The Phaserl


Barrick’s Pascua-Lama gold project frozen for at least 1-2 years: Chile regulator

by Alexandra Ulmer and Fabian Cambero, Reuters:

Barrick’s (ABX.TO) suspended Pascua-Lama gold project will likely be reactivated in one to two years at the earliest, given the infrastructure that needs to be built to avoid water pollution, Chile’s environmental regulator told Reuters on Thursday.

Barrick’s shares initially pared back their 6.14 percent rally after the news to trade 4.77 percent stronger. They then recovered to gain 6.28 percent.

On Friday, the new regulator ordered the $8.5 billion project be halted and fined the company $16 million, citing serious environmental violations. A Chilean court in April had already temporarily halted the unpopular 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.

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