TORONTO, January 18, 2018 — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (“Barrick” or the “Company”) is analyzing a revised sanction related to the Company’s Pascua-Lama project issued on January 17 by Chile’s Superintendencia del Medio Ambiente (SMA).
The Pascua-Lama project is currently operating under a temporary closure plan in Chile. During this period, the Company has continued to manage all aspects of the project in a responsible manner.
The sanction is part of a re-evaluation process ordered by the country’s Environmental Court in 2014 and relates to historical compliance matters at the Pascua-Lama project. The revised sanction includes a reduction of the original administrative fine imposed by the SMA in 2013, from approximately $16 million to $11.5 million. Based on a preliminary review of the resolution, the SMA has not revoked Pascua-Lama’s environmental permit (RCA) but has ordered the closure of existing facilities on the Chilean side of the project, in addition to certain monitoring activities. The Company will complete a detailed analysis of these requirements and will provide further details in due course.
The closure of existing surface facilities in Chile is consistent with the Company’s plan to advance a prefeasibility study for an underground mining operation at Pascua-Lama, which would address a number of community concerns by reducing the overall environmental impact of the project. In order to complete the prefeasibility study, the Company is currently undertaking a number of optimization studies.
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