Barrick Will Invest $1.3B in Pueblo Viejo Expansion
This will allow the mine to increase exports by $22 billion and generate more than $4 billion in taxes at a gold price of $1,500 per ounce, according to the company. 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 increase opportunities for female participation (currently 12% of the workforce). It will also further promote the development of the local economy based on the mine’s suppliers and contractors.
“Our aim is to continue contributing to the social and economic development of the Dominican Republic by applying our sustainability philosophy to create longterm value for all our stakeholders, especially the governments and people of our host countries,” Bristow said. “Without this project mining at Pueblo Viejo would have ceased in the next two years,” Bristow said.
The expansion will enable the mine to exploit the lower grades in the orebody. Mill and tailings capacity will be expanded, without which mining would end in 2021 and production would end in 2031. The plan will allow mine to maintain total gold production averaging 800koz per year after 2022. It could also potentially convert approximately 11 million oz of indicated resources.