The Corporation announced it accepted the Antofagasta Environmental Court’s decision to uphold the closure order and sanctions Chile’s environmental regulator imposed on Compañía Minera Nevada, the Barrick subsidiary that holds the Chilean portion (Pascua) of the Pascua-Lama project.
Barrick said the ruling drew a line under a legal process that started in 2013 and the company would not appeal it. Construction was suspended that year and Pascua would now be transitioned from care and maintenance to closure in accordance with the Environmental Court’s decision.
Following the ruling, Marcelo Álvarez, Barrick’s executive director for Chile and Argentina, said Pascua-Lama remained an important project and work is already under way to re-evaluate its potential. This involves a comprehensive internal review of its technical, economic and social aspects as well as different approaches to permitting and development should the ongoing studies deliver a project that meets Barrick’s investment filters. He confirmed that any new project development would comply with current legislation in both Chile and Argentina.