Wednesday, March 17, 2010

Barrick Gold (NYSE:ABX) Gets NSW Expansion Approval

Barrick Gold (NYSE:ABX) received conditional approval for the expansion of its NSW gold mine.

Under the original request, Barrick had looked to expand its Cowal Gold Mine by doubling its size, along with the life of the mine. That resulted in legal action which leads the conditions included with the expansion, which have now been modified some.

Most concerns were over three affect farms, which Barricks may have to acquire if the owners of the farms ask them to. And they'll also have to cut down on the noise on six of their other properties as part of the conditions of expanding the mine.

Although a major buyer of water in the market, which was a concern, Barricks has found alternative sources which would reduce the need to tap into the Lacklan River entitlements it has.

Barricks will spend approximately $58 million to expand the mine.

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