Barrick flashes US$1.3B to expand Dominican gold mine

Santo Domingo.- With an initial investment of US$1.3 billion, Barrick Gold on Wed. presented its proposal to expand the gold mine at Pueblo Viejo (central), which will extend its lifespan until 2040 and beyond, according to CEO-President, Mark Bristow during a breakfast “Impact of Investment in Pueblo Viejo: a look to the future.”

Bristow said that extending the mine’s life would unlock its potential to increase exports by US$22 billion and generate more than US$4 billion in taxes if the price remains at US$1,500 per ounce. He said the proposal aims to expand the plant’s process and install a tailings facility.

The executive, who presented the proposal to business and media representatives, indicated that between 2013 and 2016, the company paid US$1.8 billion in direct taxes and gold exports reached 38% of the total exported by the country.

“Our goal is to continue contributing to the social and economic development of the Dominican Republic by applying our philosophy of sustainability to create long-term value for everyone, especially the governments and people of our host countries. Without this project, mining in Pueblo Viejo could stop in the next two years.”