Cross-Border Tax Dispute Holds Up Gold and Silver Project in South America, an Industrial Info News Alert

November 25, 2008 8:00 AM EST

CORDOBA, ARGENTINA -- (MARKET WIRE) -- 11/25/08 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- Barrick Gold Corporation (NYSE: ABX) (Toronto, Ontario) will not start construction of its Pascua Lama gold, silver and copper project in 2008 as it previously expected. The project spans the borders of Argentina and Chile. Nearly three years after obtaining environmental approval from the Chilean and Argentine governments, a cross-border tax dispute between both countries is holding up the project, which could now require an investment of about $3 billion. Construction will be carried out by Fluor Chile S.A. (Santiago), a subsidiary of Fluor Corporation (NYSE: FLR) (Irving, Texas), and is expected to last about three years.

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Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to metalsandmineralsgroup@industrialinfo.com or visit us at www.industrialinfo.com.

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