This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chile Court Rules For Indians Against Barrick Gold

By EVA VERGARA

SANTIAGO, Chile (AP) â¿¿ A Chilean appeals court ruled against the world's largest gold mining company on Monday, favoring Chilean Indians who accuse Barrick Gold Corp. of contaminating their water downstream and creating more doubts about the future of the world's highest gold mine.

The judges in the northern city of Copiapo unanimously ruled that Barrick must keep all its environmental promises before moving forward with construction of the Pascua-Lama mine at the very top of Chile's mountainous border with Argentina. They also said Barrick must monitor the condition of three glaciers next to the mine project.

Chile's environmental watchdog agency already ordered construction stopped until Barrick builds systems to keep the mine from contaminating the watershed below, and Barrick executives have publicly committed the company to fulfilling the requirements of its environmental permit.

But Monday's ruling goes beyond that by demanding repairs to damage in the watershed below, by calling for increased monitoring of the impact on surrounding glaciers, and by opening up the project's environmental license for review. The judges found no evidence of contamination due to mine construction, but said the watershed could face "imminent danger" without more environmental protections.

Attorney Lorenzo Soto, who represents about 550 Diaguita Indians in the case, said this review might even kill the $8.5 billion mine, which has been under development for more than seven years. "The project's conditions aren't the same as they were in 2006. New conditions could be established, and we don't discard any scenario, including the closing of the project," Soto said.

Scarce river water is vital to life in Chile's Atacama Desert, and the Diaguitas fear that the Pascua-Lama mine above them is ruining their resource.

Barrick acknowledged the ruling in a statement late Monday that did not say whether or not the company would appeal.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs