Dominican Republic gets US$1.7B+ from Barrick gold mine: Study

Santo Domingo.- Dominican Republic’s showcase performancein the global market is based on its gold, says a study by the economic consultingfirm Analytica, which reveals the impact by the miner Barrick Pueblo Viejo onthe economy and in the communities where it operates, and contributes more thanUS$1.7 billion to the national economy, of which 57% was directly and 43%indirectly.

Of the miner’s total earnings, 64% remains in the economyand the company made local purchases equaling 15% of its exports just incommunities where it operates, said Jacqueline Mora to unveil the study"Barrick Pueblo Viejo, socially sustainable operation," during abreakfast with the media at the Marriott Santo Domingo hotel.

Mora said the miner’ generates foreign exchange, dissuades growthof large cities and provides tax revenue, which are the three key points that meetthe criteria as a socially sustainable operation.

She said the direct impact on GDP is 2.7% and not only 1.6%because an indirect contribution of 1.1% must be included “The study focused on2014 data reveals the miner’s important contributions to the economy throughdifferent channels, which include net foreign exchange of US$773 millionsupport of a stable exchange rate and risk rating.”

The economist, quoted by local media, said the miningsector grew 20.3% in 2014.

“In Sanchez Ramirez and Monseñor Nouel provinces, mininghas affected more than 65,000 beneficiaries through its social responsibilitypolicy and these, according to the study, show significant improvements interms of poverty reduction and income generation in recent years in the country,”Mora said.

She said Barrick Pueblo Viejo created more than 2,000direct jobs with an estimated six to eight additional jobs for each, where46.7% of employees were concentrated in the surrounding areas. “Just in SanchezRamirez, the unemployment rate fell -2.1%, ranking among the top 10 with asimilar effect in that year.”