Gold Fields on Monday announced the Peruvian government had approved the environmental impact study for its Cerro Corona project in Northern Peru.

The gold mining company said the project involves the development of a 91 million ton gold/copper porphyry deposit at a capital cost of $277-million.

The project has reserves of some 2.9 million ounces of gold and 480 000 tons of copper, or approximately 5.4 million ounces of gold equivalent.

According to Gold Fields the project is expected to produce approximately 2.3 million ounces of gold and 412 000 tons of copper over its 15-year life, averaging some 300 000 ounces per year of gold equivalent.

Gold Fields CEO Ian Cockerill commented: "The approval of the environmental impact study is the first step in what we believe will be a long and mutually beneficial partnership between Gold Fields and the people of Peru."

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