The Globe and Mail reports in its Thursday edition Chile's top court will not hear its appeal of a lower-court
decision regarding sanctions
imposed on the company's Pascua-Lama project by the country's
environmental regulator. A Dow Jones dispatch to The Globe says the court ruled Barrick is not a party
to the case. The Supreme Court rejected the
appeal on procedural grounds
because the original action was
brought against the government
regulator. The environmental regulator will
now re-evaluate the fines it
imposed on the project, Barrick said.
Chile's environment court
earlier found that the environmental
regulator did not properly
determine fines against Barrick
for permit infractions in 2013.
Barrick argued the fines were calculated
based on applicable law
and commonly accepted legal
principles and therefore sought
to appeal the decision to the
supreme court. Chile's environmental regulator
fined the company about $16-million (U.S.) in May, 2013, citing
environmental violations at the
gold-silver project straddling the
Chile-Argentina border. Barrick
halted the project later that year. Barrick closed Wednesday at $12.52, down eight cents on the Toronto Stock Exchange.
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