Barrick Gold Corp. (
) shares have extended losses and have slumped to a new 52-week low
after media reports that a Chilean court has temporarily suspended
the company's Pascua-Lama gold and silver mine after indigenous
groups protested that the project was damaging glaciers and
contaminating water supply.
The company said it was aware of the reports but has not yet
been formally notified of the court order and will assess the
potential implications once it has received official notification.
It said that construction activities in Argentina, where the
majority of Pascua-Lama's critical infrastructure is located,
including the process plant and tailings storage facility, are not
The project, which is currently in the construction phase, is
expected to start production in the second half of 2014. The
project is costing ABX about $8 billion to build.
The shares have extended earlier losses to 7.6% at $24.67, after
forging new 52-week low of $24.66.
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