Barrick keeps the faith on Pascua Lama

Barrick Gold hopes to move forward its troubled Pascua Lama gold-silver project on the Chile-Argentina border, said senior development VP Eduardo Flores.

The US$8.5bn project was suspended last year following legal issues relating to water management and other matters.

"The company has made significant changes, and we are hopeful we will be able to find the path forward," Flores said in an interview with Chilean financial daily Diario Financiero.

"I think there's definitely a chance [for success]. It's a small one, but it exists. Because of this we have to be careful and we can't make mistakes. There is no margin for error."

The company is continuing to work to address concerns among local communities and advance design and engineering of a new water management system, he added, while construction remains suspended on both sides of the border.

Barrick is about halfway into construction, with about US$4.0bn still to spend, Flores said. The company is looking to benefit from construction costs that are more competitive than two years ago.

The company plans to apply for a new water permit for the project in 1Q15, co-president Kelvin Dushnisky said last month.