Peru's GyM to build Rio Alto's Shahuindo gold project
Peru's largest engineering company Graña y Montero (GyM) said it received a letter of intent for Rio Alto Mining's Shahuindo gold project.
GyM's Stracon GyM unit reached an agreement for a US$240mn, five-year contract to build and manage the mine in Peru's northern Andean Cajamarca region, the company said in a statement.
Vancouver-based Rio Alto, which acquired the project from Sulliden Gold in May, aims to complete construction next year and start production in 2016, CEO Alex Black said earlier this month. Shahuindo, which adds to the company's La Arena mine, will produce an estimated 100,000oz/y gold.
GyM, which earlier this year lined up contracts at Freeport McMoRan Copper & Gold's Cerro Verde copper mine, Guyana Goldfields' Aurora gold project in Guyana and the 550MW Pasada Ñuble hydroelectric plant in Chile, fielded a bid in late November to acquire a 70% stake in Colombian construction firm Morelco.
GyM, which trades on the Lima stock exchange and raised US$413mn from an ADR offering last year, is also a shareholder in three construction companies in Chile.
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