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.
A partnership between miners Newmont and Barrick in Chile said on Friday it will work with local communities to boost the development of its Norte Abierto gold-copper project despite a setback in the courts this week.
An environmental court ordered a new evaluation of exploration at Norte Abierto due to its impact on a neighboring indigenous community.
“Norte Abierto respects the court’s decision as well as the indigenous stakeholders,” the company said in a statement.
Norte Abierto is a 50/50 company consolidated in 2017. The initiative located in the Andes Mountains has proven and probable reserves of 23.2 million ounces of gold and 5.8 billion pounds of copper, according to company data.
(By Fabian Cambero and Hugh Bronstein; Editing by David Gregorio)
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