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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp.    ABX   CA0679011084

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Barrick Gold Corp. : Digging work suspended at Barrick's Pascua Lama mine

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11/10/2012 | 09:59pm CEST

Barrick Gold Corp, the world's biggest gold producer, said on Saturday it had halted earth-moving works at its Pascua Lama mine on the Chile-Argentina border following concerns about the health of workers at the site high in the Andes.

Inspectors from the Chilean Mining Ministry's Sernageomin geology unit ordered the suspension of excavation works at the site on the grounds that excessive dust might pose a health risk, La Tercera newspaper reported.

The newspaper said all construction work at the site had been suspended, but Barrick said later that the order from officials applied only to earth-moving operations and that other construction activities continued.

"We voluntarily decided to stop earth-moving work, including pre-stripping activities, on Saturday, October 27," the company said in a statement, adding that measures had been put in place in an effort to resolve the dust problem.

"These decisions were made prior to the notification we received from the authorities on October 31," it added, without saying how long the disruption could last.

No one at Sernageomin could immediately be reached to comment.

The delay to work at the site is the latest in a series of setbacks at the vast mine.

Earlier this month, Barrick again raised its cost estimate for building the mine to between $8 billion and $8.5 billion from an earlier budget of $7.5 billion to $8 billion. It also pushed back the date when production at the project will begin.

The company blamed the increase on delays and higher labor and project-management costs.

(Reporting by Felipe Iturrieta; Writing by Helen Popper; Editing by Peter Cooney)

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Financials ($)
Sales 2016 8 567 M
EBIT 2016 2 439 M
Net income 2016 535 M
Debt 2016 6 535 M
Yield 2016 0,53%
P/E ratio 2016 32,02
P/E ratio 2017 18,94
EV / Sales 2016 3,24x
EV / Sales 2017 2,98x
Capitalization 21 234 M
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Number of Analysts 26
Average target price 22,0 $
Spread / Average Target 21%
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Kelvin Paul Michael Dushnisky President & Director
John Lawson Thornton Non-Independent Chairman
Richard J. Williams Chief Operating Officer
Catherine P. Raw Chief Financial Officer
Basie Maree Chief Technical Officer
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