First Mining Drc-Zambia March -April 2020 digital edition First Mining Drc-Zambia March - April 2020 digital | Page 6

NEWS
NEWS
Barrick proposes expansion of
the the Pueblo Viejo gold mine
B
arrick’s proposed expansion of
the Pueblo Viejo gold mine will
extend its life and its significant
contribution to the Dominican Republic’s
economy until 2040 and beyond. Mark
Bristow, President & Chief Executive of
operator Barrick Gold, said the project
would require an initial investment of
$1.3bn to expand the process plant and
the tailings facility.
Extending its life would unlock the mine’s
potential to increase exports by $22bn
and generate more than $4bn in taxes at
a gold price of $1,500 per ounce.
Between 2013 and 2016 Pueblo Viejo
paid $1.8bn 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
long-term value for all our stakeholders,
especially the governments and people
of our host countries. Without this project
mining at Pueblo Viejo would have ceased
in the next two years,” said Bristow.
The expansion will enable the mine to
exploit the lower grades in the orebody
and is not intended to process ore
from outside the current concession
area. In the meantime, Bristow noted,
the conversion of the mine’s Quisqueya
1 power plant to natural gas had
successfully been commissioned. This
will cut greenhouse gases by 30% and
nitrogen oxide by 85%, further reducing
Pueblo Viejo’s impact on the environment.
An agribusiness project is also planned as
an additional benefit for the communities
impacted by the expansion.
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