Barrick Gold and Shandong Gold, a Chinese company, have signed a strategic co-operation agreement that includes half the Veladero gold mine in Argentina. Shandong has agreed to purchase 50% of the Veladero mine in Argentina for US$960 million, and a joint venture will be created to operate it.
A group of United Nations experts have started to analyze water samples in the Argentine northeastern province of San Juan where a spill from a malfunctioning cyanide pipeline in a gold mine belonging to Canada's multinational Barrick Gold has caused a water emergency. The Veladero mine in San Juan is one of the largest in Argentina and apparently the spill reached the rivers Jachal, Las Taguas and Blanco.
Residents of a town in the Argentine northwestern province of San Juan took to the streets in protest after an industrial malfunction caused a pipe carrying potentially lethal cyanide to the nearby Veladero gold mine to fracture and spill an amount of its contents in the area on Sunday. The news reached national level on Monday.
Chilean President Sebastián Piñera has entered the fray surrounding Barrick Gold’s decision to temporarily suspend construction on its troubled Pascua Lama gold mine which straddles up in the Andes along Chile and Argentina, a move which activists slammed as a ploy.
Barrick, the world’s largest gold mining company, is indefinitely suspending construction of its troubled gold mine straddling the Chile-Argentine border, part of a cost-cutting effort that also involves 10 other mining projects around the world.
A Chilean appeals court on Monday formally suspended Barrick Gold Corp’s controversial 8.5 dollars billion Pascua-Lama gold mine until the company meets environmental standards and builds infrastructure that will prevent water pollution.
Canada’s Barrick Gold Corp making a painful adjustment to a sustained slump in bullion prices, reported progress in controlling costs and said it planned further cuts in capital spending.
Barrick Gold is resuming operations Friday at its Pierina mine in Peru after violent clashes this week between police and nearby villagers left one person dead and four injured.
The Canadian government reaffirmed its support of the Falkland Islands and their right to self determination, according to a report from the Canadian edition of The Wall Street Journal.
Barrick Gold, the world’s biggest gold miner, says its capital costs to develop a giant mine high in the Andes could reach 8 billion dollars and has delayed production until 2014.