GOLD RUSH TIMES – Proposed Billion-Dollar Investment in Pueblo Viejo Will Boost its Contribution to Economy
Barrack Gold Corp reports 5.27.2019 –
SANTO DOMINGO, Dominican Republic, May 27, 2019 (GLOBE NEWSWIRE) — The proposed expansion of Pueblo Viejo, already one of the world’s Tier One1 gold mines, includes an expansion of the mine’s processing plant and tailings capacity with an estimated initial capital investment of more than a billion dollars (100% basis) and the potential to extend the life of the mine into the 2030s and beyond2. Barrick expects to complete a feasibility study for the expansion project during 2020. The proposed capital investment would more than double the contribution the mine has already made to the Dominican Republic.
Barrick Gold Corporation’s President and Chief Executive Officer Mark Bristow, speaking at a local media briefing here today, said the proposed investment was further evidence of the joint venture partners’ long-term commitment to the social and economic development of the Dominican Republic.
“We look forward to continue making a significant and growing contribution to our communities and other stakeholders and to unlocking the enormous value of its mineral potential while addressing the historical third-party environmental issues,” he said. Barrick manages the mine which is a joint venture with Newmont Goldcorp.
Bristow noted that the joint venture partners had already invested $5.2 billion in Pueblo Viejo, which represents almost 20% of the total foreign direct investment in the Dominican Republic over the past 10 years. Direct cash taxes paid by the mine amounted to $1.6 billion which represents 57% of the cash distributions compared to 43% earned by the joint venture partners. Since 2013 the mine has accounted for 30% of the country’s exports, and generated a net added value of $5.7 billion and a total net added value of $8.5 billion, equal to 2% of the Dominican gross domestic product.
“Some 96% of the mine’s employees are Dominicans and this has also had a significant impact on the lives of the more than 90,000 people in neighboring communities who have benefited from its community upliftment programs. It has also promoted the development of the local economy, spending more than $123 million with local contractors and suppliers over the past six years,” Bristow said.
“We look forward to building on what we have already achieved here, and to continue creating value for all our stakeholders, notably the government and people of the Dominican Republic and our shareholders.”
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