Subscribe free to our newsletters via your
. Earth Science News .




TRADE WARS
Chilean court halts Canadian gold mine project
by Staff Writers
Santiago, Chile (UPI) Jul 16, 2013


disclaimer: image is for illustration purposes only

An $8.5 billion Canadian project to develop gold mining in Chile was stopped by a court amid unresolved disputes over its impact on local environment.

Earlier this year, Canadian mining company Barrick Gold ran into problems over its Pascua-Lama gold mining development project but strong government support raised hopes it could carry it through to completion.

But opposition to the project intensified in April and a court of appeal ordered a suspension of all construction and development activity.

The suspension gave both sides time to build their cases, but environmentalist clamor for the project to be scrapped altogether rose in the meantime. Local groups backed by international environmentalist advocacy organizations are not content with a suspension, maintaining their argument against the project is based on scientific evidence the project will damage environment irreversibly.

Similar protests over gold mining have dogged the government of President Ollanta Humala in Peru.

The environmentalist opposition in both countries maintains gold mining has a ruinous effect on the environment, poisons ground water resources, uses up precious drinking water vital for local communities and destroys human settlements. In both cases, indigenous American communities have led the protests.

The Chilean undertaking is proving to be expensive for Barrick Gold. Suspending the project Monday, the appeal court called for a rigorous application of environmental standards and a foolproof guarantee that water pollution will not result from the mining project.

The Pascua-Lama gold mine straddles the Chilean-Argentine border in an area celebrated for pristine glaciers. Community leaders say the glaciers and water resources have already been damaged by initial development work in the area.

So far the court and the environmental regulator have agreed on measures that are needed to secure the environment. It's not clear, however, if the government will back the project's indefinite suspension.

The Pascua-Lama mine is expected to produce 800,000 to 850,000 ounces of gold annually. Chile, already a major copper producer, sees a greater market share in gold production as critical to the future funding of development programs.

But further litigation looms. The case against the Pascua-Lama will likely go before the Supreme Court but before it does Barrick Gold needs to invest more in strengthening its case for continuing the project. The Supreme Court outcome is far from certain.

In 2012 the Supreme Court denied another Canadian miner, Goldcorp Inc., permission to develop a copper and gold project in Chile's mineral-rich Atacama region. The $3.9 billion El Morro project is still suspended but Goldcorp hopes it may win its revival.

The Supreme Court also rejected a planned $5 billion thermo-electric power project but gave permission for a controversial hydro-power plant in Chilean Patagonia.

Business analysts say environmentalist protests and unpredictable regulatory outcomes on multibillion dollar projects will discourage international investors.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
Giant Posco scraps India plant in blow to investment
Mumbai, Maharashtra (AFP) July 16, 2013
South Korean steel giant Posco scrapped Tuesday a $5.3-billion deal to build a steel plant in India due to delays, in a blow to New Delhi's efforts to woo investors. The company said it was dropping the project in the southern Karnataka state because of problems in obtaining mining rights and vociferous opposition from local residents. "This is an example that doing business in India is ... read more


TRADE WARS
NASA Technology May Breathe Life, Safety Into Mines

Man who battled Fukushima disaster dies of cancer

Fukushima radioactive groundwater readings rocket

REACTing to a crisis

TRADE WARS
Earth's gold may have been born in cataclysmic cosmic collisions

Taking the "Random" out of a Random Laser

Resonator Gyro Achieves 25 Million Operating Hours in Space

Cool it, quick: Rapid cooling leads to stronger alloys

TRADE WARS
A new alien-like species discovered off California

Each degree of global warming might ultimately raise global sea levels by more than 2 meters

Thirsty Jordan inaugurates huge water project

Scientists outline long-term sea-level rise in response to warming of planet

TRADE WARS
Australia, N.Z. vow to press on with Antarctic plans

Is the ice in Greenland in growing decline?

As ice cover disappears, life in the frigid Antarctic moves fast

Antarctic Glacier Calves Iceberg One-Fourth Size of Rhode Island

TRADE WARS
New study addresses trade-offs between food security and climate change mitigation

Chew More to Retain More Energy

Whole chickens from farmers markets may have more pathogenic bacteria

In US, struggle against snakehead ends on plates

TRADE WARS
Scientists say earthquake could wake Mount Fuji from 300-year slumber

Ecuador volcano registers 'strong explosion'

Typhoon kills three, forces evacuation of 500,000 in China

7.3-magnitude quake off Antarctica, no injuries

TRADE WARS
Madagascar villagers accuse army of mass killings

Guinea jails two for life for attack on president

Kigali says two mortar bombs fired into Rwanda from DRC

Tanzanian charged for smuggling over 1,000 elephant tusks

TRADE WARS
Genetic evolution seen in peoples living at high altitudes

China island centenarians claim secret of long life

Did Neandertals have language?

How well can you see with your ears? Device offers new alternative to blind people




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement