UPDATE: Barrick Edges Up As Moves To Suspend Construction on Chilean Side of Pascua-Lama; Shrs Fell 8.5% To Yr Lows Wednesday
Barrick Gold Corporation (ABX, ABX.TO) announced that the company is suspending construction work on the Chilean side of the Pascua-Lama project while working to address environmental and other regulatory requirements to the satisfaction of Chilean authorities. In the interim, activities deemed necessary for environmental protection will continue as authorized.
ABX fell 8.5% and hit year lows on the TSX Wednesday. It has edged up 5 cents to US$24.51 in pre-market.
It said 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 affected.
"It is too early to assess the impact, if any, on the overall capital budget and schedule of the project," it said.
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