RPT-Barrick slows work at Pascua-Lama; defers costs

Fri Jun 28, 2013 6:45pm EDT

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TORONTO, June 28 (Reuters) - Barrick Gold Corp said on Friday it is slowing construction at its Pascua-Lama gold project in South America, as it looks to rein in spending on the severely delayed project, already billions of dollars over budget.

The company said re-sequencing of the project will lead to significant deferral of planned capital spending in 2013 and 2014. Barrick now expects to reduce capital expenditures on the project in 2013 and 2014 by a total of $1.5 to $1.8 billion.

Construction at Pascua-Lama, which straddles the border of Chile and Argentina, was partially halted earlier this year after a Chilean court ordered a suspension to weigh claims by indigenous communities that development work had damaged glaciers and harmed water supplies.

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