Friday, October 31st9.0°C
23888
23823

Chile says courts will decide future of Barrick's Pascua-Lama mine

SANTIAGO, Chile - Chile said Tuesday it will respect the environmental regulator's decision to block work on Barrick Gold's (TSX:ABX) Pascua-Lama mine despite harsh criticism from neighbouring Argentina.

The US$8.5 billion project straddling the Argentina-Chile border has faced problems including rising costs, falling gold prices and environmental lawsuits by indigenous communities in Chile.

The world's largest gold company announced in October that it would suspend construction of the mine. In May 2013, Chile's environmental regulator blocked work at Pascua-Lama, citing "very serious" violations of the work permit.

Argentine Mining Minister Jorge Mayoral recently lashed out at Chile, telling it to "put on its pants" and reach a decision on the project.

Chilean Mining Minister Aurora Williams responded Tuesday that Chile's government will respect environmental authorities and said the mine's future is up to the courts.

"We think Mayoral should explain his own opinions. We're dealing with senior authorities in Argentina, and from that point of view, we already have a very clear opinion from Argentine President Cristina Fernandez," Williams said.

"We're going to respect the environmental legislation," she said. "Chile's government has a very clear idea of how to act and react to projects like these."

Members of Chile's Diaguita indigenous community who live in the foothills of the world's highest mine, say Pascua-Lama threatens their water supply and pollutes nearby glaciers.

Argentine authorities have insisted that Lama, their side of the binational project, will proceed with or without Chile by taking advantage of the infrastructure already in place for its Veladero mine, which is producing ore just downhill.

But most of Pascua-Lama's estimated 18 million ounces of gold and 676 million ounces of silver are in Chile.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14578.53+119.84
S&P CDNX761.32-10.33
DJIA17354.91159.49
Nasdaq4619.358+53.22
S&P 5002012.16+17.51
CDN Dollar0.8864-0.007
Gold1164.90-33.70
Oil79.93-0.97
Lumber323.80+0.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.115+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.16+0.01
Cantex0.045-0.015
Anavex Life Sciences0.175+0.0039
Metalex Ventures0.03-0.005
Russel Metals32.57+0.35
Copper Mountain Mining2.03+0.06
Colorado Resources0.12-0.02
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 





FEATURED Property
6899242710 Longhill Road
$899,000
more details
image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22771