27 May 2013

Mining company fined in Chile

12:28 pm on 27 May 2013

Barrick Gold Corp, the world's largest gold mining company, has been fined more than $US16 million in Chile for environmental offences.

Construction at the Pascua-Lama mine, on the border with Argentina, is suspended until a system to contain contaminated water is put in place.

Trading in shares in the Canadian company was halted in New York and Toronto afterwards.

Despite criticism, the government said the fine was the highest possible under Chilean law.

The New Zealand Superannuation Fund recently excluded Barrick Gold and African Barrick Gold, a subsidiary company, because of human rights and environmental concerns.