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News Summary: Barrick halts work on SAmerica mine

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The Associated Press | October 31, 2013 03:07 PM EST | AP


MINE OUT: Canada's Barrick Gold is indefinitely suspending construction of its troubled gold mine straddling the Chile-Argentine border.

WHY: It's part of a cost-cutting effort that also involves 10 other mining projects around the world. Restarting the $8.5 billion Pascua-Lama mine will depend on a rebound in metals prices.

BACK STORY: The world's largest gold mining company has already spent $5 billion on the mine. Earlier this year, Chile's environmental regulator stopped construction on its side of the project, and imposed sanctions citing "serious violations" of its environmental permit.