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Dominican Republic, Barrick Gold reveal US$11.6B mine deal

Santo Domingo.- Dominican Republic will end up getting more than US$11.6 billion, or 51.3% of the earnings over the life of Barrick Gold’s operation of the mine at Pueblo Viejo in the country’s Central Mountains.

Presidency Chief of staff Gustavo Montalvo made the announcement Thursday during the signing ceremony for the definitive agreement with Barrick Gold Corp. in the National Palace.

Montalvo called the pact with the Canadian miner a “fair deal,” which “ensures that these revenues begin to be felt immediately. This agreement enhances the benefits and guarantees granted to the state.”

Reading the agreement, Montalvo said the Dominican people “will receive fair compensation for the extraction of resources in their territory,” adding that the agreement will be sent to Congress in the coming days.

For his part, Manuel Rocha, CEO of Barrick Gold Pueblo Viejo Corporation lauded the pact, noting that it took “12 long months to reach.”

“Responsible mining is our theme. We came to stay; today there should be no doubt of that,” he said in the ceremony, in which Barrick Gold Corp co-president John Thornton was also present.

Source: DT

Category: DR News |

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Last updated October 24, 2016 at 6:05 PM
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