Name and Location
Pascua-Lama gold project, Chile and Argentina.

Client
Barrick Gold.

Project Description
The project is the first binational mining project in the world. The deposit is located on the border between Chile and Argentina, with 75% of the orebody lying in Chile and 25% in Argentina.

It is a world-class resource of almost 18-million ounces of proven and probable gold reserves and 676-million ounces of silver contained within the gold reserves, with a mine life of 25 years. It is expected to produce between 800 000 oz and 850 000 oz of gold and 35-million ounces of silver in its first five years of production.

Value
Pascua-Lama was originally expected to not cost more than $3-billion when construction was approved in 2009. The cost of the project has since escalated to $8.5-billion.

Duration
Production has been delayed to the second half of 2014, owing to delays in earthworks and underground works for the process plant.

Latest Developments
Chile's Supreme Court has declined to hear Barrick Gold Corp's appeal of a lower court's decision involving fines imposed on its Pascua-Lama project by the country's environmental regulator.

Chile's environmental regulator, known as the SMA, fined Barrick $16-million in May 2013 for not complying with some of the country's environmental requirements for the Pascua-Lama gold and silver project.

However, Chile's Environment Court subsequently found that the fines were not properly determined.
Barrick appealed the decision.

In the latest development, the Supreme Court has said it will not hear the appeal, as Canadian-based Barrick is not a party to the case because the original action was against the SMA.

As a result of the ruling, the SMA will now re-evaluate the fines it imposed on the project. Barrick gave no indication of the possible size of a new fine.

A Barrick spokesperson could not be reached for comment.

Key Contracts and Suppliers
Fluor (project management).

On Budget and on Time?
Barrick halted the development of Pascua-Lama in October 2013, after spending more than $5-billion.

The project has been plagued by political opposition, permitting issues, labour unrest, cost-overruns and a falling gold price.

Contact Details for Project Information
Barrick Gold media relations manager Andy Lloyd, tel +1 416 307 7414, or email alloyd@barrick.com.
Fluor, tel +1 469 398 7000 or fax +1 469 398 7255.