Newmont Mining Corp. (NEM) is still evaluating whether to move forward with the Minas Conga copper-gold project in northern Peru, a company senior vice president said Wednesday.

"We're still in the evaluation process," Carlos Santa Cruz told journalists on the sidelines of a mining conference in the southern Andean city of Arequipa. "We haven't finished our studies."

Newmont has a 40% share in that project, and Peru's largest publicly-traded precious metals miner Compania de Minas Buenvaventura SAA (BVN) has a 60% share.

Last year, Buenaventura's chief executive, Roque Benavides said high cash costs were impeding the project's development.

Santa Cruz also said the company is maintaining its gold production estimate for South America's largest gold mine, Yanacocha, at 1.9 million ounces for 2009.

Yanacocha is run by Newmont Mining Corp. with a 51.35% stake, while Compania de Minas Buenaventura SAA (BVN) holds a 43.65% share. The International Finance Corp. holds a 5.0% stake. -By Leslie Josephs; Dow Jones Newswires; 511-98853-8610; peru@dowjones.com