leadf
logo-loader
viewBarrick Gold Corp.

Barrick Gold delays Pascua-Lama output past 2014 target

gold_bar_350_51adf9856996c.jpg

Barrick Gold Corp. (TSE:ABX), the world’s largest gold miner, said it would delay the startup of its Pascua-Lama gold mine in Chile and Argentina past late 2014 because of demands from Chile’s environmental agency.

According to documents filed with Canadian regulators late on Monday, the project would probably exceed its current budget of up to $8.5 billion as a result.

Barrick said it was weighing the decision in detail and was in talks with Chilean authorities regarding the implications of the ruling.

"While the company is assessing opportunities for potential reductions in certain expenditures, the delay beyond 2014 is expected to result in a related increase in capital cost," Toronto-based Barrick said in the filing.

Barrick ascribed the delay to water management work required by Chile's new environmental regulator.

A Chilean court in April partially halted construction of the project, which is on the border between Chile and Argentina, and imposed a $16 million fine due to violations of the company's environmental permit.

Barrick's shares fell 3 percent to C$21.30 at 10:08 a.m. in Toronto on Tuesday, extending this year's losses to 39 percent.

 

 

 

Quick facts: Barrick Gold Corp.

Price: 35.66 CAD

TSX:ABX
Market: TSX
Market Cap: $63.41 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. 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...

FOR OUR FULL DISCLAIMER CLICK HERE

Altamira Gold Corp releases positive channel results as the project moves...

Altamira Gold (CVE: ALTA-OTC: EQTRF) CEO Michael Bennett joined Steve Darling from Proactive to share details about the recent work at their at the Cajueiro gold project in Brazil. That trenching work has identified several new mineralized structures. Bennett shared details about that work...

7 hours, 58 minutes ago

2 min read