News Summary: Latin America setbacks for Barrick

News Summary: Barrick suffers setbacks in Latin America on environment, mine royalties

Associated Press

STRING OF SETBACKS: A Chilean court-ordered halt to construction of Barrick Gold Corp.'s $8 billion Pascua-Lama mine in the Andes is the latest setback in Latin America for the world's largest gold miner.

THE BACK STORY: Latin American countries are taking a closer look at how mining is regulated and taxed. Officials are determined to capture more of the profits while protecting natural resources. The world's biggest miners are facing new environmental standards, changes in tax and currency laws, and efforts to rewrite long-term contracts.

WHAT'S NEXT: Canada's Barrick also faces environmental resistance in Argentina, which shares the Pascua-Lama mine project. The Dominican Republic's government is insisting on rewriting the royalty contract for its $4 billion Pueblo Viejo mine.

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