Barrick Gold Faces Fresh Setback With Mega Mine In Chile
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truthingold.com / By truthing / April 12, 2013, 09:37
A Chilean court has suspended work at Barrick Gold Corporation’s Pascua Lama mine after indigenous communities complained that the project is threatening their water supply and polluting glaciers. The appeals court in the northern city of Copiapo charged Barrick with environmental irregularities during construction of the mine, which straddles the Chile-Argentina border, and is the highest altitude gold and silver mine in the world.
The company said that it will follow the court’s orders and suspend construction work on the Chilean side of the project while working to address environmental and other regulatory requirements to the satisfaction of the Chilean authorities. The company says that it can still continue construction activities in Argentina, where the majority of Pascua Lama’s critical infrastructure is located, including a process plant and a tailings storage facility.
This ruling adds to the long list of problems that have plagued the Pascua Lama project, which is crucial to Barrick Gold’s future. There have been massive time and cost overruns at the mine already. After the latest setback, the company said that it was too early to assess the impact, if any, on the overall capital budget and schedule of the project.
According to the latest available figures, Pascua Lama has proven and probable reserves of 17.9 million ounces of gold, 676 million ounces of silver contained within the gold reserves, and a mine life of 25 years. Once production begins, Barrick expects to produce 0.80-0.85 million ounces of gold and 35 million ounces of silver annually. In 2012, the company had a total gold production of 7.42 million ounces of gold. It aims to produce 8 million ounces by 2016, and Pascua Lama is integral to achievement of this target.
Thanks to BrotherJohnF
2013-04-12 07:19:20
Source: http://silveristhenew.com/2013/04/12/barrick-gold-faces-fresh-setback-with-mega-mine-in-chile/
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