Canadian Mining Journal

News

IN THE COURTS: Suit seeks $6B from Barrick for Pascua-Lama misrepresentation

TORONTO – A class action suit demanding $6 billion in damages has been filed against Barrick Gold and its executives. The suit alleges that the company and employees misled investors about the economic and environmental risks of the...



TORONTO – A class action suit demanding $6 billion in damages has been filed against Barrick Gold and its executives. The suit alleges that the company and employees misled investors about the economic and environmental risks of the Pascua-Lama gold project that straddles the Chile-Argentina border.

Barrick suspended construction on the Chilean part of the project in October 2013. Money for the $8.5-billion development was tight, and the Chilean court had issued a stop work order as concern mounted over environmental questions.

In a statement of claim, lawyers for the plaintiffs allege that risks relating to the feasibility and cost of the project were misrepresented. They claim the company and its executives knew their statements were inaccurate, misleading and lacking key facts about Barrick’s failure to comply with environmental regulations and permits for the Chilean portion of the mine.

Shareholders who acquired Barrick Gold securities during the period from May 7, 2009, to Nov. 1, 2013, please contact Koskie Minsky LLP at 1-888-723-4305 or email at barrickclassaction@kmlaw.ca.