Environmental Issues Hound Barrick Gold Corporation (NYSE:ABX)

Posted by Lynn Eisler October 14, 2013 0 Comment 1184 views

An appeals court in Chile has now acceded to examine the new appeal against Barrick Gold Corporation (NYSE:ABX)’s Pascua-Lama gold mine that has been suspended. The allegation against the company had been that the project was doing damage to the environment and that it was affecting the quality of life of the local-population.  The mine operations have already been suspended by the environmental regulator and the Supreme Court in the country due to the “significant environmental harm” that it is causing.

A new appeal

Once the water-management system is completed by Barrick Gold Corporation (NYSE:ABX) this suspension is slated to be lifted. However, the new appeal that has now been filed, charges that this mine is involved in arbitrary and illegal acts. These acts refer to the installation and execution as well as the realization of activities and works that have not received approval of the environmental regulator. Lawyer Barbara Salinas presented the legal action that sought a new freeze on the mine.

Friday’s trading

In Friday’s trading, Barrick Gold Corporation (NYSE:ABX) dropped by 3.42%. The shares opened at a price of $17.48, which rose to an intraday high of $17.58 and dropped to close at $17.23. Approximately 20.54M shares were traded on Friday while an average volume of 15.69 million shares were traded over a period of 30 days. The 52-week low of Barrick Gold Corporation (NYSE:ABX) shares is $13.34 and its 52-week high is $40.80. Barrick Gold Corporation (NYSE:ABX) has a market capitalization of $17.25 billion.

About the company

Barrick Gold Corporation (NYSE:ABX) is involved in producing and selling gold, and in other related-activities, like exploring and mine developing. The company is also involved in copper production, mainly from its Lumwana and the  Zaldivar mines. It also  and holds certain other  interests, such as the nickel-development project that is situated in Africa.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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