Pascua lama is an open pit mining project of gold, silver, copper and other minerals. While barrick has a lot of other mines, pascua lama is significant because when and if it is completed, the mine is supposed to be one of the cheapest mines in the world to produce gold from with. We continue to work to meet our goal of every person going home safe and healthy every day, with a redoubled focus on lifesaving controls in 2018. Upon commencement of commercial production, originally expected in the second half of 2014, the mine. Barricks annual sustainability report now available. The canadian transnational corporation barrick gold is undertaking a. Pascua lama, human rights, and indigenous peoples goettingen. Pascua lama project eia annex b 1888\addendum2\anexo b.
Feb 07, 2018 barrick gold corporation abx issued an update on the pascua lama project status. Mar 09, 2016 high in the andes mountains, along the border between chile and argentina, construction at the pascua lama mine is at a standstill. Welcome to care2, the worlds largest community for good. The original contract with barrick provided silver wheaton with a completion test, requiring barrick to complete pascualama to at least 75% of design capacity by december 31, 2015.
Pdf 129 kb toronto, june 28, 20 barrick gold corporation nyse. Barrick gold corporation is the secondlargest gold mining company in the world, with its headquarters in toronto, ontario, canada. Barrick has provided a vigorous defense to charges that pascua lama will be damaging to local interests and that the company has been unconcerned to those interests. Upon commencement of commercial production, originally expected in. Barrick gold corporation, pascua lama faqs, available at. According to the companys website, the project has 15. Barrick studies impact of chiles pascualama closure order. Apr 11, 20 while barrick has a lot of other mines, pascua lama is significant because when and if it is completed, the mine is supposed to be one of the cheapest mines in the world to produce gold from with. Barrick also announced that first production is expected in the first half of 20 and that average annual gold production from pascualama is expected to be 750. As peter munk fended off calls for his resignation in the fall of 20, the gold mining company he had founded in1980 was at the centre of what he called a perfect storm of environmental, community and stockholder pressures. Pascualama and barrick gold the worlds largest gold producer, canadas barrick gold, plans to open a mine in chiles huasco valley. In the triangle of statecommunitycompany that constitute the main subjects of political ecology studies, the company remains an obscure entity. The company has mining operations in argentina, canada, chile, cote divoire, democratic republic of the congo, dominican republic, mali, papua new guinea, saudi arabia,tanzania, the united states and zambia.
Barrick gold, pascua lama, and the inadequacy of selfregulation torontobased barrick gold is the worlds largest gold producer, which operates dozens. The valley is located in the atacama region, home of the atacama desert, the worlds driest desert. Barrick gold corporation abx issued an update on the pascualama project status. Dec 07, 2016 chile has rejected an attempt by local communities to block modifications needed to keep barrick gold corps controversial pascua lama project alive, a resolution by the ministerial committee. Pascua lama is one of the most significant and challenging mining projects currently underway in the world.
Abx barrick or the company today provided an update on the status of its pascualama project, located on the border between argentina and chile. Technical report pascualama project region iii, chile. The development activities of pascualama were stopped in april 20, following a chilean courts orders on issues of sanitation and violation of the glacier monitoring plan. Fuentes was most recently vice president, projects for codelco and has nearly 30 years of mining industry experience, with a proven track record of engineering, optimizing and. Chile rejects attempt to block modified barrick gold mine. Barrick gold corporation today provided an update on the status of its pascualama project, located on the border between argentina and chile. Pascua lama is a binational mega gold mining project, originally slated to begin extraction in 2012, but which has been delayed due to financial and environmental problems, first to 20, then to 2015, and now indefinitely as barrick gold the project owner is unable to secure the finance it. Craig smith and erin mccormick ni troduction as peter munk fended off calls for his resignation in the fall of 20, the gold mining company he had founded in1980 was at the centre of what he called a perfect storm of environmental, community and stockholder pressures. It is somewhat of a miracle that glaciers sit in the andes at the tip of the valley and create a natural water. Barrick abx announces pascualama project status update. Construction of the pascua lama mine, which straddles the border between chile and argentina, was scheduled to begin two years ago. Flr announced today that the company was awarded a series of followon contracts from torontobased barrick gold corp for new scopes of work at the pascualama mining project located on the argentinachile border. The chilean part of the mine constitutes 75%, while 25% is located in argentina.
Together, pascualama and adjacent veladero account for 23% of barricks. Fluor awarded new mining work at barrick golds pascualama. Feb 07, 2018 barrick gold corporation today provided an update on the status of its pascualama project, located on the border between argentina and chile. Pascualama is an open pit mining project of gold, silver, copper and other minerals. Chilean court suspends pascua lama mine inter press service. Jul 02, 20 barrick gold nevada remarkable people duration. A perfect storm at pascua lama this case is about a gold mining company that sought to practice responsible mining by. Feb 28, 2017 jorge lopehandia speaks about pascua lama and the legal battle in chile with barrick gold. Torontobased barrick gold, the worlds largest gold mining company, is developing the project. At the centre of this storm was the huge pascua lama mining project that barrick was developing high in the andes, straddling the border of chile and argentina. Schedule resequencing and reduction of 202014 capital spending the company has submitted a plan, subject. The mine was approved on the condition that the glaciers would not be touched. Pascualama is located at an altitude of 3,800m to 5,200m.
