Opponents, however, vow to continue to oppose the development, which is considered key to showing that Peru--one of the world's top producers of base and precious metals--can provide an adequate investment environment for large-scale mining projects.
Production at Minas Conga is slated at an average annual output of 580,000 to 680,000 ounces of gold and 155 million to 235 million pounds of copper during its first five years.
Late Friday, Minera Yanacocha, which is run by Newmont Mining Corp. (NEM), said it will restart the project, first by building reservoirs to provide more water before actually building the mine.
Environment Minister Manuel Pulgar-Vidal said Monday the reservoirs will be constructed in 18 to 24 months.
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