Will Barrick Gold Proceed With The Lake Cowal Gold Mine in Australia?
To its shareholders, Barrick Gold boasts a five-year US$2-billion development plan to increase its gold production by 21 per cent to 6.9 million ounces in 2006 yet plans to develop the Lake Cowal gold project in Australia have struck obstacles and delays. In an affidavit of 29 November 2002 read to the New South Wales Land and Environment Court, Roger Bennetts, Group Commercial Manager of Barrick Gold of Australia Limited, states his concerns that “unless the approved project is physically commenced by 25 March 2004 the development consent will lapse.” Bennetts states that delays to the Cowal gold project due to litigation and the “unexpectedly protracted time to procure” permits to salvage and destroy Aboriginal artefacts “have materially reduced the Project’s ability to absorb any further delays.” “The timeline for completion of drilling, detailed mine design, preparation of pre-construction management plans and commencement of mine construction, is in my opinion now a very”tight” ti
