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Miner Barrick to take $429 million charge at stalled Chilean gold project
Tuesday, February 6, 2018
Barrick Gold Corp. expects to record a pre-tax charge of around $429 million at its stalled Pascua-Lama project in South America in the fourth quarter due to reclassifying its gold reserves.
Barrick, the world's biggest gold miner by output, also said it had formed a working group with China's Shandong Gold to study a potential partnership at Pascua-Lama, which straddles the border of Chile and Argentina in the Andes Mountains.
Barrick put the contentious gold and silver project on hold in 2013 due to environmental issues, political opposition, labor unrest, and development costs that had ballooned to $8.5 billion.
Last month Chilean environmental regulators ordered Barrick to close existing infrastructure on the Chilean side of the project, where Barrick had originally planned to develop an open pit mine. ...
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