Newmont expects to book significant Q4 impairment charge as Yanacocha closure costs rise

US gold major Newmont Mining said Tuesday it expected to book a noncash impairment charge of between $1-billion and $1.2-billion during the fourth quarter owing to rising costs related to the closure plan of its Yanacocha mine, in Peru. In a filing with the US Securities and Exchange Commission, the Denver, Colorado-based company said that, after reviewing the mine’s closure plan as part of the requirement to submit an updated closure plan to Peruvian regulators every five years, management expects to record an increase to the asset retirement obligation at Yanacocha of between $400-million and $500-million during the fourth quarter.