The Cerro Corona gold-copper project in Peru is no longer of interest to Barrick Gold (ABX-T).
The major has decided not to proceed with development, citing its inability to establish a deposit of satisfactory size.
Alan Hill, vice-president of development, notes that the company’s other Peruvian interests, in particular the Peirina gold project, are more substantial.
“They have the potential to make much more significant additions to reserves and production [than Cerro Corona],” he says. To cover its costs at Cerro Corona, Barrick will charge $38 million (after taxes) to its third-quarter earnings.
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