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Cross-Border Tax Dispute Holds Up Gold and Silver Project in South America
CORDOBA, ARGENTINA--November 25, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Barrick Gold Corporation (NYSE:ABX) (Toronto, Ontario), will not start construction of its Pascua Lama gold, silver and copper project in 2008, as previously expected by the company. The project spans the borders of Argentina and Chile. Nearly three years after obtaining environmental approval from the Chilean and Argentine governments, a cross-border tax dispute between both countries is holding up the project, which could now require an investment of about $3 billion. Construction will be carried out by Fluor Chile S.A. (Santiago), a subsidiary of Fluor Corporation (NYSE:FLR) (Irving, Texas) and is expected to last about three years.
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Industry Segment: Metals & Minerals
Word Count: 450 Words
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