| Barrick halts gold project after Argentines protest Bloomberg |
Barrick
Gold Corp., the world's biggest gold producer, suspended exploration at
a site in northwestern Argentina last month following local protests.
Barrick will wait while residents near the Famatina site, in the
province of La Rioja, prepare to vote on whether to allow mining
companies to use cyanide, company spokesperson Vince Borg said
yesterday.
Cyanide, a toxic chemical compound, is used to separate gold from ore.
Gold prices have more than doubled in four years, spurring exploration by mineral companies as well as bringing conflicts over mine development. Toronto-based Barrick faced protests at Pascua-Lama, a gold project straddling the border of Chile and Argentina, from environmental groups that said the mine would endanger nearby glaciers and water supplies. Barrick won environmental approvals last year from the governments of Chile and Argentina for the project, which will cost as much as $2.8 billion to develop. Barrick's shares closed up 22 cents to $33.98 on the Toronto Stock Exchange. |
