Chile fines Barrick's Pascua Lama, halts gold project
By:
24 May 2013
SANTIAGO – Chilean environmental authorities on Friday ordered Barrick Gold to halt work at its massive Pascua-Lama project and fined the company $16-million, citing serious environmental violations at the site.
A Chilean court in April had partially halted the $8.5-billion gold project, which straddles the border of Chile and Argentina, to weigh claims by indigenous communities that Barrick has damaged pristine glaciers and harmed water supplies.
Environmental authorities said on Friday that the fine is related to a serious "breach" and four serious violations of environmental controls around the project.
Barrick in a brief statement said Chile's Superintendence of the Environment has asked the company to complete Pascua-Lama's water management system in accordance with the project's environmental permit before resuming construction activities in Chile.
The company said it is in the process of reviewing the regulator's demands and said it remains fully committed to complying with all aspects of the regulator's order.
A spokesperson for Barrick declined to comment on whether the order would delay the project timeline and further increase the cost of the project.
Barrick, the world's largest gold producer, warned last month it would stop spending on the project if the timetable for resolving the project's regulatory problems remained unclear.
Barrick has poured about $4.8-billion into Pascua-Lama, which was expected to produce 800 000 oz to 850 000 oz of gold per year in its first five years of full production. It expects to spend a total of about $8.5-billion.
The complex project, on Barrick's books for more than a decade, has encountered repeated delays in the face of political wrangling and the challenges of building a mine that is 3 800 m to 5 200 m above sea level.
Shares of Barrick, which resumed trading around 15:00 EDT after being halted earlier, were down 3% at C$19.52 on the Toronto Stock Exchange, while its New York-listed stock was down 2.8%.
Shares of Silver Wheaton, which has helped partially fund the project in exchange for being allowed to buy 25% of all the silver produced, remained halted as of 15:15.
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From: Ipyana L <ipyanalwinga@gmail.com>
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