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Barrick Gold reveals talks over Dominican Republic mine pact

TORONTO.-. Barrick Gold Corp. president and CEO Jamie Sokalsky on Wednesday revealed that the company is in a dialogue with Dominican Republic’s authorities over the Pueblo Viejo mining contract, local media report.

In a statement, the executive said the net profits for Barrick, the world’s biggest gold producer, were US$ 847 million in the first quarter, or 18.5% lower than the same year ago period.

Barrick said its 60% stake in Pueblo Viejo earned it 96,000 ounces of gold during the quarter. The remaining 40% is held by Goldcorp.

“We shot ourselves in the foot because we could have stayed put in a great financial position, not started Pascua-Lama, not started Pueblo Viejo,” Sokalsky said, referring to the company’s flagship projects in Chile and the Dominican Republic, respectively. “Today I think your treasury would be ten, fifteen billion dollars better, with an easier management job. Our political problems would have been minimized to a much more manageable dimension.”

According to the Canadian company, the Dominican government has asked “to accelerate and enlarge its share of Pueblo Viejo’s significant profits.”

“The company, while it reserves its rights under the Special Lease Agreement that cannot be altered unilaterally, continues to maintain a dialogue with the government in an effort to reach a mutually acceptable outcome.”

Source: DT

Category: DR News |

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Last updated December 2, 2016 at 1:59 PM
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