Newmont (NYSE:NEM), Buenaventura (NYSE:BVN) Investing in Minas Conga Project

Newmont (NYSE:NEM) and Buenaventura (NYSE:BVN) reportedly may invest up to $3 billion in the Minas Conga project, according to Buenaventura's CEO Roque Benavides.

Benavides estimates production could reach 450,000 ounces of gold at Minas Conga, and that's referring to only direct operations.

Newmont Mining owns 51.35 percent of Minas Conga, while Buenaventura owns 43.7 percent.

Buenaventura and Newmont Mining among its most important copper and gold mining assets.