Sunday, March 29th11.3°C
25490
24949

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 TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0002
Gold1196.30-8.80
Oil48.14-0.73
Lumber282.60-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 



25603

FEATURED Property
223152324 - 901 Westside Road
10095134 bedrooms
$987,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


25342