A lucrative business
Yanacocha is part of a massive mining operation in Peru’s Cajamarca region. Yanacocha is 18 miles north of Cajamarca and 480 miles from Lima. Open-pit mining is considered the fourth largest in the world, although its production is declining. The mine produced 9.7 million ounces of gold in 2014, down from 1 million ounces in 2013. Yanacocha is primarily owned by Newmont Mining (51%), a Colorado-based mining company that is the world’s second-largest gold miner. Bvena Ventura, a Peruvian company, owns 44 per cent of the mine. The World Bank Group’s International Finance Corporation owns the remaining 5%.
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