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Name of the Project
Pascua-Lama gold project.
Location
On the border between Chile and Argentina, with 75% of the orebody in Chile and 25% in Argentina.
Project Owner/s
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.
Net Present Value/Internal Rate of Return
Not stated.
Capital Expenditure
$8.5-billion.
Planned Start/End Date
Production has been delayed to the second half of 2014, owing to delays in earthworks and underground works for the process plant.
Latest Developments
Chile's Supreme Court ratified the definitive closure of the Pascua-Lama gold and copper mining project on July 14. The mine was previously ordered to close down by the country's environmental regulator in 2018.
The Andean site, along the border between Chile and Argentina, was the subject of an extensive legal dispute, leading Barrick to halt operations before opening because of increased costs and criticisms from shareholders.
The court upheld the three charges from the environmental regulator, despite Barrick's allegations that the regulator had acted outside of its powers.
The country's environmental regulator said the project damaged native flora and fauna, did not fully monitor melting rates of nearby glaciers and dumped acidic waters into a local river.
Barrick appealed the 2018 ruling, but an environmental court affirmed the decision in 2020, which included a fine of more than seven-billion pesos ($6.72-million).
Environmental organisations and local communities strongly opposed the project, located in Chile's Atacama region, on the grounds that it had reduced the availability of water in the area and impacted on nearby glaciers.
Key Contracts and Suppliers
Fluor (project management).
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.