Barrick Suspends $8.5B Chilean Goldmine Construction

By Igor Kossov (October 31, 2013, 2:42 PM EDT) -- Barrick Gold Corp. said Thursday that it will suspend construction of its $8.5 billion Pascua-Lama mine in Chile, which has languished under the weight of litigation, delays and cost overruns for years.

Barrick had told investors in 2009 that the project's cost would be between $2.8 billion and $3 billion, according to the City of Brockton Retirement System, which sued Barrick in August for allegedly lowballing that figure.

Chilean regulators have initiated repeated environmental actions against the mine, suspending the project in April, in response to pressure from indigenous groups. Barrick had to admit in July that the project is costlier...

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