Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TORONTO, ONTARIO–(Marketwired – May 24, 2013) –
All amounts expressed in US dollars unless otherwise indicated
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the “company”) today received a resolution from Chile’s Superintendence of the Environment (Superintendencia del Medio Ambiente or “SMA”) that requires the company to complete Pascua-Lama’s water management system in accordance with the project’s environmental permit before resuming construction activities in Chile.
The SMA also announced that the company will be subject to an administrative fine of approximately $16 million for deviations from certain requirements of the project’s Chilean environmental approval, including a series of reporting requirements and instances of non-compliance related to the project’s water management system.
The company is in the process of reviewing the SMA resolution in detail. Barrick is fully committed to complying with all aspects of the resolution and to operating at the highest environmental standards.
