The world’s largest gold mining companies are committed to the long-term development of the Dominican Republic and are considering putting up another $1-billion for the expansion of the Pueblo Viejo mine, Barrick Gold CEO Mark Bristow said on Monday.
Barrick and its joint venture (JV) partner in Pueblo Viejo, Newmont Goldcorp, would next year complete a feasibility study considering the expansion of the processing plant and tailings capacity, as well the potential for a mine life extension to 2030 and beyond.
The proposed capital investment would more than double the contribution the mine has already made to the Dominican Republic, Bristow said in a media statement.
“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 of the mine, which Barrick manages on behalf of the JV with Newmont Goldcorp.
The JV 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 ten years.
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