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Pascua-Lama gold project, Argentina

22nd March 2019

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Pascua-Lama gold project.

Location
The deposit is located on the border between Chile and Argentina, with 75% of the orebody lying in Chile and 25% in Argentina.

Client
Barrick Gold.

Project Description
The Pascua-Lama gold project is the first binational mining project in the world.

It is a world-class resource of almost 18-million ounces of proven and probable gold reserves and 676-million ounces of silver contained within the gold reserves, with a mine life of 25 years.

It is expected to produce between 800 000 oz and 850 000 oz of gold and 35-million ounces of silver in its first five years of production.

Potential Job Creation
Not stated.

Value
$8.5-billion.

Duration
Production has been delayed to the second half of 2014, owing to delays in earthworks and underground works for the process plant.

Latest Developments
The Supreme Court of Chile has overturned an Environmental Court order to permanently close the stalled Pascua-Lama project.

The Supreme Court has annulled the October 2018 administrative decision of the Antofagasta Environmental Court on procedural grounds and remanded the case back to the court for review by a different panel of judges, Barrick has reported.

This process could last several months.

The gold and silver project was put on hold in 2013, owing to environmental issues, political opposition, labour unrest and development costs that have ballooned. Chile’s environmental regulator told Barrick in January 2018 to close the mine and fined the company $11.5-billion. The Environmental Court ruling of October 2018 approved the order.

However, Barrick has noted that the Supreme Court did not review the merits of the regulator’s closure orders of January last year. Those orders remained in effect and were subject to an appeal. 

Barrick president and CEO Mark Bristow has said that although the Supreme Court’s decision is not helpful – in that it delays a decision on the future of the Pascua-Lama project – the company remains focused on resolving the legal and environmental issues around the project.

Barrick has embarked on a technical review of the project parameters and potential. As part of this work, the company has conducted geochemical and geohydrological studies for a water management plan, which it has said should be acceptable to the environmental authority.

Key Contracts and Suppliers
Fluor (project management).

On Budget and on Time?
Barrick halted the development of Pascua-Lama in October 2013, after spending more than $5-billion.

The project has been plagued by political opposition, permitting issues, labour unrest, cost-overruns and a falling gold price.

Contact Details for Project Information
Barrick Gold media relations manager Andy Lloyd, tel +1 416 307 7414, or email alloyd@barrick.com.
Fluor, tel +1 469 398 7000 or fax +1 469 398 7255.
 

Edited by Creamer Media Reporter

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