Additional Information
Market: TSX NYSE
Sector: Gold Mining
EPIC: ABX
Latest Price: 20.42  (-0.87% Descending)
52-week High: 23.52
52-week Low: 16.38
Market Cap: 23,782.60M
1 year chart
1 day chart
Barrick Gold
www.barrick.com

Barrick is the world’s pre-eminent gold producer, with a portfolio of 27 operating mines, many advanced exploration and development projects located across five continents, and large land positions on the most prolific and prospective mineral trends.

 

Barrick Gold drops as Chilean court blocks project

10th Apr 2013, 1:24 pm by Mourad Haroutunian
The court said the project was destroying glaciers and harming water supply. The court said the project was destroying glaciers and harming water supply.

Barrick Gold Corp. (TSE:ABX), the world’s largest gold miner by sales, declined to the lowest intraday level in more than four years after a Chilean court suspended construction of its $8.5 billion Pascua-Lama gold and silver mine.

The shares declined 7.1 percent to C$25.21 at 12:46 p.m. in Toronto on Wednesday.

Barrick said it hasn’t received notice from the court and couldn’t comment on the measure, according to a statement released on Wednesday.

Construction activities in Argentina, where the majority of Pascua-Lama's critical infrastructure is located, including the process plant and tailings storage facility, are not affected, the Toronto-based company said in the statement.

Radio Cooperativa reported that the Copiapo Appeals court accepted an injunction filed by indigenous communities. The court said the project was destroying glaciers and harming water supply.

Chilean Interior Minister Andres Chadwick welcomed the mine's suspension and said he hopes the world's top gold mining company can now fix problems at Pascua Lama.

The suspension is a setback to Barrick, which faces as much as $10.2 million in fines in connection with the mine, which Chile’s environmental regulator said last month has failed to comply with environmental rules. 

Once completed, Pascua-Lama is set to be one of the largest and lowest-cost gold mines in the world. 

The mine, located 4,500 metres above sea level and spanning the border between Chile and Argentina, is expected to produce between 800,000 to 850,000 ounces of gold and 35 million ounces of silver in its first full five years of production.

In February, Barrick Gold reported a loss of $3.03 billion in the fourth quarter, compared with a profit of $981 million a year earlier. The stock has dropped approximately 40 percent over the past twelve months.

No investment advice


Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".


You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.


You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.


From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.


You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here