The original mine plan for the project, shut down in 2020 after years of legal procedures, contemplated an open-pit operation that would have affected three small glaciers on the Chilean side of the Andes. It also involved major construction in the area, huge waste dumps and an investment of more than $8 billion.
In 2016, Barrick began a “drastic revision” of the project and agreed to pay $140 million to resolve a US class-action lawsuit that accused it of distorting facts related to the controversial project.
Shortly after, the company abandoned the idea of an open pit at the site, saying it planned to mine underground instead.
The Lama portion
In April 2017, Barrick sold a 50% stake in its Veladero mine in Argentina to Shandong Gold in a transaction worth $960 million. As part of that deal, which made the two firms strategic partners, the Shandong province-based gold miner committed to helping Barrick move…
