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Newmont’s Peruvian Gold Project Subject to New Conditions

Newmont Mining Corp.’s suspended $4.8 billion gold mine in Peru will be subject to “new conditions” that include the creation of 10,000 local jobs and a fourfold increase in reservoir capacity at the site to gain approval, Peruvian President Ollanta Humala said.

The company must pledge not to dry up highland lakes and invest in schools, irrigation canals and drinking water infrastructure in Cajamarca, a farming region in the northern Andes, Humala said in a speech broadcast yesterday on national television and radio.