Barrick Gold (TSX: ABX)(NYSE: GOLD) is close to reaching an agreement with the government of the Dominican Republic on where to build a new tailings storage facility (TSF) for its $1.3 billion Pueblo Viejo gold mine.
The world’s second largest gold producer had warned last year that production at the mine would have to end in 2030 without a new mining waste depository. Building a new dam is part of the planned expansion for Pueblo Viejo, which will extend its productive life beyond 2040.
It will also enable the mining of lower grades in the existing deposit, supporting annual output of more than 800,000 ounces of gold.
The decision to proceed with the expansion was made in March 2020. Barrick has been working with nearby communities since then, which doesn’t mean it has not faced opposition.
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