Weather New York, NY +68°F

Regions

Chile court gives latest suspension on Barrick’s gold mine operation

Close
(Credit: Reuters) This is an aerial view of Barrick's Pascua-Lama gold mine sitePascua-Lama
July 15
3:57 PM 2013

Barrick Gold Corp, a Toronto-based miner, was ordered by a Chilean court last Monday to freeze the construction of the Pascua-Lama gold mine operation worth USD8.5 billion. This was the latest suspension for the controversial project. According to the Copiano court of appeals, the gold mine which is located on the Chile -Argentine border, failed to meet with the environmental standards of the country. Last April, the company was legally asked to shed light on the accusations of the indigenous communities for damaging the pristine glaciers and harming water supplies in the area.

As the world's top gold miner, Barrick is expected to appeal the supreme court decision regarding the suspension. Analysts have said that the back and forth between Barrick and the supreme court may spark a long legal battle with Chile, the number one copper producer in the world.     

On top of the legal matters Barrick is facing, the environmental regulator of Chile also suspended Pascua-Lama due to major environmental violations. 

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics