Thursday, March 18, 2010

Barrick Gold (NYSE:ABX) Approved for Expansion of Cowal Gold Mine

Barrick Gold Approved for Cowal Gold Mine Expansion

Although it has took some time, Barrick Gold (NYSE:ABX) has finally received approval to expand its Cowal Gold Mine, albeit with several conditions attached.

Initially, Barrick has requested to double the size of Cowal Gold Mine and to double the life span as well. That was met with resistance an litigation.

Now that is past them and they are ready to begin their expansion. Some of the conditions of the expansion include buying up three farms close to the mine if the owners make the request. Limiting noise at six other properties owned by Barrick is another condition.

Water sources were important in the decision-making process as well, with the Lacklin River entitlements held by the company under pressure. Consequently, Barrick found other water resources to add to their needs to relieve pressure on the river.

Barrick has commited $58 billion to the project.

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