Tue Feb 26 2013
The renowned Canadian miner,
Barrick Gold seems to be passing through tough times as its operations at various Latin American mines are plagued
with issues.
Firstly, the company was forced
to halt construction works at its Pascua Lama mining project in Chile after
being fined $ 250,000 by authorities for alleged sanitation issues and
violations of glacier monitoring plan
Sources quoting Chilean Minister
of Mines Hernan de Solminihac states
that the Chile Government would want all the environmental regulations
to be respected by all miners. While saying that mining continues to be an
integral contributor to the country’s economy,it is also necessary that the
mining activities be carried out in an environment friendly manner.
As per sources, Pascua Lama’s
Environmental Qualification can be even revoked depending on the reports
submitted by expert evaluation authorities.
Meanwhile the $3 billion Pueblo
Viejo project in Dominican Republic is also continuing to create headache for
the company. The Dominican authorities insist for a change in the terms of
contract to make it more favorable to them.
The Dominican Government argues the contract with Barrick states the country will only start receiving benefits once the gold giant recovers the investment in the operation and yields a 10% profit. The court hearing on the case is said to be under progress.
Source: scrapmonster.com