Chile’s Environmental Agency Puts the Brakes on Planned 2014 Production at Barrick’s Pascua-Lama Project

Bloomberg reported that Barrick Gold has announced that production at Pascua-Lama project will not begin in the latter half of 2014 as had been planned, and will be postponed because of concerns from Chile’s Environmental Agency.

As quoted in the Bloomberg report:

The delay at the mine on the border of Chile and Argentina is expected to lead to higher capital costs, the Toronto-based company said yesterday in a filing. Barrick raised the cost estimate for the project twice last year, to as much as $8.5 billion, and said output would be delayed by more than a year from its previous forecast.

To view the whole Bloomberg report, click here.