According to Reuters, company executives confirmed at an industry event that the miner was planning to invest US$240 million or more in the growth plan.

Americas vice president Luis Rivera reportedly said the company has started working with Peruvian consulting firms and international engineers to conduct studies that will include the use of new technologies.

At the same event, he also noted that Gold Fields will earmark US$30 million in 2019 to explore the Ancash and Pasco regions in central Peru for gold and copper.

Cerro Corona's life of mine plan previously extended through 2023. The mine produced about 5.1 million grams in 2017.