Environmental Issues Hound Barrick Gold Corporation (NYSE:ABX)
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.
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.