Who owns Pascua Lama?

Barrick Gold’s
Chile’s environmental court has put the final nail in the coffin for Barrick Gold’s giant Pascua-Lama gold-silver project, straddling the border with Argentina, which had been on hold since 2013 over environmental concerns. The court dismissed late on Thursday a legal challenge from the company to a 2018 ruling.

What is the mining integration treaty?

This treaty permits investors to explore and exploit mineral deposits that straddle the border between the two countries. In 2000, an appeal was filed with the Chilean Constitutional Court to rule the treaty unconstitutional.

Does Chile have gold mines?

Gold mine production in Chile amounted to approximately 38 metric tons in 2019, up from 36 tons a year earlier. In the past decade, production of gold in the country peaked in 2012 and 2013, with 49 tons of the metal produced each year. Gold exports from Chile added up to 1.12 billion U.S. dollars in 2019.

How many mines does Barrick gold have?

14 gold mines
About Barrick Gold Corp (USA) The Company holds interest in 14 gold mines, including six Tier One Gold Assets.

Who owns the copper mines in Chile?

Minera Escondida, located in Antofagasta, Chile, is the world’s largest copper mine, producing almost 5% of the world’s supply of the metal. BHP manages the operation and holds a roughly 58% stake. Other investors include Rio Tinto PLC and Japan’s Mitsubishi Corp.

Is Chile rich in gold?

Copper, Gold and Silver Deposit Indeed, Chile is home to some of the world’s largest, better known copper mines. Approximately 80 percent of Chilean production comes from porphyry copper deposits rich in molybdenum, gold, and silver byproducts. Gold mineralization is abundant.

Is Barrick Gold a Good Investment?

Barrick Gold’s (NYSE:GOLD) size and scale of operations, and its hunger for growth, make its stock one of the best bets in the gold industry. In 2020, Barrick earned $2.3 billion in net income and generated record free cash flow of $3.4 billion.

Who is the largest gold producer in the world?

China
1. China – 368.3 tonnes. For many years, China has been the top producing nation, accounting for 11 percent of global mine production.

Does Gold go up in a recession?

During a recession, the value of gold tends to increase. That’s why, due to the economic uncertainty brought on by a recession, more people turn to gold as a ‘safe’ investment option. Investors purchase gold as a way to protect themselves from inflation and the threat of an economic crisis.

Where is the Pascua Lama open pit mine?

Satellite view of the project area showing the proposed Pascua-Lama open pit in red. Pascua-Lama is an open pit mining project of gold, silver, copper and other minerals. Pascua Lama is located in the Andes mountains, in the southern reaches of Atacama Desert, straddling the border between Chile and Argentina at an altitude of over 4,500 metres.

How much gold does Pascua Lama produce per year?

The mining project is organized by the Barrick Gold corporation, which planned in 2006 to invest US$ 1.5 billion over 20 years in it and projects an annual output of 750,000 ounces of gold and 30 million ounces of silver in the first five years. Barrick has been planning the project for several years.

Where is Barrick Gold Pascua Lama project located?

TORONTO — Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (Barrick or the “Company”) today provided an update on the status of its Pascua-Lama project, located on the border between Argentina and Chile.

When did the Pascua Lama project become possible?

The project formerly became possible with the adoption by Chile and Argentina of the Mining Integration and Complementation Treaty, signed by the presidents of Chile and Argentina in 1997 and ratified by their legislatures in 2000.