Toronto based gold mining corporation Barrick Gold has announced a proposal to invest a further US$1bn in its Pueblo Viejo mine in the Dominican Republic.
Expanding the mine’s processing plant and tailings (waste material) capacity, the investment could potentially extend the life of the mine into the 2030s onwards. The company said that it intends for a feasibility study for the expansion to occur in 2020.
Barrick Gold’s President and CEO, Mark Bristow, said: “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.”
The mine, which is a joint venture with the Colorado based Newmont Goldcorp, has already seen investments of $5.2bn, a figure which is said to represent almost 20% of the total foreign direct investment in the Dominican Republic over the past 10 years. Since 2013, the mine has been responsible for 30% of the country’s exports.
“We look forward to building on what we have already achieved here, and to continue creating value for all our stakeholders, notably the government and people of the Dominican Republic and our shareholders,” said Bristow.
Barrick Gold merged with Randgold Resources on the 1st of January 2019, leaving the company in possession of mining operations and projects in 15 countries. The company is listed on the Toronto Stock Exchange and the NYSE under the symbols “ABX” and “GOLD” respectively.