Barrick Gold's Pascua-Lama project ordered closed by Chilean regulator

|About: Barrick Gold Corporation (GOLD)|By:, SA News Editor

Chile’s environmental regulator orders the closure of Barrick Gold’s (ABX -1.1%) Pascua-Lama mining project but cuts its fine for violations to 7B pesos ($11.5M) from $16M previously.

ABX says the order to close the existing surface facilities is consistent with its plan to advance a study for an underground mining operation at Pascua-Lama, which it says would reduce the overall environmental impact.

The project, which straddles the border of Argentina and Chile in the Andes Mountains, was put on hold in 2013 due to environmental issues, political opposition, labor unrest and development costs that ballooned to $8.5B.

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