Construction Under Way at $3 Billion Pascua Lama Bi-National Mining Project in South America

CORDOBA, ARGENTINA--January 11, 2010--Researched by Industrial Info Resources (Sugar Land, Texas)--Barrick Gold Corporation (NYSE:ABX) (Toronto, Ontario) has started construction of its Pascua-Lama gold and silver project. The go-ahead decision on construction was announced May 2009, but could only start after obtaining final permits and resolving key fiscal matters with the governments of Chile and Argentina. Pascua Lama will require a pre-production investment of $2.8 billion to $3 billion. Once operational, annual production is expected to reach between 750,000 and 800,000 ounces of gold, 35 million ounces of silver, and 4,800 tons of copper in the first five years.

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