Ontario Superior Court approves class-action suit against Barrick
The Ontario Superior Court approved a class-action lawsuit against Barrick Mining Corp. regarding alleged misrepresentations about the Pascua Lama mine project.Summary
The Ontario Superior Court of Justice has given the green light to a class-action lawsuit filed against Barrick Mining Corp., formerly known as Barrick Gold. The suit, brought forth by shareholders represented by Rochon Genova LLP, alleges securities misrepresentations concerning the Pascua Lama mine project, situated in the Andes region spanning Chile and Argentina. Specifically, the claims center around Barrick’s adherence to environmental permits, as well as inaccuracies in the project’s capital expenditure estimates and the timeline for initial gold production. It is important to note that these allegations have not yet been proven in court.
Recent leadership changes at Barrick include the appointment of Mark Hill as president and CEO in February, following the departure of Mark Bristow last year; Hill initially served in an interim capacity.
Looking ahead, Barrick intends to launch an initial public offering (IPO) to spin off a subsidiary encompassing its North American gold assets.
(Source：BayToday)