The Globe and Mail reports in its Tuesday edition that Barrick Gold is looking into ways to restart its stalled Pascua-Lama project on the Chile-Argentina border, including a staged development. A Bloomberg dispatch to The Globe says that possible changes to the decade-old mine plan include a smaller open pit, an underground mine on either side of the border, or starting with one line in the mill to generate cash for two others, president Kelvin Dushnisky said Friday.
The giant project in the Andes has been shut since 2013, when a Chilean court accepted an injunction filed by indigenous groups over environmental concerns. In a February interview, executive chairman John Thornton said Zijin Mining Group, with which Barrick created a joint venture at a mine in Papua New Guinea, may help turn Pascua-Lama into a success by spreading the financial and political risk.
On Monday in Toronto, Mr. Dushnisky confirmed that Barrick would consider taking on a partner for Pascua-Lama as it weighs changes to the project's design.
In May, Barrick agreed to pay $140-million to shareholders who alleged the company misrepresented environmental compliance and the adequacy of its internal controls at Pascua-Lama.
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