Canada鈥檚 Barrick Gold (TSX:ABX) (NYSE:GOLD)聽 its interest in Chile remains strong despite local authorities of its Pascua-Lama gold-silver project over environmental issues.
The world鈥檚 largest gold miner, which at the beginning of the year,聽is currently reviewing a range of 鈥渘ew exploration opportunities鈥� and re-evaluating its existing operations and projects in Chile, chief executive officer Mark Bristow聽said after a meeting with Minister of Mining Baldo Prokurica.
Bristow said the company鈥檚 assets in Chile, the world鈥檚 top copper producing country, were an important part of its global portfolio. He noted that Barrick had recently approved an investment to increase productivity at the Zald铆var copper mine, jointly owned with Antofagasta plc. (LON:ANTO).
Barrick聽has spent about $8B in Chile in the last decade, and it recently approved an investment to increase productivity at the Zald铆var copper mine, jointly owned with Antofagasta plc.
His comments come after the new Barrick discharged its executive director in Chile,聽Rene Muga, last month and transferred his functions to Marcelo 脕lvarez, the company鈥檚 executive director in Argentina.
The move raised speculations about the future of Barrick鈥檚 operations in Chile, where the company has spent about $8 billion over the last decade.
Bristow, who is currently in Chile to review the company鈥檚 regional strategy, said the studies on the Norte Abierto copper and gold joint venture project with Canada鈥檚 Goldcorp were advancing. He also noted the Alturas project, also located in northern Chile鈥檚 Atacama region, was making 鈥済ood progress鈥� and the miner is currently exploring for further discoveries in the vicinity.
Ahead with the Lama portion
The original mine plan for Pascua-Lama contemplated an open-pit operation that would have had an effect on three small glaciers in the Chilean side of the Andes.聽It also involved major construction in the area and聽huge waste dumps.
In 2016, Barrick聽聽of the project and agreed to pay $140 million to resolve a聽聽that accused the company of distorting facts related to the controversial project.
Shortly after,聽Barrick abandoned the idea of an open pit at the site, saying it聽听颈苍蝉迟别补诲.
A year later, it聽聽mine聽in Argentina to Shandong Gold Group in a transaction worth $960 million. As part of that deal, which made the two firms strategic partners, the Shandong province-based gold miner聽committed to help Barrick move forward with Pascua Lama.
But eventually it had to give it up.
Barrick鈥檚 new president and CEO, however, has not. He said Barrick was now focused on resolving legal, environmental and other issues along with a technical review of the project鈥檚 parameters and future potential.
鈥淐hile is an investor-friendly country, with a significant mineral endowment, and which encourages the development of mining projects,鈥� Bristow said. 鈥淲e believe there are exciting opportunities here, especially in the El Indio region.鈥�
Argentina has been an聽聽鈥� while only around a fifth of the deposit is located in that country, many of the above-ground facilities聽.
For now, Barrick鈥檚 main priority in the region is increasing efficiencies at Veladero, one of the largest gold mines in Argentina.