Much progress has been made in the preparation of the environmental impact study to enable the expansion of gold exploitation in Pueblo Viejo, said Mark Bristow
The Dominican Republic is at a good time for Barrick execute the plant expansion project Old Town and the tailings storage facility designed to extend its useful life to 2040 and beyond. This is so because difficult times are ahead for the world economy and the country would be in a better position to face them with the income generated by the exploitation of gold, a metal that will continue to rise until it reaches 2,000 dollars a troy ounce.
The statement is from the president and CEO of Barrick Corp.Mark Bristowwho in a meeting with representatives of the media, predicted that difficult times are coming for the international financial system because inflation is causing a currency crisis and will continue to force central banks to increase interest rates, which will have a financial cost for countries in debt management.
He said that much progress has been made in the elaboration of the environmental impact to make possible the expansion of gold exploitation in the Pueblo Viejo mine and that for this purpose they are in conversation with the authorities, and there is majority support from the residents. in the areas of influence of the mine, since the detractors of the project are the fewest.
We invite you to read: How could the country benefit from a problem?
He highlighted the support given by Barrick to the Dominican State to face the covid 19 pandemic and assured that it would continue to do the same so that the country can face the difficult times that affect the world economy.
He reported that the Dominican State has received 157.441 million pesos in contributions from Barrick to the budget.
He also pointed out that Pueblo Viejo has generated 1,983 million dollars directly, indirectly and induced, which represents 1.7% of the country’s Gross Domestic Product (GDP).
Despite the lowest grade since 2020, which limits production as areas with lower gold content are being exploited, Pueblo Viejo has made significant contributions to the Dominican Republic and the Pueblo Viejo mine life extension project is expected to the mine will maintain a minimum average gold production of approximately 800 koz per year after 2021 and the life of mine will be extended to 2043.
It will also be possible to increase taxes and exports, as well as social investment, employment and purchases in the country.
In Pueblo Viejo, more than 700 social development programs have been implemented in the communities under its influence, from 2007 to 2022, with an investment of US$47.2 million.
No environmental risk
Mark Bristow said that there is no additional environmental risk from the implementation of the expansion project and the new tailings dam, as the same internationally recognized technology will be used.