Abx barrick or the company today provided an update on the status of its pascua lama project, located on the border between argentina and chile. Sep 24, 2019 pascua lama is an open pit mining project of gold, silver, copper and other minerals. This article reveals the workings of the gold mining industry and its intersection with finance capital, and the shifting priorities and alliances within the firm barrick gold that enabled and constrained the pascua lama project. Big trouble for barricks pascua lama massive gold project. Part 5 concludes by summarizing the costs and bonds imposed by the sma against barrick and how they could be generally applied in other countries. Barrick golds pascualama project is one of the worlds largest gold and silver resources. Abx barrick or the company is analyzing a revised sanction related to the companys pascua lama project issued on january 17 by chiles superintendencia del medio ambiente sma. Santiago, apr 10 20 ips environmental groups and indigenous diaguita communities of the huasco valley in northern chile celebrated a court decision wednesday that will bring to a complete halt work on the pascua lama gold, silver and copper mine belonging to canadas barrick gold. Barrick rehires industry veteran to rekindle pascualama. Abx barrick or the company is providing the following updates on the pascua lama project in chile and argentina with respect to construction resequencing, capital expenditures and impairment testing. Sep 11, 2014 barrick golds pascualama project is one of the worlds largest gold and silver resources. High in the andes mountains, along the border between chile and argentina, construction at the pascua lama mine is at a standstill. Barrick to face lawsuit over pascualama project mining.
Barrick pascualama class action merchant law group llp. Fluor booked the undisclosed value into backlog in the fourth quarter of 2012. Barrick is still waiting for a decision on its request to an environmental court to reverse a permanent closure order from chiles. While this may be spun as a win by barrick, the only reason chiles governmental agency did not revoke barrick s environmental permit was to be able to oversee the proper closure of the companys project on their side of the border. Gold production 750,000 800,000 oz annually during first.
As previously reported, on january 17, chiles superintendencia del medio ambiente sma ordered the closure of existing infrastructure on the chilean side of the pascualama project. Chiles top court backs barrick in pascua lama water case. Barrick appoints executive project director for pascualama. At the centre of this storm was the huge pascua lama mining project that barrick was developing high in the andes. Barrick gold corporation announced that an update on the status of its pascualama project, located on the border between argentina and chile. Once presented to investors as one of the largest and most valuable gold mining deposits in the world, pascua lama has become a liability for miner barrick gold, a cautionary tale for the mining industry, and an unlikely but still uncertain victory for anti. Barrick makes a positive claim that the sma did not revoke pascualama s environmental permit rca.
Overview of the worlds largest gold mining company part 11 of 16 continued from part 10worlds largest resources. The barrick class action lawsuits have been filed with the courts seeking compensation for purchasers of barrick securities on the tsx from may 7, 2009 to may 23, 20. Pdf 165 kb toronto, november, 2014 barrick gold corporation nyse. Barrick provides update on pascualama project barrick gold. Pascua lama is located in the andes mountains, in the southern reaches of atacama desert, straddling the border between chile and argentina at an altitude of over 4,500 metres. Here, youll find over 45 million likeminded people working towards progress, kindness, and lasting impact. The project is located on the chileargentina border. Barrick reports that pascualama mineable reserves contain about 17 million ounces of gold, 690 million ounces of silver over two thirds of the companys silver assets and 565 million of pounds of copper. The development activities of pascualama were stopped in april 20, following a chilean courts orders on issues of sanitation and. Pascua lama, viaje al centro del mayor proyecto minero del pais duration. Fluor awarded new mining work at barrick golds pascua. Jorge lopehandia speaks about pascua lama and the legal battle in chile with barrick gold.
Pascualama mine mining technology mining news and views. As previously reported, on january 17, chiles superintendencia del medio ambiente sma ordered the closure of existing. Abx barrick or the company today announced the appointment of sergio fuentes as executive project director for pascua lama. Barrick s annual sustainability report now available opens in new window download pdf. Chile has rejected an attempt by local communities to block modifications needed to keep barrick gold corps controversial pascua lama project alive, a resolution by the ministerial committee. Barrick studies impact of chiles pascualama closure. Pascua lama binational mining project barrick gold, canada. Pascua lama is located in the andes mountains, in the southern reaches of atacama desert, straddling the border between chile and. Pascua lama last updated september 24, 2019 barrick pascua lama project area, 2010 satellite view of the project area showing the proposed pascualama open pit in red. The worlds largest gold producer, canadas barrick gold, plans to open a mine in chiles huasco valley.
It is somewhat of a miracle that glaciers sit in the andes at the tip of the valley and create a natural water source for this hot and dry area. But the lucrative project remains on hold while a dispute continues between the governments of chile and argentina regarding taxation. It had received more than 145,000 applications for employment, most from people in the surrounding areas. Abx barrick or the company today announced the appointment of sergio fuentes as executive project director for pascualama. During its early expansion barrick gold operated in some arduous. The plaintiffs allege that throughout that time, barrick golds public disclosures misrepresented the status of its pascualama mining project located in chile and argentina.
Set in a remote region among ancient glaciers, the mine would tap into one of the worlds largest gold. According to barrick gold, pascualama will have no impact on water. The pascua lama project is currently operating under a temporary closure plan in chile. In january 2017, barrick reported that the existing. New border projects, and new conflicts, are coming in the near. Recommendation to shareholders concerning barrick golds.