Thursday, September 25, 2008

Gold Mining to Increase as Price Soars

The Diario de Cuyo publication announced that Barrick Gold Corporation, one of the largest gold miners in the country, looks like it might be moving forward on a $3 billion gold and silver project between Chile and Argentina.

Pascua Lama, the intended mining site, is located in the Andes mountains between Argentina and Chile. It is known as one of the world’s largest gold and silver deposits, holding over seventeen million ounces of gold.

There is a scheduled meeting in October in Santiago, Chile between country officials and Barrick, to decide whether an agreement can be reached. Mining has been delayed due to the unsettling of tax matters between the two countries. Barrick has already conceded in environmental areas, agreeing to leave nearby glaciers untouched and unharmed.

It is imperative that mining begin for two purposes. The first, is that if mining does not begin quickly, the summer season will be over in South America. The mining must occur from September to April, due to weather constraints. The second reason that mining is expected to start quickly is the current price of gold.

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