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Barrick Gold (NYSE:ABX)(TSX:ABX) (Barrick or the “Company”) today provided an update on the status of its Pascua-Lama project, located on the border between Argentina and Chile. In light of the SMA order to close surface facilities in Chile, and current plans to evaluate an underground mine, Barrick is reclassifying Pascua-Lama’s proven and probable gold reserves …
Barrick Gold (NYSE:ABX)(TSX:ABX) (Barrick or the “Company”) today provided an update on the status of its Pascua-Lama project, located on the border between Argentina and Chile.
In light of the SMA order to close surface facilities in Chile, and current plans to evaluate an underground mine, Barrick is reclassifying Pascua-Lama’s proven and probable gold reserves of approximately 14 million ounces, which are based on an open pit mine plan, as measured and indicated resources.
As a result, we expect to record an estimated pre-tax impairment of $429 million at Pascua-Lama in the fourth quarter of 2017. Further details will be included in Barrick’s year-end results release on February 14, 2018.
We will provide a further update on the Pascua-Lama project at the Company’s February 22 Investor Day.