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Barrick says Dominicans profit the most from gold mine

Santo Domingo.- The Dominican Government’s profits from the exploitation of Barrick’s Pueblo Viejo gold mine will be based on a percentage; the higher the value the greater the income for the State.

Barrick Pueblo Viejo CEO Manuel Rocha on Thursday denied having negotiated an absolute value based on the price of gold when the contract was signed, noting that in the 11 countries with Barrick mines, Dominican Republic is the State with the highest profit margin.

He said if an ounce of gold remains at US$1,700 an ounce, the country will receive around US$11.0 billion, but if it climbs to US$2,000, the figure number jumps to US$15.0 billion.

Quoted by, Rocha said the talks prior to the agreement lasted 22 months, in which French, Inter-American Development Ban, IDB, as well as Dominican experts participated.

“After 20 years of Rosario Dominicana’s operations the only thing that was left was a huge environmental liability and a mine that held no value without a mega-investment,” the executive said, in reference to the mine’s previous contractor.

Source: DT

Category: DR News |

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Last updated October 22, 2016 at 2:00 PM
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