Newmont to invest US$540 million in gold mine, Argentina says

Newmont Corp, the world's largest gold producer, plans to invest about US$540 million in its Cerro Negro mine in Argentina, the government said.

The project will extend the mine's life in Santa Cruz Province until 2034, the government said in an emailed statement on Wednesday.

Newmont did not immediately respond to messages left requesting comment.

Last year, Cerro Negro generated more than US$500 million in exports, making it the largest mine in Santa Cruz. The complex is made up of three operating underground mines and two deposits under development, as well as five other deposits.

While Argentina's protectionist bent and politically volatile past still make it a tricky place to do business, the cash-strapped nation is looking for ways to increase the attractiveness of developing more of its vast deposits and attract more foreign exchange.