Argentine court rejects Barrick Gold on glaciers

The Canadian mining giant Barrick Gold has suffered a tough reversal in Argentina, where the Supreme Court reversed an injunction blocking the country's Glacier protection law from taking effect.

The law requires a thorough inventory of Argentina's remaining glaciers as well as areas where glaciers have recently retreated. Together, the areas provide much of the country's fresh water. Barrick maintains it does not mine on glaciers, but until now, its lawsuits blocked the law that will require the company to prove it to the national government.

Tuesday's ruling could have a major impact on Pascua Lama, the world's highest gold mine, which straddles the Chile-Argentine border. Barrick said the $5 billion project already has found nearly 18 million ounces of proven gold reserves. Barrick did not immediately comment.