HomeESGPueblo Viejo progresses life-extension project

Pueblo Viejo progresses life-extension project

Barrick Gold Corporation’s Pueblo Viejo mine is continuing to advance a plant expansion and tailings storage facility project designed to extend its life to 2040 and beyond, says president and chief executive Mark Bristow.

Speaking at a local media briefing, Bristow noted that so far this year the Tier One mine had paid $522 million in direct and indirect taxes, which brings its total tax payments since it went into commercial production in 2013 to just under $3 billion. The extension of its life means that it would continue to be a major creator of value for the Dominican Republic and its people far into the future.

“Of the mine’s 2,500 employees, 97% are Dominicans, many drawn from its surrounding communities which have all benefited substantially from its investment in upliftment programs. At present, the mine is involved in such programs in 58 surrounding communities. These include an agribusiness project intended to improve cacao cultivation in the area.

In line with Barrick’s global policy of favoring local contractors and suppliers, Pueblo Viejo has also promoted the development of the local economy, spending more than $160 million with them over the past eight years.

Bristow noted that Pueblo Viejo’s management had been very successful in addressing the environmental liabilities left by the mine’s former operator, significantly improving the water quality of the two nearby rivers. The drive for gender diversity was also paying dividends, with women now accounting for 16% of the workforce.

“Our goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for our stakeholders through our strategy of sustainable development. Pueblo Viejo’s expansion project has the potential to double the enormous contribution it has already made to the Dominican Republic’s economy. Without this project, however, that contribution could end soon,” he said.

Barrickhttps://www.barrick.com
On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.

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