Barrick Gold Corp. (ABX) announced Monday that production at its Pascua-Lama project in Chile will be delayed a year beyond the previous forecast of Q3 or Q4 2014, owing to demands from Chile's environmental agency.
The revised production start date will bring higher capital costs, bumping the project cost estimate up as high as $8.5 billion.
In April of this year the Chilean government rejected Barrick's appeal to restart work on the gold and silver project.
The decision, which affects the Chilean side of the project straddling the border with Argentina, was announced on April 10 after indigenous communities complained that Pascua Lama was threatening their water supply and polluting glaciers.
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