Legal Issues at ABX Cortez Hills Project
Analysts at Credit Suisse downgrade Barrick Gold Corp (NYSE: ABX) from “outperform” to “neutral.” The target price for ABX has been reduced from $50 to $47.
The US Court of Appeals has ruled that additional environmental analysis is required at the company’s Cortez Hills project in Nevada. The US Bureau of Land Management (BLM) will perform further environmental analysis on issues related to particulate emissions, transportation and treatment of refractory ore, and mine dewatering mitigation plans. Barrick Gold may not be able to offer any update on the issue until January or February 2010, Credit Suisse says.
Barrick Gold’s growth during 2010 is at risk because of the Cortez Hills project. The company has said that it has many legal options available, including appealing to the Ninth Circuit Court of Appeals and re-approaching the District Court.
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