Barrick Gold suffers legal reversal in Argentina
The Canadian Press is reporting that Barrick Gold (NYSE:ABX) was handed a setback by Argentina’s supreme court, which brought back some glacier protection laws that the mining giant had until now sidestepped.
The law requires a thorough inventory of Argentina’s glaciers as well as “periglacial” areas where the ice has recently retreated but water remains below the surface. Together, the areas provide much of the country’s fresh water.
The law also gives the national government a powerful tool to regulate the mining industry, which until now has been handled by provincial governments whose priorities sometimes clash with people living downstream from the mines.