas in both the north and south of the country, prioritizing exploration in Cajamarca and Moquegua, the latter with potential gold and copper deposits that extend into northern Chile. Currently, the company has no significant acquisitions to report to the market and is focused on optimizing Cerro Corona and complying with the mine life extension plan until 2030. Gold Fields' Vice President of Corporate Affairs in Peru, Domingo Drago, has stated that the company is working to obtain the necessary permits to explore new deposits in the north and south of the country, with a particular focus on gold, although they also consider the presence of copper or other minerals in the country's gold deposits. In summary, Gold Fields continues to invest in the development and optimization of its operations in Peru, with investments aimed at improving the infrastructure and efficiency of the Cerro Corona mine, as well as exploring new areas with mining potential. Despite the challenges faced regarding the production decrease, the company remains committed to the country and seeks to expand its operations beyond the planned lifespan of Cerro Corona.