On Thursday, Newmont Corp, the top gold miner, said it would delay the investment decision for the USD 2 billion Yanacocha sulfides project in No. 2 copper producer Peru to the second half of 2024.

The said project is part of a planned expansion of Newmont’s Yanacocha gold mine to prolong its life beyond 2040. The firm accused market conditions of the delay. These include record inflation, the continued war in Ukraine, rising prices of commodities and raw materials, prolonged supply-chain disruptions, and competitive labour markets.

The Colorado-based company now expects the project will take three years to complete and add average annual production of around 525,000 gold equivalent ounces per year for the first five years of operation. Newmont has also appointed Dean Gehring as the chief development officer for its Peru operations to lead the Yanacocha project.

The company said it would continue to manage the Yanacocha operations, including the construction of two water treatment plants, with an anticipated initial spend of around USD 350 million over the next two years. Founded in 1921, it is the world’s largest gold mining corporation.