Word: yanacocha
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...complaint heard from Nigeria to Papua New Guinea: national governments make deals, and the locals get shortchanged. As a result, local protests are stalling at least 10 mining-investment projects in Peru that are worth $1.4 billion. In the northern town of Cajamarca, whose decade-old Yanacocha gold mine is the world's second largest, residents are loudly demonstrating against expansion plans by the mine's U.S. co-owner, Denver-based Newmont Mining Corp. (2002 revenues: $2.75 billion). Yanacocha mined 2.3 million oz. of gold last year and earned $700 million, but 75% of the town's population lives...
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