Barrick Prepares Final Closure of Pascua Gold-Silver Project

SEATTLE (Scrap Monster): Canada’s Barrick Gold presented a US$136mn project to Chile’s environmental review agency as part of its closure plan for the Pascua project in Atacama region in compliance with an order from local authorities.

The project includes dismantling the partially built mining facilities and ensuring that surface and underground water flows in the upper part of the Del Estrecho river are restored to their original condition, according to the environmental impact study presented by subsidiary Minera Nevada on Tuesday. 

Part of Pascua's infrastructure has already been removed following the closure ordered in 2020 by Chile’s environmental court, which was confirmed by the supreme court in 2022. 

Pascua, at some 4,000m above sea level, corresponds to the Chilean part of the Pascua-Lama gold-silver initiative that straddles the border with Argentina but has never produced an ounce of gold after delays due to environmental and other reasons, including claims the mine would damage glaciers. 

Toronto-based Barrick has spent over US$8bn in over 20 years on the overall project, which was originally designed to produce 700,000oz of gold, 25Moz of silver and 4,800t of copper a year for initial capex of US$1.5bn.

Previously, the environmental regulator had issued rulings against Pascua and levied million-dollar fines for environmental and other infractions.

Exploration at Lama, in Argentina’s San Juan province, will continue, Barrick said in a statement Tuesday.

CEO Mark Bristow recognized the lesson learned from the failed Pascua project, according to a release.

In addition to a water management monitoring plan to be carried out jointly with neighbors and regional authorities, the EIA establishes collaborative working tables and an indigenous consultation to inform the community of developments in a timely manner. Including post-closure, the plan is due to start in mid-2026 and take nearly 10 years. 

 Courtesy: www.bnamericas.com