Reactivation of Pascua-Lama Mine to Take 1-2 Years, Chile Minister

31 May 2013 by Local Press Report

Barrick's suspended Pascua-Lama gold project will likely be reactivated in 1 to 2 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 pared back their 6.14 percent rally after the news to trade 5.5 percent stronger. 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 controversial 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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