Chile's top court ratifies closure of Barrick's Pascua-Lama project

Chile's Supreme Court ratified the definitive closure of Barrick Gold Corp.'s Pascua-Lama gold-copper project, which was ordered shut in 2018 over environmental concerns, Reuters reported July 14.

The Pascua-Lama property straddles the border between Chile and Argentina.

The court affirmed three charges from Chile's environmental regulator. The regulator had said Pascua-Lama operations harmed animals and plants in the area, did not fully track melting rates of nearby glaciers, and disposed of acidic waters into a river.

In 2020, the environmental court upheld the project's closure and a fine of over 7 billion Chilean pesos, or about $6.7 million. Barrick did not appeal the decision, though it had previously said the regulator had overreached its power.

In 2013, Barrick suspended project construction amid increasing capital costs as well as environmental, labor and legal issues on the development.

As of July 14, $1 was equivalent to 1,042.24 Chilean pesos.

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