Pueblo Viejo’s Expansion to Boost Dominican Economy for Decades to Come
Barrick Gold Corporation (BC) (GOLD)
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Source: GlobeNewswire
All amounts expressed in US dollars unless otherwise noted SANTO DOMINGO, Dominican Republic, March 11, 2020 (GLOBE NEWSWIRE) -- The proposed expansion of the Pueblo Viejo gold mine will extend its life as well as its significant contribution to the Dominican Republic’s economy until 2040 and beyond, Mark Bristow, president and chief executive of operator Barrick Gold Corporation, said here today. Speaking to local media and businessmen, Bristow said the project would require an initial investment of $1.3 billion to expand the process plant and the tailings facility1. Extending its life would unlock the mine’s potential to increase exports by $22 billion and generate more than $4 billion in taxes at a gold price of $1,500 per ounce. Between 2013 and 2016 Pueblo Viejo paid $1.8 billion in direct taxes and last year its exports accounted for more than 38% of the country’s total. The company’s workforce (which is 97% Dominican) is expected to grow as the project develops and it will
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