But due to ground water contamination etc. Nothing about fraud, ponzi schemes as this clown who has been cluttering this board has posted ad-naseum!!!
A Chilean court of appeals has ordered construction at Barrick Gold Corp.’s (NYSE:ABX)(TSX:ABX) Pascua-Lama gold and silver project to be halted immediately after approving complains filed by five indigenous groups last year, local radio station Cooperativa reports (in Spanish).
The Copiapo court ruling cites concentrations of arsenic, aluminum, copper and sulphates in groundwater that exceeded levels deemed acceptable.
"The company can appeal the ruling, which would take the court three or four months to hear. Until that appeal, all construction work is frozen," a court official told Cooperativa.
In a brief statement, the company said it was aware of media reports, but added it had not yet been formally notified of the court order and would “assess the potential implications once it has received official notification.”
Construction activities in the Argentine side of the project, where the process plant and tailings storage facility are located, are not affected by today’s resolution.
The new delay, the latest of several the project has seen in the past five years, pulled Barrick's shares down 3.5% in Wednesday trading in Toronto to Cdn$26.22.
Pascua Lama, which would produce about 800,000 to 850,000 ounces of gold a year in the first full five years of its 25 year life, was scheduled to start production in the second half of 2014. The mine is set to become one of the top gold and silver mines in Chile, the world's biggest copper producer.
of course we are getting spanked without mercy...! But many miners in same boat. Whole sector getting smacked around and does not help having GS lowering Au forecast to $1200-1300 level by 2014. Huh?? Anyhow, licking my wounds across the sector.