Decision doesn't determine the final faith of the long-delayed and polemic project, as the case has been sent back to the Environmental Court for review by a different panel of judges, a process that could last several months.
PASCUA LAMA Mining News
Chief executive officer Mark Bristow, who is in the South American nation to review the company’s regional strategy, said Barrick’s assets in Chile were an important part of its global portfolio.
The company's new boss Mark Bristow beleives that Chile is a “great” destination for miners, despite Barrick’s difficulties advancing the massive Pascua-Lama project.
Agency also cut a 2013 fine for violations to $11.5 million (7 billion Chilean pesos) from the previous $16 million it had charged Barrick Gold, but later forced to review by an environmental court.
Lawsuit was filed last year after the miner halted payments due to a local group.
Rumours come a year after the gold miner vowed to spend $640 million to extend the life of Lagunas Norte, worth about $1.4 billion according to industry experts.
The country's mining regulator will have to issue a new temporary closure plan for the project, including comments from other government offices.
The company is focusing on assets with the potential to add as much as 1.1 million ounces of gold to its total output beyond 2021.
But lower all-in sustaining costs mitigated the impact of decreased production, preliminary full-year figures show.
The gold producer said the region will play an increasingly important role in its growth strategy.
George Bee will assume as vice president of the Argentine side of the project effective Sep. 12.
The world's largest gold producer, reported a quarterly loss, compared with a year-earlier profit, as asset sales impacted production and realized gold prices fell.
Most shareholders hope that Catherine Raw persuades management to stop prizing output over profitability and, instead, place more emphasis on investors’ returns.
He will receive $3.4 million for his work in 2015, including compensations and pension, a significant reduction from the almost $13 million he pocketed in 2014.
Class action claims that Barrick repeatedly and knowingly misled shareholders about whether Pascua-Lama complied with environmental regulations.
Analysts believe that Barrick’s partner in Papua New Guinea, Zijin Mining Group, could be the one to help turn Pascua-Lama into a success.
The copper mine, property of Japan's top smelter JX Nippon Mining & Metals, will have to pay $10.8 million for breaching environmental rules.
The asset writedown is primarily related to two Latin American assets — Pascua Lama project, on the border of Chile and Argentina and Pueblo Viejo, in Dominican Republic.
Catherine Raw, from one of the UK mining sector's best known fund managers, is assuming as the company's Business Performance Executive Vice President.
As much as three quarters of investors voted in favour of a non-binding motion to change the way the gold giant compensates its executives.
Chinese companies, private equity firms including Mick Davis’s X2 Resources, and even Teck Resources are rumoured to be among the potential buyers.
The Canada Pension Plan Investment Board will vote against the gold miner’s executive compensation structure next week.
The country's Superintendence for the Environment (SMA) also said the miner has not properly monitored the impact on nearby glaciers.
The country's Environmental Court handed Monday a major victory to Barrick’s besieged Pascua-Lama gold, copper and silver project, straddling the border with Argentina.
Japan's top smelter, Pan Pacific Copper, will have to pay $11.9 million for breaching several environmental rules.