Newmont to Invest $800 Million to Expand Cerro Negro Mine in Argentina

Newmont Corporation has committed $800 million to expand mining at Cerro Negro in Argentina, the Minister of Economy Luis Caputo announced on X, as confidence in the country’s mining sector continues to grow.

“This investment aims to strengthen the company’s operational safety, boost employment, and promote regional development,” Caputo wrote on Feb. 24.

The investment will be used to restart and enlarge the Cerro Negro Expansion 1 project to extend the life of the mine beyond 2030, according to the company based in Denver, Colorado.

The Cerro Negro mine, located in the Patagonia region of Santa Cruz Province and about a two-hour drive from the closest community, is one of the world’s largest gold mines. The closest commercial airports are in Buenos Aires, which is a six-hour drive away.

Newmont has three high-grade underground operating mines and two underground deposits. Five other deposits are in late-stage development for expansion.

A spokesperson for Newmont confirmed the investment this week, stating the announcement had to do with the restart of an expansion initiative at the mine.

The company suspended operations in April 2024 after two employees died at the mine in the Santa Cruz region on April 9. Both workers were part of the technical services team, according to Newmont.

“The site has been operational since May 2024 following a period of suspension,” spokeswoman Shannon Brushe told The Epoch Times.

Newmont produces about 290,000 ounces of gold each year. By expanding the operations and extending the mine’s life beyond 2030, the company expects to produce 350,000 ounces each year, according to company estimates.

Earlier this month, Newmont reported having the industry’s largest gold reserve base of $118 million ounces, representing decades of production, making it the world’s largest gold mining company.

Company president Natascha Viljoen called 2025 a “milestone year for Newmont.”

The expansion of Cerro Negro’s capacity is expected to add to a robust mining sector in Argentina that has recently experienced a record increase.

Argentina President Javier Milei’s work to cut government regulations and attract investment in the country’s mineral resources has contributed to record high mining exports of more than $6 billion in 2025—an increase of 29 percent over 2024, according to the country’s economy ministry.

Gold exports led the sector with an all-time high of $4.08 billion, followed by lithium exports, which reached $905 million.

Milei is also paving the way for future copper mining.

On Feb. 24, Caputo and other officials also announced meeting with authorities from Rio Tinto, one of the world’s largest mining and metals corporations and a major investor in lithium.

The group discussed investment plans of over $3.5 billion for the Salta and Catamarca regions in Argentina.

“We continue to promote private investment and strategic projects in energy and mining,” Caputo said.