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Mining News March 12, 2020 07:30:16 PM

Barrick Unveils $1.3 Billion Pueblo Viejo Gold Mine Expansion Plans

Paul Ploumis
ScrapMonster Author
The expansion is likely to generate additional jobs and promote the development of local economy.

Barrick Unveils $1.3 Billion Pueblo Viejo Gold Mine Expansion Plans

SEATTLE (Scrap Monster): Barrick Gold announced that it intends to spend $1.3 billion to extend the life of its Pueblo Viejo mine in the Dominican Republic beyond 2040. Further, the investment is expected to significantly contribute to the country’s economy.

According to Mark Bristow, president and chief executive of operator Barrick Gold Corporation, the proposed investment will focus on expanding the process plant and the tailings facility. This in turn will unlock the mine’s potential and boost the exports by around $22 billion. Furthermore, it is likely to generate taxes in excess of $4 billion at an average gold price of $1,500 per ounce, he noted. Incidentally, the Pueblo Viejo gold mine has paid $1.8 million in direct taxes between 2013 and 2016.

ALSO READ: Barrick Gold Signs Historic Mining Deal with Tanzanian Government

The expansion is likely to generate additional jobs and promote the development of local economy. It will contribute to the social and economic development of the Dominican Republic and create long-term value for all its stakeholders. Furthermore, the expansion will lead to exploitation of lower grades in the orebody.

Meantime, Barrick announced that it has successfully completed the conversion of the mine’s Quisqueya 1 power plant to natural gas. This will cut greenhouse gases by 30%, thereby reducing Pueblo Viejo’s environmental impact.

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