Newmont, the largest gold producer in the world, has revealed plans to invest $800 million in Santa Cruz over the next six years. This investment aims to extend the life of its Cerro Negro mine and enhance the Cerro Negro Expansion 1 (CNE1) project, which includes over 30 works both above and below ground. This announcement was made during a formal event held in Perito Moreno alongside provincial governor Claudio Vidal, emphasizing the importance of this growth initiative for the local economy.

The investment not only seeks to maintain current production levels but also aims to significantly increase them starting in 2028. Newmont has cautioned that without this expansion project, both production and employment figures would likely decline in the coming years, creating potential economic challenges for the region. The extension of the mine's life is crucial for the overall sustainability of mining operations in Santa Cruz, a region heavily reliant on this economic sector.

Moreover, the project is set to preserve existing jobs while creating approximately 270 new positions during its execution phase, with a strong focus on employing local workers and sourcing from Santa Cruz suppliers. Currently, the Cerro Negro mine employs more than 1,400 individuals directly and generates an additional 4,800 indirect jobs through contractors and other businesses, making it a significant player in the local labor market and community development initiatives.